Wood firms seek new business strategies

HCM City (VNA) – Wood enterprises gathered at a workshop in Ho Chi Minh City on January 20, to map out business strategies in 2016.

The event was held by the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA).

Chairman of the HAWA Nguyen Quoc Khanh said 2016 is opening up excellent opportunities for the wood sector, especially with Vietnam having joined the ASEAN Economic Community last year, and signed a series of new-generation free trade agreements (FTAs).

Businesses should have a new vision to orient their development in the light of global integration, he said.

Chairman of the Truong Thanh Furniture Corporation Vo Truong Thanh, suggested businesses should maintain many sources of material supply which can guarantee criteria on product origins - in accordance with the commitments of the free trade agreements.

This will help businesses secure their foothold in the domestic market and boost export activities, he said.

Meanwhile, Chairman of the Woodland Co. Ltd Vu Hai Bang, warned that the pressure on labour resources will become heavy if the Trans-Pacific Partnership (TPP) Agreement comes into effect, and more foreign direct investment (FDI) businesses enter Vietnam .

To ensure sustainable development, wood companies should increase investment in design and imaging - to develop recognisable brand names, he suggested.

While it is advisable for business players to devise their own strategies to join the free trade markets and economic integration, experts noted that embracing links in the field is important to enhance competitiveness.

The HAWA should serve as a bridge for businesses to set up a chain of material supply and demand, along with production and distribution.

Businesses could work together to share experience in technological transfer, improve management capacity, and human resources training, experts said.-VNA