EXPORT MARKET POTENTIAL OF VIETNAM BAMBOO & RATTAN PRODUCTS IN 2022

Tuesday, 08/03/2022 15:25 (GTM +7)

In 2022, the export growth rate of rattan & bamboo products in Vietnam is forecasted to be about 20-30%, with turnover exceeding 1 billion USD.

Through the implementation of Free Trade Agreements (FTA), Vietnam has many opportunities to expand the market for these traditional products.

Potential development of rattan products

The implementation of Free Trade Agreements (FTAs) such as RCEP, CPTPP, EVFTA… opens up many export opportunities for rattan & bamboo products, especially in markets with great demand (the US, Europe, and Japan,…) because of the consuming culture with environmentally friendly and easily degradable materials.

Meanwhile, rattan & bamboo craft are almost wiped out in developed countries due to the inability to apply industrial chains for mechanization. This is a great opportunity for Vietnamese traditional craft villages.

Vietnam’s exports forecast to grow further in 2022

Despite the Covid-19 epidemic with social distancing, Vietnam’s export of rattan & bamboo products is still growing strongly.

According to the General Department of Vietnam Customs, responding to the growth of last year, in the first month of 2022, the export of rattan & bamboo products reached the highest level ever with US$ 107.65 million, increasing of 9 .4% compared to December 2021 and 57.7% compared to January 2021.

ITI Fund_Thời điểm vàng xuất khẩu sản phẩm mây tre cói Source: Bao Cong Thuong

It is estimated that in February 2022, the export turnover of these products will reach 70 million USD, decreasing 35% compared to January 2022, but increasing 37.8% compared to February 2021. In the first two months of 2022, export turnover was estimated at 178 million USD, increasing by 49.2% over the same period last year.

Vietnam currently ranks second (after China) among the largest rattan & bamboo exporting countries in the world, with an average growth rate of 9.1% per year in the period 2016-2020, turnover in 2020 is 311 million dollars; and increasingly account for a larger proportion in the structure of the world’s export market (in 2016 accounted for 8.7%, by 2020 it would reach 10.9%).

What should the state and startups do to adapt to the opportunities of the rattan & bamboo industries?

According to Vietcraft, startups and craft villages need to be supported by the state to improve conditions to meet the world’s needs and build traceability systems that apply blockchain technology.

Besides, in order to promote trade activities, the state needs to allocate a reasonable budget for businesses, organize export-oriented handicraft fairs with professional promotion plans.

Enterprises also need to promote the design and development of new products, create value, increase export turnover, and closely link with cooperatives to build up stable material areas for production.

Source: Bao Cong Thuong

iti fund_4 xu hướng khởi nghiệp năm 2022