The Vietnamese booths, featuring interior and exterior wooden and home décor products, handicrafts, hotel furniture, and lighting equipment, attracted many UK wholesalers and retailers, as well as visitors.
Vietnamese Trade Counselor in the UK Nguyen Canh Cuong said the exhibition has offered a good opportunity for Vietnamese firms to introduce high quality products and meet potential importers and distributors.
As the third largest furniture producer and exporter in the world, and the largest in Southeast Asia, Vietnam boasts products meeting requirements of the UK market, he said, stressing that Vietnam needs to actively attend fairs like JFS in order to seek and set up partnerships with British businesses.
Zoe Bonser, Retail Manager of NEC, said that with more than 15,000 visitors, JFS gives a great chance to businesses, and those from Vietnam in particular, to gain easier access to the UK market.
In 2022, Vietnam earned 239.66 million USD from exporting wood and wood products to the UK, accounting for nearly 4% of its total export value to the European country.
According to the Vietnam Trade Office in the UK, the export of wood products and handicrafts to the UK sees a good prospect because this is the world's fifth largest furniture market, and the second largest in Europe with a forecast annual growth of 3.2% for the 2021-2026 period. In particular, many wood products will enjoy a tax rate of 0% within the next five years in line with the UK – Vietnam Free Trade Agreement (UKVFTA).
The Vietnam Timber & Forest Products Association (VIFORES) reported that the country’s furniture exports hit an estimated 16 billion USD in 2022. The wood industry has set a target of earning 25 billion USD in export value by 2030.
Held annually since 1990, JFS has introduced about 50,000 products of over 500 national and international brands. This year's event attracted more than 22,000 businesses.