Hanoi (VNA) - Deputy Prime Minister Nguyen Chi Dung hosted a reception in Hanoi on March 13 for Lien Andrew Michael, Vice President and General Director of Asian factories at Wanek Furniture Co., Ltd. - an 100% US-invested subsidiary of Ashley Furniture Industries, Inc.
Michael stated that Wanek Furniture serves 55 markets worldwide, generating over 700 million USD in revenue in Vietnam. Ashley Furniture Industries has invested more than 200 million USD in its operations in Vietnam, with factories in the southern province of Binh Duong and the central province of Quang Ngai, and the company is now planning to build a bonded warehouse in the southern province of Ba Ria – Vung Tau. With supplies from over 120 factories in Vietnam, Wanek Furniture currently exports an average of 2,400 containers of wooden furniture to 48 countries a week, and it plans to double the number within the next five years.
He mentioned concerns about the risks posed the US's tariff policy changes, particularly the US President's decision to impose retaliatory tariffs on imports, saying that the wooden furniture industry is among the most vulnerable sectors and may face significant negative impacts from these policy changes.
Ashley Furniture's companies in Vietnam, which employ about 16,000 workers, are producing and supplying components for factories in the US, including various parts of wooden furniture products, he noted.
Due to the close ties between factories in Vietnam and the US, Michael hopes Vietnam will lower import tariffs on wooden furniture imported from the US to match the taxes imposed on Vietnamese wooden furniture exported to the US.
For his part, Dung highly values the company's long-term investment and its contributions to Vietnam's socio-economic development, especially in bringing employment opportunities for Vietnamese workers.
He applauded Wanek Furniture's plan to expand its investment in Vietnam in the next five year, while encouraged the company to discuss any challenges with the Vietnamese Government during the expansion process.
Dung noted the proposals regarding tax reductions, stating that Vietnam will conduct a comprehensive review to respond to the US's potential tariff policy changes in the time to come.
He said Vietnam stands ready to cooperate to contribute to reducing the trade deficit with the US, particularly by encouraging businesses to increase imports from the US. He added that Vietnam is also engaging with US authorities to enhance mutual understanding and address common concerns, while promoting negotiations for a bilateral agreement to reduce tariffs and facilitate trade cooperation between the two nations.
Dung expected that Wanek Furniture will remain confident in its operations and trust the Vietnamese Government. He urged the company to strengthen cooperation with local businesses, helping Vietnam integrate more deeply into the global value chains./.
