Vietnam’s handicraft exports will reach about $3.5 billion in 2023. However, compared to our competitors, such as China and India, this figure is low in terms of the potential scale. Therefore, this industry is striving to achieve an export turnover of $4 billion by 2025.
Vietnam is one of the countries with potential for exporting handicraft products, due to its diverse industries and rich resources. Currently, Vietnam has more than 5,400 traditional craft villages, with the total export revenue of VND 75 trillion.
To date, Vietnam’s handicraft exports have been present in 163 countries and territories. The main export markets include: the United States, Japan, the European Union, and several countries in the Middle East.
There are currently good signs for the handicraft industry in Vietnam. In particular, e-commerce will strongly support exports. The difference of Vietnam handicrafts is based on sustainable production factors across the entire value chain of handicraft products.
There are several current difficulties of the Vietnam’s handicraft industry. Specifically, most handicraft industries originate from household scale, gradually progressing to village model. In addition, handicraft trademarks often tend to form spontaneously, not built according to a systematic process.
Also, the capacity of handicraft export enterprises is still limited in marketing activities. There are very few companies that apply online marketing channels for sales. The output of handicraft products depends on many intermediaries.
A local governor, commented: Our country’s handicrafts are one of the industries that has great potential for sustainable development and high profit margins. Several products such as ceramics, lacquerware, wooden furniture, rattan and bamboo products, textiles and embroidery are popular in many countries to make interior decorations and gifts.
However, in recent years, along with the development of the market economy, some handicraft villages are at risk of being lost, and product development is facing many difficulties.
Therefore, the application of artificial intelligence (AI) technology will help increase work automation and reduce the need for human resources. In addition, it helps improve the ability to predict and analyze complex data, create smart systems and personalize services. As a result, it will improve work efficiency, save time in research, production, and development of handicraft products.
Vietnamese handicraft companies still do not have a clear marketing strategy when approaching the international market. Due to lack of market information, such companies often do not understand the needs and trends of the international market. Therefore, exporting companies of Vietnam handicraft need to use e-commerce platforms and social networks to promote products to global customers.
At the same time, it is necessary to promote the application of scientific and technological advances in design and production. Moreover, these enterprises should strengthen trade promotion, build consumption and export networks, and enhance the role of associations.
Vietnamese sources: vneconomy.vn