Panelists discuss the impacts of US tariff policies on furniture industry at the Vietnam Furniture Industry Outlook 2025 forum held in HCM City on March 5. — VNS Photo

HCM CITY — Vietnamese wood product exporters must be prepared with solutions and various possible scenarios to adapt to imminent US trade policy changes, reduce their risks and optimise opportunities, a forum heard in HCM City on Wednesday.

Speaking at the Việt Nam Furniture Industry Outlook 2025, Đỗ Ngọc Hưng, trade counselor and head of the Việt Nam Trade Office in the US, said last week American President Donald Trump signed a memo ordering the US Department of Commerce (DOC) to initiate an investigation into lumber imports under a 1962 trade law which he recently used to impose tariffs on steel and aluminium imports.

The DOC would review the demand for wood products, both current and future, domestic production and the role of foreign suppliers in the US supply chain. The US is Việt Nam’s largest export market for wooden products, Hưng said.

“So, if the US increases tariffs, it will have a negative impact on Việt Nam's wood industry."

Ngô Sỹ Hoài, vice-chairman and general secretary of the Việt Nam Timber and Forest Products Association, said export of wood products fetched Việt Nam US$16.3 billion last year, a 20.3 per cent increase from 2023, with the US accounting for $9.1 billion.

More than two-thirds of the wood products exported to the US were furniture items, which are high-value products and requiring intensive processing, while export of plywood, veneered panels and similar laminated wood with HS code 44 were worth around $1 billion, he said.

“Việt Nam’s wood industry has set a growth target of 10-15 per cent in 2025 and reach $18-18.5 billion.

“Under normal trade conditions, this is a rather modest target that we can certainly achieve. However, given the current global trade fluctuations, it is difficult to say if the industry will be able to realise this goal.”

Vietnamese enterprises in the sector are concerned over the possibility of the US tariff policy changes that would impact their operations and exports, he said.

He also spoke about the mutual benefit arising from the wood trade between the two countries, noting that Việt Nam is the second largest importer of US timber.

A wide range of US woods such as oak, ash, beech, yellow maple, and walnut are imported into Việt Nam and processed into high-value products to serve the domestic market but mostly exports to various markets, including the US, he said.

So he hoped the US would consider the mutual benefits when deciding tariff policies.

Strong foothold in US

A booth at HawaExpo 2025. Việt Nam's wood products hold a strong position in the US since customers there trust their quality and admire the reasonable prices. — VNS Photo

Việt Nam's wood products hold a strong position in the US since customers there trust their quality and admire the reasonable prices, experts said.

Vietnamese manufacturers also comply with US timber trade regulations and demonstrate reliable delivery capabilities, Hoài said.

Hưng believed that if Vietnamese wood products are not subject to discriminatory tariffs - meaning they face the same general tariff rates as products from other countries - their exports would fare well.

He urged Vietnamese businesses to remain calm and closely monitor market trends and information on tariff policies.

With Việt Nam’s direct competitors such as China and Canada facing high export tariffs in the US, Vietnamese wood exporters could boost exports to the market but should avoid sudden spurts in export growth to not attract trade defense investigations, he said.

He said ministries, industries and business groups need to consider importing more wood from the US to narrow the trade surplus with it and prevent accusations of origin fraud.

Hoài said firms need to bolster their competitiveness, create new models, accelerate digital transformation, and strengthen trade defense capabilities.

He pointed out those businesses that operate transparently, utilise modern management software and establish a reliable supply chain would be best prepared if the US carries out trade investigations.

Ngô Chơn Trí, chief operating officer of Yes4All, one of the leading brands in home sporting goods and furniture in the e-commerce market, said the US' tariff increase on goods from certain countries offers an advantage for Vietnamese businesses.

But for that they must strengthen their capabilities and build a sustainable supply chain to seize this opportunity, he said.

“With a strong commitment to delivering high quality and reasonable prices, we see tremendous opportunities in the US market.

“Yes4All is confident in the strength of Vietnamese manufacturers. By working closely with local producers and e-commerce platforms, we will continue to bring high-quality, reasonably priced products to US consumers.”

Võ Quan Hà, chairman of TAVICO Group, said China has halted imports of US lumber in response to Trump’s tariffs and so Việt Nam now has the chance to access higher-quality raw materials at better prices.

Themed Decoding the Wood Industry amid Global Economic and Political Turbulence, Việt Nam Furniture Industry Outlook 2025 was held on the sidelines of the Hồ Chí Minh Export Furniture Fair (HawaExpo 2025) being held at White Palace Phạm Văn Đồng from March 5 to 7. — VNS