With great interest from manufacturing businesses as well as international buyers, VIFA EXPO 2024 is expected to open opportunities for businesses to capture the ongoing recovery in the wooden furniture market, world furniture.

At the seminar introducing the 15th Vietnam International Furniture and Fine Arts Export Fair - VIFA EXPO 2024 held on the afternoon of February 20, Mr. Tran Ngoc Liem, Director of the Vietnam Federation of Commerce and Industry Ho Chi Minh City branch (VCCI Ho Chi Minh City) said that wood and wood products are the products in the agriculture, forestry and fishery industry with export turnover exceeding US $ one billion in just the first month of 2024, reaching US $1. 6 billion, accounting for 29% of the total export turnover of the entire agricultural industry.

Analyzing further, Mr. Liem assessed that signs of recovery in wood exports have begun in the last months of the year. Specifically, for the whole of 2023, the export turnover of wood and wood products and furniture will only reach US $ 16 billion, down 14.6% compared to 2022, but there are good growing markets such as India, which increased by 288%, Peru increased by 111%, Turkey increased by 90%, Norway increased by 52%...

In particular, since December 2023, the recovery will be more evident when the export turnover of wood, wood products, and furniture recorded a growth rate of up to 10%, much higher than the growth rate of only 1.1%. % of the country's total export turnover. Many markets recorded high growth rates such as Austria increased by 371%, India increased by 291%, Chile increased by 273%, Czech Republic increased by 230%, Norway increased by 132%...

However, Mr. Liem assessed that the market has many hidden difficulties when conflicts between countries become complicated and prolonged, affecting the business activities of businesses. In that context, trade promotion plays an extremely necessary role to support businesses and the VIFA EXPO 2024 fair, which will take place from February 26-29, is one of the important opportunities for businesses. enterprises in the wood and interior - exterior industries in looking for orders.

VIFA EXPO 2024 is jointly organized by VCCI Ho Chi Minh City, Vietnam Association of Construction Materials (VABM) and Lien Minh Wood Handicraft Joint Stock Company.

Mr. Dang Quoc Hung, General Director of Lien Minh Wooden Handicraft Joint Stock Company, said that VIFA EXPO 2024 attracted more than 600 businesses to register nearly 2,000 booths on a total area of 36,000 m2. Of which, furniture products businesses account for 61%, handicraft products account for 8%, home decoration products account for 19%, machinery, accessories, and services account for 12%.

With a rate of 52% of Vietnamese businesses coming from Ho Chi Minh City and 21 provinces and cities nationwide including Binh Dinh, Binh Duong, Binh Phuoc, Binh Thuan, Da Nang, Dong Nai, Dong Thap, Ha Nam, Hai Duong, Hai Phong , Hung Yen, Lam Dong, Long An, Nam Dinh, Phu Yen, Quang Nam, Tay Ninh, Thai Binh, Thanh Hoa, City. Hanoi, Yen Bai. Besides, 48% of foreign businesses come from 17 countries and territories including: United States, Canada, China, India, Hong Kong, Taiwan, Korea, Malaysia, Thailand, Indonesia, Singapore , Cambodia, Netherlands, UK. Denmark, France, Australia.

There have been more than 3,500 international visitors from 83 countries and territories registered to visit 2024 VIFA EXPO. Notably, in addition to the large and traditional markets of Vietnam's wood industry such as USA, Canada, Germany, UK, France, Netherlands, China, Japan, Korea... there are also many completely new countries such as Norway, Oman, Nepal, Ecuador, Jamaica, Iran... This shows the importance the great interest of international buyers in Vietnam's wood, interior and exterior industry.

Previously, at the edition held in March 2023, VIFA EXPO attracted more than 18,000 visitors, including nearly 6,000 international visitors from 117 countries and territories. According to the organizers, up to 80% of businesses exhibiting at the fair said they had signed contracts and memoranda of understanding right at the fair with a total recorded transaction value of up to US $ 100 million.

Source:Custom News