Update news Vifores
Vietnam’s exports of wood and wooden products brought turnover of $10 billion in the first seven months of the year. However, the industry has unexpectedly fallen into an unprecedented situation as orders have fallen sharply.
Businesses still must visit ministries in Hanoi to complete paperwork, which they consider a big waste of time and money. They are also concerned about high import taxes.
More and more foreign invested enterprises (FIEs) in Vietnam have begun exporting woodwork products as Vietnamese enterprises increasingly lose market share.
VietNamNet Bridge - Though the CPTPP has yet to take effect, the number of orders from CPTPP countries, including Canada, Japan, New Zealand, Australia and Peru, has increased significantly.
VietNamNet Bridge - After reaching $8 billion worth of export turnover, Vietnam’s wooden furniture manufacturing enterprises are now entering the high-end market segment.
VietNamNet Bridge - Though exports have been growing well, concern still exists because wooden furniture industry is in need of materials.
VietNamNet Bridge - Wooden furniture manufacturers have been warned that they will face more trade barriers as export markets have applied new policies to restrict imports.
VietNamNet Bridge - Chinese wooden furniture enterprises are considering setting up their production bases in Vietnam, raising worries among domestic manufacturers.
Up to 90 percent of timber in the Central Highlands has been sold to Chinese, according to locals. Chinese businesses have been flocking to Vietnam to buy wood as their government has closed natural forests in 14 provinces in the country.