Vietnam’s wood exports likely to reach 11 bln USD in 2019
Vietnam’s export turnover of wood and forestry products is forecast to hit 11 billion USD in 2019, according to an official from the Vietnam Administration of Forestry (VAF).
Hanoi (VNA) – Vietnam’s export turnoverof wood and forestry products is forecast to hit 11 billion USD in 2019,according to an official from the Vietnam Administration of Forestry (VAF).
Deputy General Director of the VAF Cao Chi Cong said foreign investment andcooperation have significantly contributed to the forestry sector’s growth in recentyears.
Vietnamese wood and forestry products are exported to over 120 countries and territoriesworldwide.
Vietnam ranks first in ASEAN, second in Asia and fifth in the world for woodexports. It is one of the key exports for the country’s agriculture and ruraldevelopment sector.
Cong said the forestry industry is Vietnam’s sixth most important export sectorwith annual average growth of over 13 percent from 2010-2018.
According to Dien Quang Hiep, Chairman of the Binh Duong Furniture Association(BIFA), Vietnam’s forestry industry has enjoyed tax reduction from the ASEANFree Trade Agreement (AFTA), creating conditions for wood exporters to reach outto the world market.
However, challenges related to the high price of materials, strict quality requirements,design and origin of products require Vietnamese enterprises to build specific plansand development strategies, Hiep said.
They should focus on maintaining export growth in big markets such as the US,Japan, China, the EU and the Republic of Korea; and expand market share in new marketssuch as South America, Russia, Australia, Canada and India, he added.
Vietnam’s forestry sector aims to lift its export turnover of wooden productsto 12-13 billion USD in 2020, and between 18-20 billion USD by 2025.
According to the Ministry of Agriculture and Rural Development, the exportvalue of wood and forestry products in the first eight months of 2019 reached7.08 billion USD, up 18.6 percent year on year.
The US is the largest market for Vietnam's timber industry, accounting for 45percent of the industry's total export value. Export growth to the market hits15-17 percent each year./.
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Illustrative photo (Photo: VNA) 
