Development Advantages of Vietnam Housewares and Gifts Industry
24/05/2023
Furniture manufacturing is one of the pillar enterprises in Vietnam. Vietnam's home furnishing export industry has many advantages.
On the one hand, local raw materials related to the home furnishing industry have more improvable aspects, and the labor cost and land rent involved in the construction and operation of factories are cheaper, thus attracting domestic and foreign furniture brands to invest and build factories here.
On the other hand, the FTAs signed between Vietnam and developed economies bring certain convenience and tariff advantages to the export of Vietnamese products. Among them, the EU-Vietnam Free Trade Agreement (EVFTA), which came into force in 2020, proposes to reduce 99% of bilateral tariffs between the EU and Vietnam within ten years, which helped promote the increase of Vietnam's exports to the EU.
