Vietnam’s Wood Exports Reach Nearly US$9 Billion in Nine Months

Vietnam earned about US$9 billion from wood exports in the first nine months of this year, a rise of 12 percent over the same period last year, the Association of Vietnam Timber and Forest Product (Vifores) reported.

Production activity in Vietnam factory

Of the total amount, export revenue from wood and timber products reached US$8.38 billion, up 11.2 percent year-on-year.

The US was the country’s largest wood export market with a value of US$4.19 billion, up 27.4 percent, followed by Japan, China, the EU and the Republic of Korea (RoK).

Deputy Minister of Agriculture and Rural Development Ha Cong Tuan said that after two waves of the COVID-19 pandemic, Vietnamese wood exports have shown rosy signs thanks to efforts and creativity of enterprises.

The industry is expected to achieve an export turnover of US$20 billion by 2025, according to the official.

COVID-19 had strongly affected the domestic wood processing and production industry earlier this year. However, the sector has recovered since July when the pandemic was put under control.

Notably, the export value of wood and forestry products expanded again by two digits in August and September, exceeding US$1 billion for the first time last month.

The Voluntary Partnership Agreement (VPA) on Forest Law Enforcement, Governance, and Trade (FLEGT) between Vietnam and the EU, which took effect on June 1, 2019, has helped to raise the competitiveness of Vietnamese wood and furniture in the EU, said Nguyen Chanh Phuong, Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City,

Vietnam’s wooden furniture export turnover accounts for only 6 percent of the global market, meaning Vietnamese businesses have substantial opportunities to expand.

Source: Vietnamtimes


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