This marks a 12.4% increase, equivalent to 280 million USD, compared to the same period last year.

Workers at a factory in the southern province of Binh Duong process wood for export.

The US is the largest market for Vietnam’s wood and wood products during this period, accounting for 55% of the total export value.

Recent import orders from this market have increased steadily, with many businesses having received orders through the end of the year.

The second and third-largest markets are Japan and China, accounting for 11.7% and 9.8% of the total export value, respectively.

However, despite these positive numbers, experts said challenges await Vietnam’s wood industry due to the increasingly tightened regulations on wood origin control from the import markets.

Wood producers will need to show proof that their production is legal, that it mitigates deforestation, promotes green production and reduces greenhouse gas emissions, they said.

The growing complexity of trade competition also poses a considerable challenge for Vietnam’s wood exports.

To ensure sustainable development, apart from complying with regulations and standards on origin and the environment, the wood industry must focus on investing in design, creativity and enhancing product value to meet the increasingly high demands of international markets.

Vietnam’s wood and wood products are currently exported to over 160 countries and territories.

Over the past 10 years, the Vietnamese wood industry has grown rapidly to become the seventh largest producer of wood and wood products in the world, and the second-largest exporter globally.

Wood export target of 15.2 billion USD feasible, challenges remain

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.

US cancels tax evasion probe into wooden cabinets imported from Vietnam

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.

Good signals of wood exporting enterprises

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.

Wooden furniture exports flourish as orders return

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.

Connecting with FDI enterprises to boost wood exports

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.

China becomes Vietnam's largest wood chip export market

China became Vietnam's largest wood chip export market last year.