Hanoi (VNS/VNA) – Vietnam’s wood and wood product exports reached over 2.5 billion USD in the first two months of the year, statistics from the Ministry of Agriculture and Environment showed.
This marks a 12.4% increase, equivalent to 280 million USD, compared to the same period last year.
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.
ꦏ 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./.
The US is the most important export market for Vietnam’s wood products. Thus, the policies of the upcoming administration of US President-elect Donald Trump are expected to present both opportunities and challenges for Vietnam’s wood industry.
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.
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