The US government might impose an anti-dumping duty on Vietnamese wood products as export value of these items from Vietnam to the country is rising quickly, warns the Ministry of Trade.
The US government has prepared all data and documents and the matter is simply when it would happen, a trade official said.
The major reason is that the wood processing and furnishing industry ofVietnam’s earlier goal aimed at an export turnover of $1 billion in year 2010 but what it obtains now have exceeded the target. Vietnam’s wooden exports are mainly to the US market.
In addition, some countries facing drawbacks in exporting wood furniture to the US market have shipped the commodities to Vietnam to take advantage of the Vietnamese origin for easier exports.
In order to hedge risks caused by a possible anti-dumping case, the Ministry of Trade has just required firms to stop buying wood furniture from third countries for exports to the US. The Ministry’s action also aims to prevent illegal shipments and protect the prestige of Vietnamese goods in the world market.
Vietnam earned around $126 million from exports of wood products in May, bringing the total to $617 million in the first five months of this year, a 51.7% year-on-year rise, according to the Ministry of Trade. The country aims to earn $1.5 billion from wooden exports this year, up by $500 million against 2004.
In related news, Vietnam will host the International Furniture & Handicraft Expo 2005 in HCM City in October this year, aiming to seek more foreign outlets beside the US market. Quite many companies have put their names down to join the coming fair and exhibition. "So far, 610 booths have been booked, including 100 by foreign parties,” said Tran Duc Hanh, manager of the HCM City Trade Department's trade promotion division.
In addition, local exhibitors are expected to sign a lot of exporting contracts with foreign partners at the expo as the Department of Trade has gained agreements with the US-based magazine Furniture Today and a foreign event organizer, under which they will take 1,200 potential foreign importers to the expo, Hanh said.
The department is now trying hard to woo more companies to join the fair. So, the number of booths is expected to swell to over 800 as the department says it will launch a campaign in northern provinces to invite companies there to the exhibition.
