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Tuesday, June 18, 2024

Wood industry faced with uncertainties

The Saigon Times

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HCMC – Despite positive growth, the Vietnamese wood industry is still facing many challenges given uncertain material supplies from abroad.

The domestic supply of material can only satisfy around 75% of the total demand. Every year, the industry has to import around 8.5 million cubic meters of wood.

According to the Handicraft and Wood Industry Association of HCMC (HAWA), in the first eight months, exporst of Vietnam’s wood and wood products totaled over US$11 billion, an increase of 7% over the same period last year.

Despite a strong recovery of woodwork export performance in August, runaway inflation and global economic uncertainty would negatively impact the wood industry’s export growth in the rest of the year.

Data of HAWA, given at a news briefing on VietnamWood 2022 slated for October 18 -21 in HCMC, showed that the wood industry’s exports in the first eight months of the year grew 7% at around US$11.16 billion.

VietnamWood 2022, featuring 250 exhibitors from 24 countries and territories, aims to help Vietnamese enterprises approach latest automation trends, technology transformation, smart solutions and practical applications in interior decoration.

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