HCMC – Vietnam witnessed a 7% year-on-year increase in the export turnover of wood and wooden products at an estimated US$12.4 billion from January to September this year, despite a sharp drop in export orders in recent months.
These figures are deemed upbeat by local exporters and experts in the field amid escalating inflation in two major markets, the U.S. and EU, as well as uncertainties in the global market.
Commenting on the performance of the local wood industry at VietnamWood 2022, a trade fair for the woodworking and wood processing industry that was launched on October 18 in HCMC, Nguyen Quoc Khanh, chairman of the Handicraft and Wood Industry Association of HCMC (HAWA), said the figures mentioned above were due to the efforts of local enterprises in the field.
He added that the impact of inflation and global economic uncertainties would continue to negatively affect the export growth rate of the industry and other export items in the country during the rest of the year.
All these factors have posed major challenges to the local industry and exporters, requiring them to quickly address existing issues, beef up production and ensure product quality, among others, to retain current customers and woo new ones, Khanh said.
Besides, wood companies should be flexible to brace themselves for further changes in the coming years, especially in input materials and technology, the HAWA chairman suggested.
VietnamWood 2022 has made a comeback after a one-year pause due to the Covid pandemic. This year’s hybrid edition will gather over 250 enterprises from 25 countries and territories and take place from October 18 to 21 at the Saigon Exhibition and Convention Center in District 7.