US giant Wanek Furniture to expand production capacity in Vietnam by 30% over 5 years

By Minh Hue
Fri, March 14, 2025 | 5:39 pm GMT+7

Wanek Furniture Co., Ltd., a leading wood producer in the U.S., plans to expand its production capacity in Vietnam by 30% over the next five years, said Lien Andrew Michael, its vice president and general director of Asian factories.

At a meeting with Vietnamese Deputy Prime Minister Nguyen Chi Dung in Hanoi on Thursday, Michael stated that Wanek Furniture, a 100% US-invested subsidiary of Ashley Furniture Industries, Inc., has invested more than $200 million in Vietnam since 2008, with factories in the southern province of Binh Duong and the central province of Quang Ngai.

The company is now employing about 16,000 Vietnamese workers, he said, adding that its products have been shipped to 48 countries worldwide.

Deputy Prime Minister Nguyen Chi Dung and Lien Andrew Michael, Wanek Furniture's vice president and general director of Asian factories, in their meeting in Hanoi on March 13,2025. Photo curtesy of the government's news portal.

Deputy Prime Minister Nguyen Chi Dung and Lien Andrew Michael, Wanek Furniture's vice president and general director of Asian factories, in their meeting in Hanoi on March 13,2025. Photo curtesy of the government's news portal.

Dung welcomed Wanek’s plan to expand investment in Vietnam in the next five years. He affirmed that Vietnam will continue to improve its institutional framework and create favorable conditions for foreign investors, including those from the U.S., to engage in sustainable and long-term business operations in the country.

The Deputy PM urged the American firm to enhance cooperation with Vietnamese businesses to help Vietnam integrate more deeply into the global value chain.

He suggested Wanek continue to exchange information and coordinate with Vietnamese authorities to manage risks arising from the U.S.’s new trade policies.

"Wanek and the American business community should raise their voices to encourage the U.S. government to continue promoting relations with Vietnam and to minimize policies that could negatively impact the bilateral investment and trade ties," Dung noted.

Appreciating Wanek’s contributions to the socio-economic development of Vietnam and the Vietnam-U.S. relationship, the Deputy PM emphasized that the U.S. is one of Vietnam's key strategic partners, especially in the areas of trade and investment.

He affirmed that Vietnam aims to maintain and develop a harmonious, sustainable, and mutually beneficial economic cooperation with the U.S.

“Vietnam is always ready to cooperate in reducing the trade deficit the U.S. is incurring by encouraging businesses to increase imports of goods from the U.S., such as aircraft, LNG, and agricultural products,” he stressed.

Dung also confirmed that Vietnam is willing to engage with U.S. authorities to enhance mutual understanding and jointly address issues of mutual concern, while also promoting negotiations for a bilateral agreement to reduce tariffs and facilitate trade cooperation.

Comments (0)
  • Read More
Vietnam's leading property developer Novaland sets sights on strong recovery in 2025

Vietnam's leading property developer Novaland sets sights on strong recovery in 2025

Novaland, Vietnam's leading property developer, is setting its sights on a strong recovery in 2025, with plans to issue nearly 7,000 land-use right certificates and accelerate handovers in the fourth quarter.

Companies - Wed, April 30, 2025 | 3:12 pm GMT+7

Vietnam's private lender Eximbank aims for 23.8% growth in 2025 pre-tax profit  

Vietnam's private lender Eximbank aims for 23.8% growth in 2025 pre-tax profit  

Eximbank, among the leading mid-sized banks in Vietnam, targets a consolidated pre-tax profit of VND5.2 trillion ($200 million), an increase of VND1 billion or 23.8% compared to 2024, marking the bank's record-high profit.

Banking - Wed, April 30, 2025 | 1:19 pm GMT+7

Japan's IHW eyes 2.5 ha, world-class hospital project in northern Vietnam

Japan's IHW eyes 2.5 ha, world-class hospital project in northern Vietnam

Japan's International Healthcare and Welfare Group (IHW) is keen on building a 2.5-hectare, world-class hospital in the capital city's North Hanoi Smart City area.

Industries - Wed, April 30, 2025 | 12:37 pm GMT+7

Vietnam's military-run telco giant Viettel builds one of Southeast Asia’s largest data centers

Vietnam's military-run telco giant Viettel builds one of Southeast Asia’s largest data centers

Military Industry and Telecoms Group (Viettel) has broken ground on a state-of-the-art data center in Ho Chi Minh City, set to become one of the largest in Southeast Asia and the first in Vietnam to have such a hyperscale capacity.

Industries - Wed, April 30, 2025 | 11:28 am GMT+7

Grand military parade, procession to celebrate Vietnam's 50th anniversary of National Reunification

Grand military parade, procession to celebrate Vietnam's 50th anniversary of National Reunification

A spectacular military parade and civilian procession took place along Le Duan Boulevard in District 1, Ho Chi Minh City on Wednesday to celebrate Vietnam's 50th anniversary of the Liberation of the South and National Reunification (April 30, 1975 - April 30, 2025).

Politics - Wed, April 30, 2025 | 11:05 am GMT+7

Vietnam PM requests more aircraft, LNG, agi import contracts with US in May

Vietnam PM requests more aircraft, LNG, agi import contracts with US in May

Prime Minister Pham Minh Chinh has requested relevant Vietnamese authorities to urgently negotiate and sign contracts in May for import of goods from the U.S., such as LNG, aircraft, medicine, and agricultural products, to ensure a sustainable trade balance.

Economy - Wed, April 30, 2025 | 10:25 am GMT+7

Vietnam Party chief's address at national celebration of liberation of South and national reunification

Vietnam Party chief's address at national celebration of liberation of South and national reunification

Party General Secretary To Lam delivered an address at Vietnam's celebration of the 50th anniversary of the liberation of the South and national reunification held in Ho Chi Minh City on Wednesday April 30.

Politics - Wed, April 30, 2025 | 9:32 am GMT+7

Property heavyweight Sun Group’s affiliate to build $491 mln opera house in Hanoi

Property heavyweight Sun Group’s affiliate to build $491 mln opera house in Hanoi

Sun City Limited Liability Company, an affiliate of Vietnam’s top real estate developer Sun Group, has received a preliminary in-principle approval from local authorities to build a VND12.75 trillion ($491 million) opera house in Hanoi.

Real Estate - Wed, April 30, 2025 | 8:00 am GMT+7

Australian scholar praises Vietnam’s remarkable 50-year transformation

Australian scholar praises Vietnam’s remarkable 50-year transformation

In 50 years since the national reunification (April 30, 1975-2025), Vietnam has transformed from war-devastated developing country to a peacetime country that has attained lower middle-income status, said Prof Carl Thayer.

Politics - Wed, April 30, 2025 | 8:00 am GMT+7

Malaysia remains 9th largest global exporter of high-tech products

Malaysia remains 9th largest global exporter of high-tech products

Malaysia successfully maintained its position as the ninth-largest exporter of high-tech goods out of 143 countries worldwide in 2023, the highest recognition it has achieved in the past decade, national news agency Bernama reported.

Southeast Asia - Tue, April 29, 2025 | 10:27 pm GMT+7

Swedish documentary about reunification to be screened on VTV

Swedish documentary about reunification to be screened on VTV

The documentary Victory Vietnam (Chiến Thắng Của Việt Nam), directed by Swedish filmmaker Bo Öhlén, will be screened on Vietnam Television (VTV) on April 30 - the Reunification Day.

Travel - Tue, April 29, 2025 | 8:36 pm GMT+7

Insights into Decision 768 amending Vietnam's power development plan VIII

Insights into Decision 768 amending Vietnam's power development plan VIII

Prime Minister Pham Minh Chinh on April 15 issued Decision 768 approving Vietnam's Amended National Power Development Plan VIII for 2021-2030, with vision to 2050. Anh Dang, a senior partner at Vilaf law firm, offers an insight into the principal amendments to PDP VIII.

Consulting - Tue, April 29, 2025 | 4:36 pm GMT+7

From loss to profit: steel maker SMC sees stock rally, avoids delisting risk

From loss to profit: steel maker SMC sees stock rally, avoids delisting risk

Vietnamese steel manufacturer SMC Trading Investment JSC (HoSE: SMC) has seen its stock price soar nearly 60% since early April after the company turned its 2024 loss into profit over bad debt provision reduction.

Companies - Tue, April 29, 2025 | 3:45 pm GMT+7

Dairy giant TH plans $234 mln factory in southern Vietnam

Dairy giant TH plans $234 mln factory in southern Vietnam

A subsidiary of Vietnam’s dairy giant TH true MILK plans to develop a VND6.07 trillion ($234 million) factory in the southern province of Binh Duong.

Companies - Tue, April 29, 2025 | 3:19 pm GMT+7

Engaging tours, activities available during five-day holiday

Engaging tours, activities available during five-day holiday

A long holiday is approaching and across the nation, cities and provinces have lots to offer tourists who want to travel or spend days doing activities with friends and families.

Travel - Tue, April 29, 2025 | 3:17 pm GMT+7

Int’l organizations lower Indonesia’s 2025 economic growth forecast

Int’l organizations lower Indonesia’s 2025 economic growth forecast

Several international organizations in April revised their economic growth forecasts for Indonesia, reflecting concerns over escalating global trade tensions and domestic fiscal challenges.

Southeast Asia - Tue, April 29, 2025 | 2:30 pm GMT+7