Business

Good prospects for wood sector’s recovery: experts

Despite a sharp fall in exports in August and September due to impacts of COVID-19, the wood sector still has chances to complete its export target for the whole year provided that it can quickly resume production, according to experts.
Good prospects for wood sector’s recovery: experts ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Despite a sharp fall in exports inAugust and September due to impacts of COVID-19, the wood sector still has chancesto complete its export target for the whole year provided that it can quickly resume production, according to experts.

Speaking at a conference on the strategy for recovering thesupply chain for Vietnam's furniture sector, Minister of Agriculture and RuralDevelopment Le Minh Hoan noted that in the first eight months of 2021, exportrevenue of timber and wood products surged 41.4 percent year on year to 10.4billion USD. Exports of furniture alone hit 7.98 billion USD, he added.

The official said that despite the modest figure in exportsof the sector in September due to COVID-19, the effortsand results that the sector has shown are encouraging.

Bui Thi Thanh An, Vice Director of the TradePromotion Agency under the Ministry of Industry and Trade, cited statistics fromthe ministry which showed that in the first half of this year, the sectorearned 10 billion USD from the export of both interior and exterior  furniture and handicraftproducts, representing a 70 percent rise year on year.

In the recent two years, since COVID-19 broke out, Vietnamesefurniture enterprises have shown strong resilience, while trade associationshave provided them effective support and orientations.

Mary Tarnowka, Executive Director of the America Chamber ofCommerce in Vietnam (AmCham) said that about 60 percent of wood processingfacilities in Vietnam are partners of US firms.

Many US retailers have been affected when many Vietnamese exporters have to stop production during the social distancing period in Vietnam, but the US’s demands for Vietnamesefurniture is rising, she noted, adding that US retailers are still confident inVietnamese wood sector’s supply capacity.

Alain Cany, EuroCham Chairman said that European firms arenot likely to switch their orders from Vietnam to China or other countries.

Many experts held that furniture retailers, especially thosein the US will maintain partnership with Vietnam, especially in the contextthat major furniture supply sources are still struggling.

Do Xuan Lap, President of the Association of Vietnam Timberand Forest Product (VIFOREST) said that businesses in the sector are workinghard for fast recovery.

Many firms pointed out that two major problems thatVietnamese furniture enterprises are facing are materials and labour shortages.They stressed the need for the reopening of the market to deal with the issues.

Lap affirmed that despite difficulties due to COVID-19pandemic, great opportunities are opening up for Vietnamese furniture enterprises./.
VNA
#COVID-19 #wood sector #Minister of Agriculture and Rural Development Le Minh Hoan #Trade Promotion Agency #Vietnamese furniture #AmCham #VIFOREST #Vietnam #Vietnam news #Vietnam News Agency
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