Over 300 wood enterprises domestically and in 11 countries to participate in VIFA ASEAN 2024

Mr. Tran Ngoc Liem, Director of the Vietnam Chamber of Commerce and Industry, Ho Chi Minh City branch (VCCI-HCM), said that according to statistics from the General Department of Vietam Customs, in the first 4 months of 2024, Vietnam's imports and exports of goods increased by 15.1% over the same period last year. Of which, exports were estimated at USD 124 billion, imports at USD 115 billion, and a trade surplus at USD 9 billion.

In particular, the wood and interior-exterior industry is one of six industry groups (electronics; telephones; machinery, equipment, tools, and spare parts; textiles and garments; leather shoes; and interior-exterior, wood products) with the highest export value.

In the first 4 months of 2024, export turnover of wood and interior-exterior products reached USD 4.89 billion, an increase of 25% over the same period last year (a much higher increase than Vietnam's overall export increase).

This result is thanks to the significant recovery of export turnover of wood and wood products to the US market in the first months of 2024 (reaching USD 34.7 billion, an increase of 21.2%), when demand in the market increases and inventory decreases.

US importers highly appreciate and identify Vietnam as an important supply market for wood and wood products, especially the wooden furniture commodity group, in the world.

The US is Vietnam's largest import market for wood and wood products, and Vietnam is the No. 1 wooden furniture supplier to the US. This will be the foundation for exports to make a breakthrough in this market if enterprises know how to take advantage of the opportunity.

However, Mr. Tran Ngoc Liem said that focusing too much on one main market is now Vietnam's weakness. "The proof is that when the US market's consumption demand decreases, Vietnam's export value also decreases a lot. Therefore, Vietnamese wood enterprises need to continue to diversify and gradually increase the proportion of exports to other potential markets to minimize risks," said Director of VCCI-HCM Tran Ngoc Liem.

Mr. Dang Quoc Hung, Chairman of the Board of Directors of Alliance Handicraft Wooden Fine Art Corporation, said that the Vietnam ASEAN International Furniture & Fine Arts Export Fair (VIFA ASEAN) taking place from August 27–30 here at the Saigon Exhibition and Convention Center (SECC) will be an opportunity for participating enterprises to approach and explore the industry's modern consumption needs and trends, helping enterprises to grasp and keep up with international markets, especially Southeast Asia. From there, it is easy for enterprises to proactively seek orders, new cooperation opportunities, and expand connections with buyers from many countries around the world.

This year's VIFA ASEAN, with the theme "The convergence of Southeast Asia's interior quintessence," is expected to attract more than 300 exhibiting enterprises from 11 countries in Southeast Asia and other countries around the world, with 1,000 booths on an area of 18,000 m².

The event will gather diverse and rich products with modern styles as well as bold cultural characteristics of countries, including interior products (living room, dining room, bedroom, kitchen), exterior products (garden, swimming pool, resort), handicrafts and home decoration, machinery, equipment, tools, and support services, etc.

Mr. Luu Phuoc Loc, Vice Chairman of Binh Duong Furniture Association, said that enterprises in the province have been investing in new technology and digital transformation to develop new products and services, improve competitiveness, and increase efficiency and productivity. At the same time, make efforts to seek more orders through organizing fairs and exhibitions at home and abroad, especially in new markets such as the Middle East.

VIFA ASEAN aims to gather the wood and furniture industries of ASEAN countries in Ho Chi Minh City, Vietnam. Thereby, contributing to building Ho Chi Minh City into an interior-exterior transaction center of Southeast Asia.

As one of the enterprises exporting wooden boat models to many countries, Gia Nhien Co., Ltd., has invested in a carpentry workshop of more than 1,000 m² in Trang Bom (Dong Nai) to design and produce many unique wooden boat models to meet market demand.

Mr. Tran Hoai Huu, Director of Gia Nhien Co., Ltd., said that enterprises have many channels to expand their search for potential customers, including the trade promotion channel by participating in international fairs, to open up opportunities for the enterprise. For example, VIFA ASEAN 2023, held for the first time in Ho Chi Minh City, helped his enterprise receive orders worth USD 26,000 from two new markets, Mauritius (Africa) and India.

Ms. Huynh Thi Phuong Vi, Deputy General Director of Hiep Long Co., Ltd. (An Phu ward, Thuan An city, Binh Duong province), assessed that by 2024, the export market of Vietnam's wood and furniture industry will have more positive signals. Therefore, this year, Hiep Long continues to participate in domestic and foreign trade promotion activities to seek new customers and new markets to improve the business situation of the enterprise.

"At last year's VIFA EXPO, we also gained a number of new potential customers and signed orders," Ms. Vi shared, looking forward to VIFA ASEAN 2024.