Producing wooden furniture for export to EU market at WOODSLAND Tuyen Quang JSC.(Photo: VNA)
Hanoi (VNS/VNA) 🐟— The wood industry market shows some signs of recovery, yet2024 still poses some potential difficulties for the industry.
Growthis expected to slow by about 10 – 12% compared to the last quarters of 2023. Do XuanLap, chairman of the Vietnam Timber and Forest Products Association (VIFOREST),gave the forecast at a recent seminar on sustainable development andchallenges for the wood industry held by VIFOREST, along withvarious associations and member organisations, and Forest Trends in Hanoi. This year is challenging for Vietnam's wood industry. Consumerdemand in main export markets such as the US and the EU has dropped sharply,leading to a decline in orders. Many businesses have had to reduce production,and some businesses even had to stop production. Therefore, according to him, Vietnam’s exports of wood and woodenfurniture will reach only about 13.5 billion USD in 2023, down 15.5% yearon year. Nguyen Chanh Phuong, vice chairman and general secretary of theHandicraft and Wood Industry Association of HCM City (HAWA) also said that thebusinesses have had recovery in export orders to have enough jobs for workers.Some of them have started to purchase raw materials and prepare for productionto meet demand in next year's peak season. He said the recovery of thewood industry being sustainable or not, will depend on the fair season inMarch-April 2024. Vietnam's wood productprocessors must adapt to overcome existing difficulties, including newregulations in key export markets, according to VIFOREST. Currently, global markets have not shown many signs of a quickrecovery in purchasing power for wood products, especially the US market whichhas often ordered over 50% of Vietnam's export wood products. Most wood processingenterprises in Vietnam have received orders again, but they are still facingmany difficulties and are operating at moderate production levels. The world situation is stilltoo uncertain, so the domestic wood processing industry's prospects forrecovery and growth in 2024 will be very challenging, insiders said. For niche markets, the woodprocessing enterprises certainly will not ignore opportunities to enter thosemarkets, including strict markets, they said, adding this will minimise risks in export./.
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Producing wooden furniture for export to EU market at WOODSLAND Tuyen Quang JSC.(Photo: VNA) 
