Are you an entrepreneur? If so, what location do you have in mind to establish or even expand your business location?
There are certainly many options to choose from. However, that takes way too much time to research the right location. To decide where to apply your business plan to reality, you have to go through hundreds of factors that influence the decision.
So let me give you a name: Vietnam. As you may have heard from multiple sources, Vietnam is an amazing and potential country. It is one of the fastest growing countries in Southeast Asia and has received attention from many foreign investors. One of the main factors that make Vietnam a focal point is the strength of the export of a wide variety of in-house/outdoor/edible products. Among the many industries, cashew nuts, furniture and rattan/wicker/bamboo products are the main players that represent Vietnam’s position around the world.
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I had a tour of Binh Duong to visit a few factories. I’ve been able to see how they’re doing before and after the big lockdown in Vietnam, and I’ve been able to gather some information about the performance of those industries in 2021 – 2022.
Cashew nut
The Cashew Nut Industry in Vietnam is one of the largest importers in Europe. It ranks 2nd among the countries exporting to the European continent.
The cashew nut industry posted positive results in 2021. A profit of USD 816 million was made, 16.5% more than in 2020. Vietnam remains the world’s largest exporter of cashews† After the Vietnam Cashew Association (Vinacas) which held its 10th Congress for the Global 2021-2026 scope in Ho Chi Minh City on February 26, it shows the dynamism and opportunity for this product from Vietnam. But the year 2021 was crazy. Getting out of such a dark time in the economy has been a challenge. However, the export volume showed positive signs, which was a core component of the slow recovery of Vietnam’s economy.
Moreover, Vietnam is also a major exporter to China. I was surprised to learn that China is interested in consuming nuts on a daily basis. This country has even released a “Dietary Guidelines For The Chinese People” highlighting the consumption of nuts in China. Such a guideline is known as part of the national health policy in China.
Wooden furniture
Wooden products in Vietnam are very well known among importers all over the world. The country has a long history of making and collecting high quality wood and manufacturing thousands of wooden products across the country.
Wood furniture is the most profitable industry of all. According to many renowned exporters of wooden furniture in Vietnam, they are already full with orders until the 3rd quarter of 2022. The demand for these wooden movable goods continues to grow significantly despite the impact of the biggest lockdown in Vietnam.
According to Tuoitre, the wood furniture industry reached nearly USD 4 million in profit in the first three months of 2022.
However, the country now faces a number of other challenges: overpriced containers and the crisis between Ukraine and Russia. Hopefully there will be a solution to these problems.
Wicker/rattan/bamboo products
If you ever come to Vietnam, you will find that knitted products are popular. And I’m not talking about making a sweater for Christmas. In Vietnam, baskets made of rattan, flower pots made of rattan, and chairs made of wicker are in many tourist locations. This has given Vietnam a special look, which has attracted the attention of hundreds of companies looking to import these unique units.
The impressive feat Vietnam has achieved in this industry is that Vietnam ranks second (after China) among the countries exporting rattan and bamboo. This is also one of the few sectors that continues to grow despite the heavy impact of Covid-19.
Experts also believe that growth will accelerate even more in the coming years, as Vietnam is completely open to world trade. At least that’s what I’ve collected so far.
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If you want to learn more about these three industries and especially how to set up a business in trade, import or export, check out this guide to the top products to export from Vietnam so that you can get a general idea of setting up such a company in Vietnam
