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In 2022, orders plummeted by 40%! Vietnam’s furniture industry “can only last for half a year”!

In 2022, orders plummeted by 40%! Vietnam’s furniture industry “can only last for half a year”!

Vietnamese media reported on September 2 that with the sharp drop in demand in the United States, Europe and other places, the country’s main export markets, and this situation will continue until at least the end of the year, which has seriously affected Vietnam’s furniture manufacturing industry. At present, the export orders of enterprises have dropped sharply, and factories have begun to stop production gradually.

According to statistics, among the 45 major furniture export enterprises in Vietnam, 33 said that their exports to the United States had decreased by nearly 40%, and 24 said that their exports to Europe had decreased by more than 40%. For Vietnam’s furniture export industry, the sharp decline in orders has seriously dragged down the country’s export growth, which has lasted for three months.

In the past five years, Vietnam’s annual furniture export volume has increased by about 10-20%, and many companies have expanded investment, which gives people hope of record growth in the next few years.

In May this year, Truong Thanh Furniture Group in Binh Duong Province in southern Vietnam acquired 20% of Natuzzi Singapore, an Italian furniture brand, with a cash of US $5.4 million. The company also plans to increase the production capacity of the Pingyang plant and rents a MDF plant to achieve self-sufficiency in raw materials. At that time, many Vietnamese furniture companies were increasing investment, and they believed that by 2025, Vietnam’s furniture exports would reach 20 billion US dollars.

However, according to the data of the forestry administration under the Ministry of agriculture and rural development of Vietnam, the export volume of Vietnamese furniture has dropped for three consecutive months. The export volume in July was only 1.41 billion US dollars, down 5.5% compared with June and 1.6% compared with the same period in 2021.

So far this year, Vietnam’s furniture exports to the United States have dropped by 4.9% year-on-year, and the United States is Vietnam’s largest furniture export market, which has led to a downward trend in Vietnam’s furniture exports this year as a whole.

According to the survey of 52 enterprises conducted by Vietnam wood furniture association in July, 44.2% of enterprises said they could persist for another 3-6 months, and 23.1% said they could persist for more than 12 months. However, 19.2% of enterprises said they could only survive in the next three months without new orders.

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