US market offers great potential for Vietnamese craft, wood firms

Illustrative image (Source: VNA)

HCM City (VNA) – The US market of handicrafts and woodwork products is predicted to grow well and offer extensive room for Vietnamese firms to increase their share in it, heard an online conference held on March 5.

Organised by the Industry the Handicrafts and Wood Industry Association of HCM City (HAWA), the conference discussed opportunities for exports of Vietnamese companies in the sector to the US this year.

Nguyen Hoai Bao, member of the HAWA executive board, said last year, despite COVID-19, Vietnam’s wood and woodwork industry reeled in an export revenue of over 13 billion USD, of which more than 7 billion USD was from the US. This means the US is now a top market of the country’s wood and handicrafts sector.

The US is among demanding markets in terms of product origin and legality, he noted, advising Vietnamese companies to frequently update on related laws and regulations to meet requirements and and avoid commercial risks.

Julie Hundersmarck, a specialist at the US Forest Service International Programs, said the US importers have a preference for suppliers from Asia, including Vietnam.

Vietnamese handicrafts (Photo: VNA)

The US Forest Service is developing equipment for wood verification and will support Vietnam in better controlling the origin and legality of wood products exported to the country in the coming time, she unveiled.

Tom Russell, Senior Editor at US magazine Furniture Today, said according to experts, demand in the US woodwork and furniture market will recover significantly in 2021 and following years.

In addition to basic furniture, home decoration products and handicrafts are also consumed strongly due to the increasing demand for living space decoration amid the pandemic.

The sales of furniture products in the US, which reached 115 billion USD last year, is forecasted to hit 143 billion USD in the next five years./.