HANOI – The Vietnamese government aims to reach $20 billion in exports of wood and wood products by 2025, an increase of more than $9 billion from the current figure.
Vietnam overtook the longtime Chinese giant in 2020 to become the largest furniture exporter to the United States, marking one of the most dramatic industrial shifts in recent history. According to research by Furniture Today, the country’s furniture exports to the United States jumped to $5.1 billion in the first half of 2021, a 76% increase from 2020.
Now, a plan recently approved by the government details the steps on how the country will modernize and significantly expand its wood processing industry by 2030. Specifically, it will invest heavily in technology to attract investment from processing companies. wood; build an international furniture exhibition center; and give priority to the production of furniture, outdoor products and artificial wood plank products.
The plan will also see the country reorganize its production areas, which should help reduce transport costs while increasing the value of products.
Vietnam says its main markets are the United States, Japan, South Korea, Western Europe and China. Vietnamese companies will be encouraged to use the “Go Viet” brand and use e-commerce applications.