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Ho Chi Minh City
Wednesday, July 17, 2024

The road ahead still looks bumpy

By Le Hoang

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While new orders have surged since the end of the third quarter, the business landscape is still riddled with challenges, including small-scale orders, low purchase prices, and rising buyer demands. Recovery in new orders As the fourth quarter has begun, furniture, textile, and footwear businesses in Binh Duong Province have seen orders from customers bouncing back. Duc Thien Company, for instance, has resumed production and rehired workers, currently operating at 50-60% of its capacity. Orders have surged by 20-25% compared to the previous three quarters, securing production schedules until the end of the first quarter of the following year. Meanwhile, Tan Phuoc Company in Binh Dinh Province started receiving new orders in July, although they amount to only 70% of previous years’ volumes. Nevertheless, this level is sufficient to maintain stable production until January next year, prompting the company to take over 200 workers back to work after an extended hiatus. Nguyen Chanh Phuong, vice chairman of the Handicraft and Wood Industry Association of HCMC, noted positive signs of recovery in the international wood industry market. Factors such as decreasing inflation in the U.S., declining furniture inventories, and rising construction demand contribute to this revival. Additionally, Vietnamese businesses have increased […]
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