Market prospects for the world's furniture in 2016

With 455 billion dollars, the world's furniture sales in 2014 has increased 17 billion compared to the year 2013. Growth on world furniture consumption in 2015 estimated to reach 2.8%. According to the data of the Centre for Industrial Studies (CSIL), the forecast of global furniture demand in 2016 retains the 2.8% growth. 

Overview

There are 6000 companies currently in textile and garment industry, attracting around 450,000 employees, both directly and indirectly. The industry is said to enjoy many benefits of Korean exports when the free trade agreement Vietnam – Korea (VKFTA) takes effect.

It is expected that, in 2016, South Korea will reduce tariffs to 0% for import garments from Vietnam. However, how many of the total 6,000 companies active in the textile industry actually benefit from VKFTA?

Overview

Export situation of handicraft and expanding EU market orientation.

Contrary to the growth turnover in the first month of 2014, in February 2014, export of bamboo, rattan, sedge, carpet has decreased 38.64% over the January 2014. Generally, in two months of 2014, export of thesr items fell 20.22% over the same period last year.

Vietnam exporting bamboo, rattan, sedge, carpet into 18 countries, in which United States achieved the highest turnover, 8.3 million, accounting for 28.9% market share, up 8.65% compared to two months of 2013. Separately in February 2014, the exports to the United States decreased turnover compared with the early months, down 40.06%, equivalent to $ 3.1 million.

Japan is the market which has turnover ranked the second largest after the United States, reached USD 7.1 million, up 40.65%; followed by Germany with USD 4.3 million, up 10.26% over the same period last year.

Notably, although exports turnover to Belgium market reached only USD 706 thousand, it has shown the strongest growth, up 48%.

Overview

World consumption decreased, relatively high production costs compared to competitor countries of Asia, currency fluctuations, challenges from the Free Trade Agreement, etc. continue to be major challenges for the fishing industry in the coming period.

Coffee exports of Vietnam in the year 2015 and 2016 will increase by 30% to a record 28.7 million bags, according to estimates by the US Department of Agriculture (USDA).

In recent years, Vietnam's tourism is developing strongly. The number of international travelers and domestic tourists in Vietnam is increasing. Vietnam tourism becomes more popular, and many domestic destinations were voted as the favorite destination for international travelers. Quality and competitiveness of Vietnam tourism are receiving a lot of attention and widely discussed. Multidimensional approaches the quality of tourism will help to find the right solutions to enhance the quality and competitiveness of Vietnam tourism.

Overview

Vietnam Ministry of Planning and Investment estimates that Vietnam needs to invest $200 billion for infrastructure development through 2020. Private investment funds, Multilateral Development Banks such as the World Bank and Asian Development Bank, and Overseas Development Assistance by foreign countries such as Japan have spurred investment in infrastructure but financing continues to be a major challenge.

Overview

A significant increase in per-capita income in the past ten years, the robust expansion of both the manufacturing and service sectors, and the value Vietnamese traditionally place on education are creating substantial opportunities for education and training services providers. Improving domestic education is a top priority in various Vietnamese Government plans and initiatives, which include ambitious quantitative and qualitative goals, such as a 10 percent annual increase in university enrollment and developing a higher education system more in line with regional and global standards. 

According to the latest figures from the General Department of Customs, until February 15th, 2016, there are 4 groups of export goods which achieve turnover value from $1 billion or over. Those items include telephones and components; textiles; computers, electronic products and accessories, and footwear.

Overview