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In a bid to enhance brand visibility and tap into broader consumer markets, Vietnamese wood, furniture, and handicraft enterprises are urged to prioritise and systematically invest in online sales initiatives, diversifying their sales channels within their business frameworks.
Vice Chairwoman of the Handicraft and Wood Industry Association of Ho Chi Minh City, Duong Minh Tue, emphasised this crucial strategy during a workshop themed “Cross-border e-commerce – global growth opportunity for Vietnam’s furniture export” held in Ho Chi Minh City.
Tue highlighted Vietnam’s stature as one of the world’s leading wood exporting nations, noting its expanding market reach across key territories such as the US, the European Union (EU), the Republic of Korea (RoK) and Japan, as well as its growing presence in emerging markets like the UAE and India.
She underscored the significant success of Vietnam’s wood and wooden product exports in the global market, buoyed by favourable factors such as forestry development strengths, business incentives, and advantageous free trade agreements with foreign counterparts.
However, traditional export markets have encountered challenges in recent times due to sluggish global consumption demand, escalating protectionist measures, and the persistence of tight monetary policies in certain countries. Against this backdrop, Tue highlighted the rising prominence of e-commerce channels in driving sales growth for furniture and handicrafts, presenting a new avenue for Vietnamese wood businesses to explore.
A global e-commerce giant echoed this sentiment, highlighting the resilient growth trajectory of global e-commerce despite the lingering impact of global trade disruptions. The executive underscored cross-border e-commerce as a pivotal trend enabling small- and medium-sized enterprises (SMEs) to achieve robust expansion.
Looking ahead, strong growth in e-commerce has been projected within the furniture industry, particularly in the US, Vietnam’s largest export market. By 2027, e-commerce in this sector could soar to an estimated US$118.6 billion, presenting a lucrative opportunity for Vietnamese enterprises.
Another organisation stressed the direct access to a diverse global customer base facilitated by e-commerce platforms, noting the missed opportunity for Vietnamese manufacturers to harness cross-border e-commerce to market their products.
Crucial factors for effective online sales include focusing on customer comfort and actively addressing concerns related to product quality, customer service, and delivery. Recognising these challenges, e-commerce platforms now offer comprehensive business support services spanning product listing, packaging, shipping, and returns to enhance the overall shopping experience for customers.
The imperative for Vietnam’s wood and furniture industry to embrace e-commerce as a strategic growth driver is clear. By leveraging online platforms, Vietnamese enterprises can not only expand their market reach but also enhance brand visibility and tap into the burgeoning global e-commerce landscape, thus ensuring sustained growth and competitiveness in the digital era.
Vietnam is strategically leveraging digital technology, online platforms, and e-commerce to propel its wood and furniture industry into international markets. By embracing these digital tools, Vietnamese enterprises seek to amplify their global presence, reach new customers, and capitalise on the boundless opportunities offered by the digital marketplace.
In line with Vietnam’s thrust towards global market penetration through digital platforms and e-commerce, a new initiative is underway to establish clusters of IT parks and software chains.
Led by the Ministry of Information and Communications (MIC), aims to boost Vietnam’s digital ecosystem and competitiveness in the production value chain. Despite progress, challenges persist, such as connectivity gaps and limited collaboration among IT parks.
The MIC stresses strategic capital investment to integrate the initiative into national ICT infrastructure, advancing Vietnam’s digital transformation agenda. Informed by the Institute of Information and Communications Strategy, the plan focuses on creating ICT parks in vital economic zones, nurturing technical infrastructure and a conducive business environment, thereby enhancing the growth of the digital technology sector.
