In the face of the global supply chain shift, many Vietnamese wood enterprises are seizing the opportunity to expand their markets, gradually replacing China's role in the global furniture industry.
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Source: dantri.com The new U.S. tax policy on wood and furniture is predicted to create significant pressure in the short term, but many Vietnamese businesses believe it is also an opportunity to reposition their capabilities, even replacing China's role in the global supply chain. Opportunity for Vietnam to replace China From October 14, the U.S. began imposing a 10% tax on imported softwood products, while upholstered furniture and kitchen cabinets faced an initial tax rate of 25%. This tariff is expected to be adjusted from January 1, 2026. According to Mr. Vu Quang Huy, President and CEO of TEKCOM Joint Stock Company, the U.S. tax tightening is not only a challenge but also an opportunity for Vietnam. "If businesses view the tax as an opportunity, they will proactively adapt and turn the challenge into an advantage in the medium and long term," Mr. Huy shared. He believes that the U.S. does not have an advantage in producing wood and furniture, so it still needs to import. The ...