Source: VietnamPlus / Photo: VNA

Many enterprises in the wood industry have received enough orders to keep their workers busy throughout the third quarter and even to the end of this year thanks to their quick resumption of production. 

The industry has seen a slight growth in the first quarter, with export revenue of wood and wooden furniture rising 3 percent year on year to 3.94 billion USD.

Nguyen Chanh Phuong, Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) said that Vietnamese firms have benefited from free trade agreements such as the EU-Vietnam FTA (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which enabled them to expand their market and improve the competitiveness of their products.

The export of wooden furniture to markets covered by the CPTPP has surged, he said, adding that further growth is forecast to continue in the future as many companies are speeding up production to deliver the orders they have received for the second quarter.

Thanks to the CPTPP, Vietnam has enjoyed many advantages in the US, Australia, Canada, the Republic of Korea and Japan, he noted, lauding domestic firms’ efforts to increase added value for their products, form material regions and set up production chains.

If the sector maintains its average export revenue of about 1.5 billion USD per month, its target of 16.5 billion USD for this year is completely reachable, he said.

 

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