Furniture makers ‘neglecting' local market

Vietnamese wood furniture firms are focused mostly on export markets, leaving the local market to imports, especially from China.

Huynh Van Hanh, deputy chairman of the Handicraft and Wood Industry Association of HCM City (HAWA), said with its population of 86 million and increasing incomes, Vietnam is a promising market for furniture and other wooden products.
Vietnamese wood furniture firms are focused mostly on export markets,leaving the local market to imports, especially from China.

Huynh Van Hanh, deputy chairman of the Handicraft and Wood IndustryAssociation of HCM City (HAWA), said with its population of 86 millionand increasing incomes, Vietnam is a promising market for furniture andother wooden products.

Demand for wooden indoor furniture has grown at an annual rate of 15-20 per cent in recent years, he said.

But Vietnamese firms, among the world's largest exporters of woodproducts, continue to ignore the local market, which, at 3 billion USD,is equal to the export market, Hanh said.

Theyaccound for just 20 percent of the Vietnamese market, with imports frommainland China, Malaysia, Taiwan, Hong Kong and Thailand accounting forthe rest.

Dien Quang Hiep, director of BinhDuong-based Minh Phat Furniture Company, said companies prefer exportsto domestic sales because orders are usually big. The domestic marketnot only places small orders but also requires various designs.

And then there is the cost of setting up distribution systems, he pointed out.

Furniture shops on Ngo Gia Tu and To Hien Thanh streets in District10, Nguyen Thi Minh Khai in district 3, and other places in HCM City,display a lot of imported furniture products.

TranHoang Trung, owner of a shop on Ngo Gia Tu street, said most of hisproducts are from China and they come in a range of designs andmaterials.

As for local products, he sold the odd table made of natural wood, he said.

Many foreign companies, mostly Chinese, import large quantities oftimber from Vietnam at cheap prices and export finished products at highprices to Vietnam.

Many distributors import 30-40 containers of furniture every month from China, according to insiders.

Nguyen Ton Quyen, general secretary of the Vietnam Timber and ForestProduct Association, said the low import tariffs on wooden products, of0-3 percent, encourage furniture distributors to import them, creatingpressure on domestic producers./.

See more

Consumers shop at the WinMart Vo Thi Sau supermarket in Hanoi's Hai Ba Trung district. (Photo: VNA)

Hanoi keeps CPI well under control

The CPI for the first quarter of 2025 increased by 2.75% compared to the same period last year, indicating that inflation remains well under control.

Vietnam’s KRX trading system is set to go live on May 5. (Photo: VietnamPlus)

Vietnam to launch KRX trading system on May 5

The KRX system is currently in its final testing phase before full implementation. During this period, securities firms are conducting simulated trading sessions as if on a normal trading day.

Vietnam has proactively reviewed and adjust tariffs, particularly on US imports, as part of efforts towards balanced trade relations. (Illustrative photo - Source: VNA)

Vietnam reviews, adjusts import tariffs to promote trade balance

The Ministry of Finance is now working closely with other agencies to evaluate policy options that support businesses. Possible solutions include market diversification, supply chain optimisation, and leveraging opportunities from Vietnam’s existing free trade agreements.

Illustrative photo (Photo: VNA)

Retail petrol prices up in latest adjustment

Under the new pricing structure, E5 RON92 and RON95-III have increased by 341 VND and 495 VND per litre to a maximum of 20,373 VND (0.79 USD) and 20,919 VND per litre, respectively.

The Lumitel brand is being promoted on walls across Burundi. (Photo: Viettel)

Lumitel – A bright spot in Vietnam-Burundi collaboration

After a decade of operations, Lumitel has become the leading telecommunications provider in Burundi and one of the largest contributors to the Burundian government's budget, providing stable employment for over 60,000 workers and indirectly creating around 100,000 jobs.

Belarusian Deputy Prime Minister Anatoly Sivak speaks at the forum. (Photo: VNA)

Ample room remains for Vietnam - Belarus trade cooperation

To further develop the Vietnam-Belarus economic and trade relationship, it is essential to enhance trade promotion and investment initiatives such as trade fairs, forums, thematic workshops, and trade connections, which serve as an important bridge for businesses from both sides to meet, connect, and seek cooperation opportunities.

The 5th Exhibition of Ho Chi Minh City and Friendship Provinces and Cities in Savannakhet takes place from April 2 to 6. (Photo: VNA)

Vietnam, Laos boost trade at Savannakhet expo

Vice Governor of Savannakhet Saensak Soulisak highlighted the exhibition’s role in expanding trade collaboration, enabling businesses to connect, share experience, and explore investment prospects. He also noted its significance in promoting local products to a wider market.

Visitors at the exhibition (Photo: VNA)

Vietnam Expo 2025 opens, spotlighting digital transformation, innovation

This year’s edition, themed “Step together in a digitised world,” has attracted around 400 businesses from 18 countries and territories, with over 500 booths. Alongside traditional networking, it introduces online business-to-business (B2B) matching, enabling year-round connections.

Prime Minister Pham Minh Chinh speaks at the second meeting of the National Steering Committee for building the private economic sector development project (Photo: VNA)

Private sector encouraged to join major national programmes, projects

It must fully unleash the productive capacity and resources of the country through the private sector; mobilise all private resources for national development; harness the effectiveness of internal forces, including human, natural resources, history, and culture, while effectively combining them with external resources such as capital, technology, human resources, and management experience, he said.

At the annual Vietnam-Cambodia business dialogue in Phnom Penh on April 4 (Photo: VNA)

Annual Vietnam-Cambodia business dialogue held in Cambodia

The annual business dialogue in Cambodia attracted around 150 delegates, including Vietnamese businesses and Vietnamese-origin companies operating in Cambodia across various sectors such as finance, banking, insurance, telecommunications, agriculture, construction, interior design, food services, transportation, logistics, trade, healthcare, and tourism.