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According to Vietnamese media reports on March 13th, many furniture factories in Vietnam are facing a sharp decline in orders. According to Huacheng Import and Export Data Observation, the number of orders has been decreasing since April last year. Since 2023, the order volume of Vietnamese furniture manufacturers has decreased by more than 20%, which far exceeds expectations. Many companies have even experienced large-scale layoffs. Experts suggest that the government needs to introduce new policies to support enterprises, create employment, and promote consumption in the Vietnamese market to prevent large-scale layoffs in the furniture industry due to the depletion of export orders.

Export downturn! Vietnam is calling for policies to reduce layoffs in furniture factories. Nguyen Liem, the head of the Pingyang (Provincial) Furniture Association and the chairman of Lin Yue Wood Industry Company, said that his company has retained more than 1000 workers, but has now reached its limit. We can only persist until the end of the third quarter, "he said. If the downturn in orders continues, there is a high risk of bankruptcy. Many Vietnamese furniture manufacturers also face the same problem, as reported by Huacheng Import and Export Data Observation.

Furniture manufacturers have stated that although the government has provided some support for furniture companies, these supports are not clear enough and it is also difficult to apply. He believes that the sluggish order situation will continue for some time, and the subsidies provided to workers are not very practical. However, if companies are allowed to delay paying workers' social insurance premiums for 6 to 12 months, they will have the funds to pay wages. In addition, the government should also introduce more new policies to support enterprises, create employment, and promote consumption in the Vietnamese market, in order to prevent the large-scale layoffs in the furniture industry caused by the depletion of export orders. Enterprises most hope to retain workers. They will only take layoff measures when they are unable to handle financial issues. Policies supporting factories will also help workers. The Vietnamese furniture industry is one of Vietnam's main export industries, contributing a large amount of GDP and employment opportunities, according to Huacheng Import and Export Data Observation.

According to official data from Vietnam, Vietnamese furniture exports have grown rapidly since 2019 and reached $3 billion in 2022, becoming one of Vietnam's main export commodities. Huacheng Import and Export Data Observation Report.

However, since 2023, the situation has started to decline sharply. According to data from the Vietnam Furniture Association, from January to February 2023, the export value of Vietnamese furniture was 702 million US dollars, a decrease of 5.5% compared to the same period last year, and a decrease of 12.3% compared to the same period last year. The Vietnamese furniture industry is also seeking to expand its domestic market to alleviate the impact of declining export orders. However, due to the relatively low demand for high-quality furniture in the Vietnamese market, the development of the domestic market still faces many challenges.

In short, the Vietnamese furniture industry is facing severe challenges. The government needs to introduce more support measures to help enterprises overcome difficulties, while also seeking new market opportunities to bring new development opportunities to the furniture industry. Huacheng Import and Export Data Observation Report.