Wood and wood product exports continued to grow significantly in October, with export turnover estimated at USD 1.69 billion, up 12.7 per cent from the previous month, according to the Ministry of Industry and Trade's Vietnam Industry and Trade Information Centre.
The industry generated USD 14 billion in export revenue during the 10-month period, bringing it closer to its target of approximately USD 18 billion by the end of the year. Exports are expected to see further opportunities in the coming months, particularly in the US, currently the industry's largest market.
Speaking at a seminar entitled "Vietnam's wood and furniture industry: ready for 2027" on the afternoon of November 12, Tran Lam Son, vice-chairman of Thien Minh Company's members' council and a standing committee member of the Ho Chi Minh City Handicraft and Wood Industry Association (HAWA), said one major opportunity for Vietnamese exporters was the growing support of the Vietnamese business community in the US.
Compared with previous years, Vietnamese businesses in the US have become increasingly established, with stronger financial resources and greater capacity to support exports from Vietnam, he said.
Tran Lam Son, a Hawa representative, speaks at the seminar (Photo: Organising committee).
Son noted that the US was a market worth USD 125 billion and was increasingly taking on an hourglass shape, with pressure from sluggish housing market growth and consumers becoming more price-sensitive.
In response, US retailers are tightening inventory management and prioritising suppliers that can offer flexible order volumes, reliable deliveries and support for domestic distribution.
At the same time, US demand is increasingly shifting towards upholstered furniture, motion furniture and designs incorporating convenient technology and wellness features.
These developments require Vietnamese businesses to closely monitor trade policies, review the origin of raw materials, maintain comprehensive production records and reassess cost structures. Companies must also improve their ability to respond to fluctuations in orders.
With the US accounting for more than half of Vietnam's total wood export turnover, market diversification should be accelerated while maintaining customer relationships and competitiveness in this key market.
Similar challenges are emerging in Europe, another major export destination. The European Union's Deforestation Regulation (EUDR) is scheduled to take effect on December 30, making it essential for Vietnamese businesses to establish traceability systems before production begins.
This is the least costly stage at which to address gaps in supply-chain data before formally committing to sourcing raw materials.
From the perspective of international buyers, Reine Karlsson, chief executive of Scale Up Oy Ltd, a company specialising in furniture sourcing across Asia, highlighted the distinction between possessing documentation and having a systematic, verifiable traceability process.
A single certificate cannot replace a comprehensive chain of interconnected evidence covering finished products, production batches and raw materials, he said.
European buyers increasingly require upstream supply-chain information to be structured and reliable, with assurances that products are deforestation-free, made from legally sourced materials and subject to systematic due diligence.