[WEEK NEWS] FOMEX NEWS WEEK 21, 2021

1. Timber industry in Vietnam benefits from worldwide market changes

Despite the impact of the pandemic wood and wooden product exports of Vietnam posted impressive growth in the first quarter of 2021 due to the efforts of many businesses to apply advanced technology, develop new products and make use of online marketing channels. Nguyen Chanh Phuong, Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA), said that by tapping into its production advantages and emerging market opportunities Vietnam has surpassed Poland, Germany, and Italy to become the world”s second-largest wood and wooden product exporter behind China.
According to Nguyen Chanh Phuong, many international buyers have switched to Vietnamese suppliers as the country has a safe production environment. Tran Lam Son, Director of marketing and quality management at the Thien Minh Furniture Company, pointed out that international buyers have increasingly valued the production capacity, design, and technology of Vietnamese wood producers. Moreover, due to supply chain disruptions, global distributors now tend to diversify and seek safer supply sources.

2. Vietnam replaces China as largest furniture exporter to the US

Vietnam has overtaken China as the largest furniture exporter to the. The U.S. as tariffs drives manufacturers out of the world’s second-largest economy.

Vietnam exported $7.4 billion worth of furniture to the U.S. last year, compared to China’s $7.33 billion, according to data from U.S. magazine Furniture Today. This marked a 31 percent year-on-year surge for Vietnam, while that of China fell 25 percent.

3. Three Korea Shipping Lines open the direct transportation service to Vietnam

Three Korea Shipping Lines: KMTC Line, Namsung Shipping, and CK Line have opened the new transportation service connecting Korea and Vietnam from May 26th

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