Vietnam Wood Exports Back to Growth Path

Export revenue from timber and wood products stood at $4.9 billion in the first four months of this year, up 25% compared to the same period last year, according to the Vietnam Timber and Forest Products Association (VIFOREST).

Exports to key markets saw a significant growth in value, including the US ($2.7 billion, up 31.9% year-on-year), China ($668 million, 38.3%), Canada ($77.5 million, 29.2%), the UK ($73 million, 21.3%), and Australia ($46 million, 28.7%).

Mr. Ngo Sy Hoai, VIFOREST Vice Chairman, said that the recovery of export orders, equivalent to 80-90% of 2022, resulted from increasing demand for timber and wood products from many markets. Many businesses received orders for exports until August or even through the year end.

“Exports of wood and wood products registered an average growth of 25-45% annually during the 2010-2023 periods before starting a downward trend in 2023. However, since the early 2024, the industry has witnessed positive signs and started to return its growth trajectory,” he said.

Vietnamese timber industry has expanded export markets and made deeper inroads in key markets like the US, Europe, the Republic of Korea and Japan, and marking greater presence in emerging markets like Middle-East and India.

Source: VnEconomy


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