US market offers great potential for Vietnamese craft, wood firms
The US market of handicrafts and woodwork products is predicted to grow well and offer extensive room for Vietnamese firms to increase their share in it, heard an online conference held on March 5.
HCM City (VNA) – The US market of handicraftsand woodwork products is predicted to grow well and offer extensive room forVietnamese firms to increase their share in it, heard an online conference heldon March 5.
Organised by the Industry the Handicrafts andWood Industry Association of HCM City (HAWA), the conference discussedopportunities for exports of Vietnamese companies in the sector to the US thisyear.
Nguyen Hoai Bao, member of the HAWA executiveboard, said last year, despite COVID-19, Vietnam’s wood and woodwork industryreeled in an export revenue of over 13 billion USD, of which more than 7billion USD was from the US. This means the US is now a top market of thecountry’s wood and handicrafts sector.
The US is among demanding markets in terms ofproduct origin and legality, he noted, advising Vietnamese companies tofrequently update on related laws and regulations to meet requirements and and avoidcommercial risks.
🙈 Julie Hundersmarck, a specialist at the USForest Service International Programs, said the US importers have a preferencefor suppliers from Asia, including Vietnam.
Vietnamese handicrafts (Photo: VNA)
The US Forest Service is developing equipmentfor wood verification and will support Vietnam in bettercontrolling the origin and legality of wood products exported to the country in the coming time,she unveiled.
Tom Russell, Senior Editor at US magazine FurnitureToday, said according to experts, demand in the US woodwork and furnituremarket will recover significantly in 2021 and following years.
In addition to basic furniture, home decorationproducts and handicrafts are also consumed strongly due to the increasingdemand for living space decoration amid the pandemic.
🦩 The sales of furniture products in the US,which reached 115 billion USD last year, is forecasted to hit 143 billion USDin the next five years./.
Experts believe Vietnam this year will reach its export target for timber and wooden products at 12 billion USD, despite the impact of the COVID-19 pandemic.
The Handicraft and Wood Industry Association (HAWA) of Ho Chi Minh City said it plans several measures to add value to Vietnam’s handicrafts and wood products, help its members further penetrate the global supply chain and enable Vietnam to become a leading producer and exporter of quality, branded and reputed furniture and forestry products.
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Despite a tough year due to the COVID-19 pandemic, the national wood sector looks set to achieve its export turnover target of 12 billion USD, and some wood processing businesses have so many orders while they are in short of workers to complete them, according to the Vietnam Timber and Forest Product Association (Vietforest).
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: VNA) 
Vietnamese handicrafts (Photo: VNA) 
