The timber and forestry products processing industry must strive to achieve exports of at least US$9 billion this year and $12-23 billion by 2020, Prime Minister Nguyễn Xuân Phúc has said.

The world’s wooden interior décor market is predicted to grow at 3.5 per cent in 2018 and continue expanding, providing opportunities to Việtnamese businesses to increase exports of the products. 

The Vietnam Furniture and Home Furnishing Fair will promote locally-made wooden furniture, home decor and handicraft products for the domestic market.

Việt Nam’s wood industry faces a quandary as bright export growth prospects are clouded by difficulties in finding the necessary raw materials.

Many Vietnamese wooden furniture and handicraft companies are advertising their products to foreign customers at the International Furniture Fair Singapore 2018 (IFFS-2018), which opened in the island country on Thursday.

Việt Nam’s woodworking industry can expand exports but to expand market share and increase value, it needs to keep pace with market trends and capitalise on opportunities, experts have said.

A wide range of furniture, handicrafts, interior décor products and support services are on display at the Việt Nam International Furniture and Home Accessories Fair, VIFA Expo 2018, which opened in HCM City yesterday.

Nguyễn Chiến Thắng, director of HCM City-based wood products maker Scansia Pacific, said his company has export orders for the whole year, which are 25 per cent up from 2017.

The country’s exports of forestry product are expected to top US$9 billion this year, with wood and wooden products accounting for $8.5-8.7 billion, according to the Handicraft and Wood Industry Association of HCM City (Hawa).

Nearly 90 local and foreign companies are showcasing their products at the eighth Việt Nam Furniture and Furnishing Fair that opened in HCM City yesterday.