According to Vietnam Plus, the exports of wood and furniture products to the US from Vietnam is expected to reach US$10 billion in 2022.
The prediction is based on the development trend from 2021. Wood and furniture exports to the US surged 22.4% in 2021 to $8.8bn, 87.6% of which was from wooden furniture, according to data from the General Department of Vietnam Customs.
Experts have said that efforts from businesses in maintaining production, with support from the government amid COVID-19 challenges, are what will propel this expansion trend in 2022.
Even so, challenges are still imminent, such as trade remedies, shortages of containers, and high logistics cost. As of now, the cost for each container to be shipped to the US is, on average, $20,000-30,000, which is four times that of the previous years.
Buy Hui Son, Minister Counselor and Head of Vietnam Trade Office in the US, has advised businesses to continue innovating and improving product quality to meet US consumers’ demand, while also ensuring the environmental friendliness of their products. He also stressed the need to digitalise and pivot to e-commerce as a bulwark against competition and trade measures.
Source: Vietnam Plus