{"id":1982,"date":"2022-03-08T15:25:19","date_gmt":"2022-03-08T08:25:19","guid":{"rendered":"https:\/\/itifund.com\/?p=1982"},"modified":"2022-03-11T16:02:57","modified_gmt":"2022-03-11T09:02:57","slug":"export-market-potential-of-vietnam-bamboo-rattan-products-in-2022","status":"publish","type":"post","link":"https:\/\/itifund.com\/en\/export-market-potential-of-vietnam-bamboo-rattan-products-in-2022\/","title":{"rendered":"EXPORT MARKET POTENTIAL OF VIETNAM BAMBOO & RATTAN PRODUCTS IN 2022"},"content":{"rendered":"

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.<\/p>\n

Through the implementation of Free Trade Agreements (FTA), Vietnam has many opportunities to expand the market for these traditional products.<\/p>\n

Read more: 5 Digital Marketing Trends That Startups Need To Know<\/a><\/span><\/span><\/p>\n

Potential development of rattan products<\/strong><\/span><\/h2>\n

The implementation of Free Trade Agreements (FTAs) such as RCEP<\/a><\/span>, CPTPP<\/a><\/span><\/span>, EVFTA<\/a><\/span><\/span>… 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.<\/p>\n

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.<\/p>\n

Vietnam\u2019s exports forecast to grow further in 2022<\/strong><\/span><\/h2>\n

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

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.<\/p>\n

\"ITISource: Bao Cong Thuong<\/em><\/span><\/p>\n

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.<\/p>\n

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%).<\/p>\n

What should the state and startups do to adapt to the opportunities of the rattan & bamboo industries?<\/span><\/strong><\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Source: Bao Cong Thuong<\/em><\/span><\/p>\n

\"iti<\/p>\n

Contact:<\/span><\/h4>\n