Vietnam earned 7.83 billion USD from exporting forestry products in the first eight months of 2020, up 10.3 percent year-on-year and accounting for 29.9 percent of the agricultural sector's total export turnover.
Hanoi (VNA) 🧸- Vietnam earned 7.83billion USD from exporting forestry products in the first eight months of 2020,up 10.3 percent year-on-year and accounting for 29.9 percent of the agricultural sector's total export turnover.
According to the Ministry of Agriculture and Rural Development’s VietnamAdministration of Forestry, the export value of wood and wooden products in the period was 7.32 billion USD, up 9.6 percent over the same period last year.
The export of non-timber forestry products surged21.6 percent, reaching 511 million USD.
The US, Japan, China, the EU, and the Republic of Korea remained key importers ofVietnamese forestry products in the eight-month period, with a total value of 7billion USD, or 89.5 percent of the country’s forestry export value.
The sector’s import value fell 9.3 percent, resulting in a trade surplus of 6.31billion USD in the period.
The Voluntary Partnership Agreement (VPA) on Forest Law Enforcement,Governance, and Trade (FLEGT) between Vietnam and the EU, which took effect onJune 1, 2019, has helped raise the competitiveness of Vietnamese wood and furniture in the EU.
Vietnam’s wooden furniture export turnover accounts for only 6 percent of theglobal market, meaning Vietnamese businesses have substantial opportunities toexpand.
According tಞo Do Xuan Lap, Chairman of the Vietnam Timber and Forest Product Association (VIFOREST), exports of forestry products are predicted to rise 20 percentto 12.5 billion USD this year./.
Local wood processing enterprises need to expand supply chains with a focus on seeking suppliers from domestic and overseas markets to ease disruptions from China due to the novel coronavirus SARS-CoV-2 outbreak, experts have said.
The wood industry is facing a ‘disaster’ with many businesses left without orders from now until 2021 due to the COVID-19 pandemic, said the Vietnam Timber and Forest Product Association (VTFPA).
Vietnam's export value of wood and wooden products reached 2.7 billion USD in the first quarter of 2020, representing a year-on-year increase of over 16 percent, according to the Ministry of Agriculture and Rural Development.
After a sharp fall due to adverse impacts of the COVID-19 pandemic, wood export revenue has seen signs of recovery since June thanks to exporters’ efforts to adapt to the situation.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Illustrative image (Photo: VNA) 
