Wood exports look to seize chances brought by FTAs
As the export of Vietnam’s timber and wooden products posted positive signs in the first two months of 2022, many firms are increasing capacity to meet the schedule of orders until the end of this year’s second quarter.
A woodworking factory in Vietnam (Illustrative photo: VNA)
Hanoi (VNA) - As the export of Vietnam’s timber and wooden products posted positive signs in the first two months of 2022, many firms are increasing capacity to meet the schedule of orders until the end of this year’s second quarter.
According to the General Department of Vietnam Customs, timber and wooden exports were estimated to fetch 2.6 billion USD in the two months, surging 15.5 percent year on year. Of the amount, shipments of wooden products hit 2 billion USD, up 11.8 percent from the same period last year.
Firms are focusing on product lines which can rake in high added value, and target markets of the US and Europe, with a hope that they may increase orders this year thanks to consumption recovery.
Products from Vietnam hold huge competitive advantages as the country is a signatory to numerous free trade agreements (FTAs). Of note, the full reopening of international flights from mid-February has facilitated trade and is expected to bolster growth of many sectors, particularly wood processing.
Firms are advised to apply technologies in production as well as pay heed to trends and customers’ demand in a bid to seize opportunities and boost export.
In addition, businesses need to take measures to prevent origin frauds because major export markets of Vietnam set stringent rules in regards to trade frauds and tax evasion.
To support the sustainable development and export of the industry, relevant agencies need to create a linkage between major shipping companies at home and abroad so as to stabilise transport fares and reduce logistics costs. They are urged to build plans for the sustainable development of wooden materials and ensure consumption for legitimate ones.
Innovation, product quality improvement and restru🔥cturing are main factors for the sector’s growth, Chairman of the Vietnam Timber and F🍬orest Products Association Do Xuan Lap said./.
Vietnamese wood and furniture products are expected to grow in 2022 due to the purchasing demand of the international market along with meeting necessary factors in Free Trade Agreements (FTAs).
Promoting domestic production of wood materials plays an important role in minimising instabilities related to wood imports for processing in the future, said insiders.
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A woodworking factory in Vietnam (Illustrative photo: VNA) 
