Vietnam's export value of wood and wooden products reached 2.7 billion USD in the first quarter of 2020, representing a year-on-year increase of over 16 percent, according to the Ministry of Agriculture and Rural Development.
Hanoi (VNA) – Vietnam's export value of wood and wooden products reached 2.7 billion USD in the first quarter of 2020,representing a year-on-year increase of over 16 percent, according to theMinistry of Agriculture and Rural Development.
The industry is forecast to be seriously affected by the COVID-19 pandemic,which is spreading around the world and having severe impacts on the global economy.
A survey of 124 wood processing enterprises on the impacts of the disease foundthat the sector’s export turnover and growth are likely to drop sharply in thenear future.
Up to 76 percent of enterprises said that the sector is likely to suffer total initiallosses of 3 trillion VND (127.2 million USD), while the remaining said they have not yet determinedthe level of loss.
Only 7 percent of the respondents said they are maintaining operations as normal.Meanwhile, 51 percent reported that they had scaled down production, and 35percent said they will have to suspend operations in the coming time.
According to the VietnamTimber and Forest Product Association (VTFPA), since March, 80 percent ofexporters to the US and EU markets have received cancellations ordelays until the situation improves. Orders from Japan, the Republic ofKorea and China have also dropped 60-80 percent.
Do Xuan Lap, chairman of the VTFPA, said the wood processing industry, oneof the country's three main export industries, is facing the reality thatmost enterprises will have to stop production this month and lay off workers unlessthey receive support from the Government.
In order to minimise losses, the VTFPA has asked theGovernment to include the wood processing industry on the list of products itsays can extend tax payments and land rents.
The VTFPA also said the Government should consider value added taxrefunds for eligible exporters, and the exemption of export taxes./.
Vietnam raked in more than 6.7 billion USD from exporting its main forestry products in the first nine months of 2018, up 15.91 percent year-on-year, accounting for 23.17 percent of the total export turnover of the agricultural sector.
Local wood processing enterprises need to expand supply chains with a focus on seeking suppliers from domestic and overseas markets to ease disruptions from China due to the novel coronavirus SARS-CoV-2 outbreak, experts have said.
The wood industry is facing a ‘disaster’ with many businesses left without orders from now until 2021 due to the COVID-19 pandemic, said the Vietnam Timber and Forest Product Association (VTFPA).
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Illustrative image (Photo: VNA) 
