Duc Thanh Co., Ltd. (Vietnam)

The subject - DUC THANH CO., LTD specializes in manufacturing and trading wooden furniture. As shared by the subject's staff (Human Resource Department), 100% of its products are exported to The USA and Canada. At present, Mr. LU SEN holds position as Chairman cum Legal Representative of subject.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 wooden 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, wooden 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 wooden products was estimated to reach USD 10.8 billion, down by 19.9% compared to the same period in 2022. Of which, the export turnover of wooden 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 wooden 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.