Brand development helps wood industry secure foothold in international market

This assessment was made by experts during a seminar held on December 9 in Ho Chi Minh City to promote Vietnamese wood brands.

Upon addressing the event, Tran Le Huy, vice chairman of Binh Dinh Wood Association, emphasised that according to the project to develop a sustainable wood processing industry in the 2021 to 2030 period, the sector has set a goal of becoming an important economic sector. This is alongside developing a reputable Vietnamese wood brand in both the domestic and international markets.

Through the project, the nation will also strive to rank among the leading countries in the world in terms of production, processing, and wood exports.

Experts have assessed that there is plenty of room to grow the export of wooden furniture in the international market which has a trade value of about US$450 billion annually, of which wooden furniture stands at US$150 billion per year.

Furthermore, the country’s wood furniture export turnover only accounts for roughly 6% of the global market share, with potential markets being Canada, Russia, India, and the UAE.

Huy analysed that in order to develop the Vietnamese wood industry's brand within the global market, there should be closer co-operation among local business communities based across the country.

Moreover, brand development must be considered as an urgent matter in association with the industry’s vision, core values, and strategy moving forward.

Sharing this perspective, Nguyen Van Dien, director of the Forestry Production Development Department, stressed that national brands help businesses to expand their markets and help to win consumers’ trust.

According to numerous think tanks, effective brand development coupled with competent management will contribute to increasing export turnover, as well as elevating the position of the Vietnamese furniture industry to the global market.