Vietnamese Timber Industry Seeks Support Amidst Declining Exports
Vietnam’s timber industry is facing difficulties as a result of declining exports at the beginning of this year. Vietnamese timber companies are now calling for support in terms of market information, requirements, and consumer tastes to help them cope with the challenges they are facing.
For many years, the export of timber and wood products in Vietnam had been rapidly increasing. However, this trend has changed significantly from the beginning of this year. According to the Vietnam Timber and Forest Products Association (Viforest), wood exports were estimated at 4.7 billion USD in January – May. This figure represents a nearly 30% decline compared to the same period last year.
Do Xuan Lap, the President of Viforest, has stated that the wood industry is facing many difficulties. He has called for support from the government, industry associations, and other stakeholders to help the industry overcome these challenges.
One of the main areas where the industry needs support is in market information. Companies need to be aware of the latest market trends and consumer preferences to ensure that they are producing products that meet the needs of their customers. They also need information on the latest regulations and requirements in different markets to ensure that they are complying with all relevant standards.
In addition to market information, the industry also needs support in terms of product development. Companies need to be able to innovate and develop new products that meet the changing needs of consumers. They also need to be able to improve the quality of their products to meet the high standards required in international markets.
The decline in exports has also had an impact on the workforce in the industry. Many companies have had to reduce their workforce or cut back on hours due to the decline in orders. This has had a significant impact on the livelihoods of many workers in the industry.
To address these challenges, the government and industry associations are working together to provide support to the industry. The government has implemented a number of measures to help companies, including tax incentives, credit support, and other forms of financial assistance.
Industry associations are also providing support to companies, including training and capacity building programs. These programs help companies to improve their skills and knowledge in areas such as market research, product development, and quality control.
Despite the challenges facing the industry, there are also opportunities for growth. The demand for wood products is increasing in many markets around the world, including the United States, Europe, and Japan. Companies that are able to innovate and develop new products that meet the needs of these markets will be well positioned to take advantage of these opportunities.
In conclusion, the decline in exports has had a significant impact on Vietnam’s timber industry. Companies are now calling for support in terms of market information, requirements, and consumer tastes to help them cope with the challenges they are facing. The government and industry associations are working together to provide support to the industry, including tax incentives, credit support, and training programs. While there are challenges facing the industry, there are also opportunities for growth, and companies that are able to innovate and develop new products will be well positioned to take advantage of these opportunities.
