Vietnam’s woodworking industry is seeing significant growth in recent years. Just last year alone, the industry saw a revenue of US$8 billion, a 10 per cent growth from US$7.3 billion in 2016.
The country’s phenomenal growth in the last decade has made it a serious contender to overtake China as the world’s manufacturing powerhouse.
Its wood and wood products industry is now the sixth-ranking export market in Vietnam and captures about six per cent of the global market share. In addition, the country ranked fifth on the global stage, second in Asia and first in ASEAN for its wood and wood products exports.
With China’s anti-dumping lawsuits in the U.S., political stability in the country and the growing demand for furniture in the world, Vietnam is experiencing a growth never seen before. Moreover, the 2017 Law on Forestry has also built a conducive environment as the new free trade agreements saw an increase in taxes on raw agricultural products.
And right in the middle of it all is the two most influential brands in Southeast Asia’s timber and woodworking sector — Panels & Furniture Group of wood magazines and Binh Duong Furniture Association (BIFA).
For nearly two decades, Panels & Furniture Group of wood magazines has been delivering timely, thought-provoking insights to its global readership. Five titles under the Group’s umbrella encompass Panels & Furniture Asia, Panels & Furniture China, Wood in Architecture, American Hardwood Southeast Asia and American Hardwood China. The Group is also the organiser of the Sylva Wood show in Shanghai.
BIFA represents the wood processing industry in Binh Duong province. It supports members with market development, products, raw materials and technology. It also works with the government to influence policies favourable for business. BIFA also works closely with the Vietnam Timber and Forest Association (VIFORES), Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA), Handicraft and Wood Industry Association of Dong Nai Province (DOWOOHA), Binh Dinh Timber and Forest Association – FPD Binh Dinh. This ensures BIFA is connected with the wood processing industry across the entire country.
Together, the partnership will see the inaugural BIFA Wood Vietnam. The show is set in the centre of the wood industry in Vietnam — Binh Duong, located in the south of Vietnam and about an hour away from the capital, Ho Chi Minh. The furniture manufacturing cluster is the favourable business and investment environment. The province attracts wood processing enterprises and has an annual growth rate of 12.6 per cent. Wood products capacity and export turnover is more than US$4 billion in 2017, accounting for over half of Vietnam’s total.
With BIFA Wood Vietnam, there are endless possibilities to be unlocked for businesses looking to tap into or to expand in the Vietnam market.
The inaugural BIFA Wood Vietnam 2018 will take place from October 24 to 27.