This is the statement of Mr. Tran Ngoc Liem, Director of the Vietnam Chamber of Commerce and Industry (VCCI) – Ho Chi Minh City Branch at the opening session of the Vietnam International Furniture and Handicrafts Fair (Vifa Expo) 2024, held on the morning of February 26 in Ho Chi Minh City.
According to Mr. Tran Ngoc Liem, analysis from customs statistics shows that in December 2023, the export turnover of this product reached over 1.6 billion USD, increasing by 10.3% compared to the previous month; in January 2024, it reached nearly 1.8 billion USD, continuing to increase by 10.2% compared to the previous month (accounting for over 29% of the total export turnover of the entire agriculture sector). This is also the only agricultural product with export turnover exceeding 1 billion USD in just 1 month, with 32 out of 45 main export markets experiencing growth.
Although earning nearly 1.8 billion USD in the first month of 2024, Mr. Tran Ngoc Liem believes that the wood and furniture industry of Vietnam is facing some direct challenges to its sustainability. These include the risks of imported timber, EU timber legality regulations, and low-carbon emission requirements for wood products. In addition, conflicts in the South China Sea have led to some shipping companies announcing the suspension of transportation or changes in schedules, leading to increased freight rates…
In 2023, despite some markets experiencing good export growth in furniture and interior items, such as India with a 288% increase, Peru with 111% increase, Turkey with 90% increase, and Norway with a 52% increase in wood and wood product exports…, the overall export situation of Vietnam’s wood and furniture industry still encountered many difficulties and challenges. This is the first year that the export industry, which used to be the 6th-strongest sector of Vietnam, recorded negative growth after maintaining positive growth for the past 2 decades. In 2023, the export turnover of wood and furniture only reached 16 billion USD, a decrease of 14.8% (much higher than the overall export decline of 4.6%).
Taking place from February 26 to 29 at the Sky Expo Vietnam Exhibition Center (District 12, Ho Chi Minh City), Vifa Expo 2024 is organized by the Vietnam Chamber of Commerce and Industry – Ho Chi Minh City Branch, the Vietnam Building Materials Association, and the Liên Minh Handicraft Wood Joint Stock Company.
This year’s event welcomes the participation of 600 businesses with approximately 2,000 booths, including 312 Vietnamese enterprises and 288 foreign enterprises. It is an important trade promotion activity for Vietnam’s wood and interior industry in 2024, serving as a bridge to help businesses proactively seek orders and create opportunities for participating businesses to showcase at the fair.
