Minh Duong Furniture Corporation (Vietnam)

The subject focuses on the manufacturing and processing of wooden indoor furniture for export made from rubber wood materials, and other types of imported wood according to customer requirements. Its main products are living room furniture, bedrooms, dining tables and chairs, television shelves, and coffee tables with “Minh Duong Furniture” brand name. The company is one of members of Ho Chi Minh City Handicraft and Wood Industry Association (HAWA). Since the second half of 2022, the impact of geopolitical tensions has caused recession on the global economy. High inflation rate leads to impoverishing purchasing power in many export markets. Textile, garment, footwear, wood and wooden products are mostly affected because of suffering from a serious decrease in number of customer's orders. The subject is not out of this situation when the company has faced with a drop in orders from its traditional export markets. According to Vietnam Timber and Forest Product Association (VIFOREST), after many years of continuous rapid growth, in the first 5 months of 2023, the export turnover of wood and wooden products only reached USD 4.7 billion, down by nearly 30% compared to the same period of 2022. In the context that the global economy continues to contain uncertainties for recovery, the prospect of wood and wooden industry is not actually optimistic in the second half of 2023.