Vietnam’s wood and wooden product industry has prematurely achieved its export target set for 2020, as the sector ranked among the top ten areas that generated the highest export revenue for the country in 2017, according to statistics announced this week. The industry earned US$8 billion dollars in export turnover last year, up 10.2 percent year on year, delegates said at a congratulatory party jointly organized on Friday in Ho Chi Minh City by the Vietnam Administration of Forestry and the associations of forest and wooden products from some of the country’s areas. The result was attained three years ahead of the initial target, according to which the export value was projected to top $8- 8.5 billion by 2020. This achievement earned the field the sixth position in the leading domestic industries with the greatest export value, while it stayed at 7th in 2016. Export enterprises in Vietnam witnessed a significant increase in the market share of wood and wooden products, from 20 percent in 2010-2015 to 50 percent between 2016 and 2017, with the rest taken by foreign direct investment companies. The success is attributed to a number of factors, according to Nguyen Quoc Khanh, chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City. The main cause is that many rival countries like China, Malaysia, Indonesia and those in the European Union have reduced the competitiveness of their wooden products. Many domestic firms in the industry took their own initiatives, tailoring their products’ designs and… [Read full story]
HCMC - Exports of wooden products in the year to November 15 generated US$2.89 billion, rising 36% year-on-year, making it quite easy for the industry to cruise past the annual target US$3 billion. Vietnam Timber and Forest Product Association (Vifores) predicts total export sales this year will hit US$3.2 billion, substantially higher that the record of US$2.8 billion achieved in 2008. Exporters attribute the sharp increase to high demand from key markets like the U.S., EU, and Japan. The demand for simple and less expensive products have still sustained since last year's recession and thus benefit Vietnamese processors and exporters.…... [read more]
Garment products: connoisseurship with Vietnam-made products Nowadays, products with trademarks of Viet Tien, May 10, Nha Be or Viet Thang are not unusual to the Vietnamese consumer. According to Mr Le Quoc An, President of the Vietnam Garment and Textile Association, the supermarket system specialized in garment products such as Vinatex Mart supermarkets or shops introducing trademark products like Wow, Vera, San Sciaro, Sanding, F.house, An Phuoc, Thai Tuan, Foci are both outstanding examples of businesses who know how to build their brands and retail network in the domestic market. Vietnam's garment and textile industry, in particular, has quickly recovered…... [read more]
A recent article in the Los Angeles Times reported that Vietnam's export of wooden products has increased to an impressive US$2.36 billion in 2007 from the US$200 million sales revenue in 2000. The figures have put the country among the top three sourcing centres for furniture in Asia, the paper said. Vietnam's Ministry of Trade has anticipated continuous growth, with wooden product exports expected to hit US$ 5.5 billion by 2010. To further expand their export markets, Vietnamese furniture suppliers are accepting mixed orders, investing in automated equipment, and sending their employees abroad for training. While the US is currently…... [read more]
At the Vietnam International Furniture and Home Accessories Fair 2017 (VIFA Home 2017) which kicked off at Phu Tho Indoor Stadium in HCM City recently, Hanh said the high growth rate might be maintained in the final two months of the year.In January-October, Vietnam exported US$6.21 billion worth of wood and wooden goods, up 11.2% year-on-year, according to the General Department of Vietnam Customs.Local wood enterprises will boost their exports in the rest of the year, so the sector’s export revenue may reach US$8 billion this year, an increase of 14% over last year.Vietnamese wooden goods’ quality and designs are…... [read more]
The GDP growth is estimated to raise to 6.81 per cent in 2017, the highest increase since 2011 and surpassing the target, professing to the power of the economy and forecasting brighter economic performance in 2018. Nguyen Bich Lam, director general of GSO, said the performance was a result of the concerted efforts of the government, ministries, and sectoral stakeholders Stable macroeconomic indicators On December 27, 2017, the General Statistics Office (GSO) announced that the gross domestic product (GDP) grew by 6.81 per cent in 2017. This growth exceeded the targeted 6.7 per cent and was the highest since 2011. The figure beat…... [read more]
