Wanek Furniture Limited Liability Company (Vietnam)

The subject specializes in sewing & cutting fabric/leather-covered sofas and manufacturing PU components (sofa & furniture accessories), which are mainly exported to the USA and sometimes to Australia. The company is one of the enterprises with the largest export value of wooden products in Vietnam. In 2021, the company had an export value of over USD 400 million.Recently, the subject closed the WANEK 1 factory at Tao Luc 2B Street, Phu Tan Ward, Thu Dau Mot City, Binh Duong Province, Vietnam. Besides, WANEK 2 factory stopped operation and changed to a business location. Therefore, the total number of employees reduced sharply to 3,500 people in 2023. In fact, it is too difficult to call directly the subject. In the latest interview, we could not connect with this company because no one picked the fixed phone up. Moreover, some staff we have contacted through their mobile phone numbers formerly ignored our calls. However, on social platforms and recruitment websites, the subject usually posts recruitment information (especially hiring more workers with generous bonuses if joining the company during this time), and its HR staff usually answer related questions.The wood export situation has shown brighter signs in the last months of 2023 after the export turnover of this industry has continuously declined since the beginning of this year. According to estimated data from the General Department of Customs in October 2023, export turnover of wood and wood products reached USD 1.2 billion, up by 5.7% compared to September 2023, but down by 0.9% compared to October 2022. Of which, wood product export turnover was estimated at USD 790 million, an increase of 4% compared to September 2023 and up by 0.3% compared to October 2022.However, for the first 10 months of 2023, the export turnover of wood and wood products was estimated to reach USD10.8 billion, down by 19.9% compared to the same period in 2022. Of which, the export turnover of wood products was estimated to reach USD 7.3 billion, decreasing by 22.4% over the same period in 2022.With the current difficult situation of the world economy, the export target of USD 17 billion in 2023 cannot be achieved. It is expected that in the last 3 months of 2023, the export of wood and wood products will reach more than USD 4 billion, bringing export turnover in 2023 to about USD 13.6 billion to USD 14 billion.With the unfavorable actual data of the whole industry, the business situation of the subject is also forecasted to be difficult to be as positive as in the past.