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.
BIFA Wood Vietnam is a new fair dedicated to the wood & woodworking machinery sectors, 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 turn over 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 at Binh Duong Convention Center in Binh Duong.
For more info, visit http://bifawoodvietnam.com/event-brochure-2/.