Illustrative image (Photo: nongnghiep.vn) Addressing a May 23 conference to announce the organsation of the fair, Tran Ngoc Liem, Director of the Vietnam Chamber ofCommerce and Industry, Ho Chi Minh City Branch (VCCI-HCM), said facing theglobal economic downturn, an average of about 19,000 businesses withdraw from themarket every month.
Over 80% of the enterprises operating in the wood industryhave been affected, with decreasing revenue, he added.
Statistics of the General Statistics Office show that theexport turnover of wood and wood products totaled an estimated 1.2 billion USDin April, and 4 billion USD in the first four months of 2023, down 24% and 28% year-on-year.
The high prices of global fuel and energy affect productioncosts of wood enterprises, Liem said, adding that the inflation rate still remainshigh and monetary policy has not been loosened.
Participants at the conference (Photo: nongnghiep.vn)
The slow recovery of the global economy and thecollapse of some banks in the world have led to the trend of tightening spending onnon-essential products such as wood and wood products in big markets, including the US and the European Union (EU), causing sharp drops in import demand, henoted.
China’s reopening also creates competition pressure onwood and wood products, especially Vietnam's wooden furniture, he noted.
Wood enterprises also meet difficulties related to interestrates, and in accessing capital.
Many businesses, which are facing a sharp decline in orders, still have to maintainproduction and wait for improvement, Liem went on.
The country’s export turnover of wood and woodproducts in the first half of 2023 is forecast to drop by between 28%-32% comparedto the same period last year.
According to Cao Ba Dang Khoa, acting generalsecretary of the Vietnam CoconutAssociation (VCA), the hosting of VIFA ASEAN 2023 will helpturn Ho Chi Minh City into a regional and international furniture centre.
Participants at the conference (Photo: nongnghiep.vn) The slow recovery of the global economy and thecollapse of some banks in the world have led to the trend of tightening spending onnon-essential products such as wood and wood products in big markets, including the US and the European Union (EU), causing sharp drops in import demand, henoted.
China’s reopening also creates competition pressure onwood and wood products, especially Vietnam's wooden furniture, he noted.
Wood enterprises also meet difficulties related to interestrates, and in accessing capital.
Many businesses, which are facing a sharp decline in orders, still have to maintainproduction and wait for improvement, Liem went on.
The country’s export turnover of wood and woodproducts in the first half of 2023 is forecast to drop by between 28%-32% comparedto the same period last year.
According to Cao Ba Dang Khoa, acting generalsecretary of the Vietnam CoconutAssociation (VCA), the hosting of VIFA ASEAN 2023 will helpturn Ho Chi Minh City into a regional and international furniture centre.
It will offer a venue for exhibitors to accesspotential customers, thus expanding export markets, he noted.
VIFA ASEAN 2023, which will be jointly hosted by Lien MinhWood Handicraft JSC, VCCI-HCM and VCA, iexpects toattract 1,400 booths from 350 domestic and international export furniture &handicraft producers and processors./.
VIFA ASEAN 2023, which will be jointly hosted by Lien MinhWood Handicraft JSC, VCCI-HCM and VCA, iexpects toattract 1,400 booths from 350 domestic and international export furniture &handicraft producers and processors./.
VNA
