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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.
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.
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Hung Manh Forestry Processing Company Limited in Gia Khe Industrial Park, Doi Ngo town in Luc Nam district, Bac Giang province has many export orders. |
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 ensure a steady supply of legally sourced timber that meets international market requirements, particularly the EU's Deforestation Regulation (EUTR), Bao added.
BAC GIANG- In the context when livestock and plantation have been dramatically impacted by harsh weather, natural calamities and epidemics, forestry production especially wood processing is a highlight with positive signs this year. Seizing this opportunity, many wood processing firms in Bac Giang province have stimulated production investment and signed many consumption contracts.
Despite market recovery, the wood industry needs to overcome formidable challenges to realise the export revenue target of 15.2 billion USD for the whole year, according to insiders.
The US Department of Commerce (DOC) has ended in its entirety the probe into trade remedy tax evasion on wooden cabinets imported from Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV) under the Ministry of Industry and Trade.
In the first five months of this year, the export revenue of wood and wood products reached 6.14 billion USD, a year-on-year increase of 23.6%. As recorded, the businesses’ orders have been increasing until June, even the end of the year. These are good signals, contributing to improving the export value of the wood industry.
The wooden furniture export market is gradually growing as businesses receive new orders, after a year of enormous difficulty in both orders and export markets.
Foreign direct investment (FDI) plays a significant role in Vietnam’s wood industry. By the end of 2023, 706 FDI enterprises had invested in the wood industry, with their export value accounting for over 47% of the total export value of Vietnam’s wood industry.
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