U$$7Bln Pledged for Furniture Imports from Vietnam

GE Commercial Distribution Finance Corp., a leading finance firm in the US, has committed to providing US$7 billion for American companies to import wooden furniture from Vietnam.

 

The company, which financially backs US and Canadian firms to import furniture from other countries, has already supplied finance for some US importers for this purpose, said Nguyen Phi Tien, CEO of Tien Trien Vietnam Furniture Co.

 

He said American importers of furniture from Vietnam could have access to finance of the corporation.

 

Top officials of GE and many furniture companies from the US visited the Ho Chi Minh City International Furniture and Handicraft Fair and Exhibition 2006, or Expo 200, from October 4 to 8 to explore the Vietnam market.

 

US importers have already surpassed EU to win the first position in importing wooden furniture from Vietnam with total import turnover jumping to $467 million in the first three quarters of 2006, up 30.1 per cent on-year and accounting for 38.5 per cent of Vietnam’s total woodwork export turnover in the period.

 

Vietnamese woodwork exporters are expected to double total export revenue from US to $1.3 billion in 2006, nearly 65 per cent of the year’s target for all markets.