Wood exports likely to top 16 billion USD this year
The wood sector expects to earn 15.5-16 billion USD from exports this year, given a nearly 21% growth rate to 13.18 billion USD in the first 10 months.
Furniture production at Manh He Furniture Company Limited, Ho Chi Minh City. (Photo: VNA)
Hanoi (VNA) – The wood sector expects to earn 15.5-16 billion USD from exports this year, given a nearly 21% growth rate to 13.18 billion USD in the first 10 months.
The US is currently the largest importer of Vietnam's wood and wood products, accounting for over 50% of the market share. It is followed by China and Japan.
Among Vietnam’s top 15 export markets, wood and wood product exports to Spain sees the strongest increase, at over 63%.
Chairman of the Vietnam Timber and Forest Product Association Do Xuan Lap emphasised the need for businesses to better their competitive edge through five pillars of production technology, low-emission manufacturing, management, trade promotion, and internal monitoring standards.
Meanwhile, Tran Quang Bao, Director of the Department of Forestry, highlighted the importance of enhancing trade promotion activities, especially through fairs and exhibitions.
In particular, to prepare a legal and high-quality raw material supply for exports, the Ministry of Agriculture and Rural Development will continue to implement policies that encourage the development of large and certified sustainable forest management timber, and the development of cooperation and linkages in forest plantation production associated with the consumption of forest products.
It is currently piloting the issuance of codes for material growing areas in the provinces of Bac Giang, Lang Son, Phu Tho, Tuyen Quang, and Yen Bai. Afterward, this will be scaled up 💖to ens🍷ure a steady supply of legally sourced timber that meets international market requirements, particularly the EU's Deforestation Regulation (EUTR), Bao added./.
The UK-Vietnam Free Trade Agreement (UVFTA) is one of the key drivers boosting the growth of Vietnam’s timber and wood product exports to the UK, industry experts have said.
Vietnam’s wood processing and export industry is on track to surpass its 2024 export target of 15.2 billion USD, navigating through complicated market developments with strategic adaptability.
The final months of the year are the time when consumers typically renovate and redecorate their homes in preparation for the New Year. And this can provide a significant boost in export orders for the Vietnamese wood industry.
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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.
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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.
