Panels & Furniture Asia July/August 2022
Panels & Furniture Asia (PFA) is a leading regional trade magazine dedicated to the woodbased panel, furniture and flooring processing industry. Published bi-monthly since 2000, PFA delivers authentic journalism to cover the latest news, technology, machinery, projects, products and trade events throughout the sector. With a hardcopy and digital readership comprising manufacturers, designers and specifiers, among others, PFA is the platform of choice for connecting brands across the global woodworking landscape.
Panels & Furniture Asia (PFA) is a leading regional trade magazine dedicated to the woodbased panel, furniture and flooring processing industry. Published bi-monthly since 2000, PFA delivers authentic journalism to cover the latest news, technology, machinery, projects, products and trade events throughout the sector. With a hardcopy and digital readership comprising manufacturers, designers and specifiers, among others, PFA is the platform of choice for connecting brands across the global woodworking landscape.
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NEWS<br />
MALAYSIA AND VIETNAM TO<br />
STRENGTHEN ECONOMIC<br />
COOPERATION IN TIMBER TRADE<br />
Vietnam and Malaysian timber industries have<br />
signed a Memorandum of Cooperation (MoC)<br />
to develop the timber trade in both countries.<br />
It aims to strengthen economic cooperation<br />
and create opportunities for Vietnamese and<br />
Malaysian timber manufacturers to promote<br />
their exports and imports.<br />
The signatories of the MoC include the Timber<br />
Exporters’ Association of Malaysia (TEAM),<br />
the Malaysian <strong>Furniture</strong> Council (MFC), the<br />
Vietnam Timber and Forest Product Association<br />
(VIFORES), the Binh Duong <strong>Furniture</strong><br />
Association (BIFA), the Handicraft and Wood<br />
Industry Association of Dong Nai (DOWA) and<br />
the Wood Industry Association of Ho Chi Minh<br />
City (HAWA).<br />
Muhtar Suhaili, CEO of Malaysian Timber<br />
Council (MTC), also commented that Malaysia<br />
ai161597024816_EN_PFA_IMEAS_202105.pdf 1 17/03/21 09:37<br />
will commit to further developing the timber<br />
industry sustainably.<br />
Malaysia can benefit from Vietnam’s higher<br />
FDI in furniture manufacturing and access<br />
to the EU market through Vietnam’s free<br />
trade agreements, commented Muhtar. The<br />
availability of skilled and local manpower will be<br />
advantageous for Vietnam, and the border with<br />
China will provide easier access for furniture<br />
parts and wooden panels.<br />
Chua Song Fong, president of TEAM, remarked<br />
that Vietnam’s timber industry has been<br />
growing strongly over the past decade and<br />
TEAM would like to capitalise on this to explore<br />
business opportunities in the country.<br />
Khoo Yeow Chong, president of MFC, likewise<br />
wants to increase its market share in Vietnam,<br />
and the MoC can deepen investment flows for<br />
Malaysia, citing supplying furniture parts to<br />
Vietnam as a good possibility.<br />
According to Vietnam Plus, Malaysia’s export<br />
of timber products to Vietnam in 2021 reached<br />
US$38.44 million, while Malaysia spent<br />
$148.25m on importing wooden products from<br />
Vietnam. P<br />
Source: Vietnam Plus<br />
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C<br />
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Y<br />
CM<br />
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IMEAS S.p.A. via Pacinotti, 36 - 20020 VILLA CORTESE (MI) ITALY | Tel. +39.0331.463011 | Fax +39.0331.432311 | imeas@imeas.it | www.imeas.it<br />
<strong>Panels</strong> & <strong>Furniture</strong> <strong>Asia</strong> | <strong>July</strong> / <strong>August</strong> <strong>2022</strong> 13