The US is currently the largest consumer market for Vietnam’s wood and wood products.

Binh Dinh province is focused on public investment, boosting domestic consumption, and increasing wood exports, aiming to reach 1.5 billion USD in wood exports in 2025./.

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.

Binh Duong province, Vietnam’s leading wood processing hub, achieved over 4.2 billion USD in wood product exports in the first eight months of this year, and local wood industry firms report a surge in orders, promising a busy production time ahead, boosting both output and exports.

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.

Wood producers and exporters are pinning high hope on trade fairs and expos, as the lack of orders is causing difficulties for their production and business activities, according to insiders.

Wooden furniture exports from Southeast Asian markets to Australia grew sharply in the past year, with Vietnam leading the way on over 205 million USD, up 26.4% year-on-year.

The export turnover of wood and wood products is expected to set a record high of 18 billion USD in 2023, with wood pellets and woodchips forecast to enter the one-billion USD club.

Exporters of wood products need to have sustainable timber sources and use advanced technologies to reduce labour, a trade show heard in Ho Chi Minh City.

Vietnam is set to grant a licence under the Voluntary Partnership Agreement/FAO-EU Forest Law Enforcement, Governance and Trade (FLEGT) Programme to wood exports in 2025, after it completes preparing necessary conditions, reported a government official familiar with the sector.

Export revenue of wood and furniture to the US market is predicted to reach 10 billion USD in 2022 thanks to the development trend from 2021.

The export turnover of wood and wood products hit 4.99 billion USD in the first four months of 2021, a surge of 50.5 percent year-on-year, according to the Ministry of Agriculture and Rural development.

Business in the wood industry will have a chance to seek buyers and boost export during the Vietnam Furniture Matching Week 2021, scheduled to take place in Ho Chi Minh City from April 12 to 19.

The central province of Binh Dinh posted a 21 percent year-on-year increase in wood exports to 373 million USD during January-August despite disruption caused by the COVID-19 pandemic.

Despite the COVID-19 pandemic’s impact, the wood industry still enjoyed 3.2 billion USD in exports in the first four months of 2019, up 6 percent year on year, thanks to businesses’ efforts to switch to online trading and find new markets.

Vietnam’s wood exports to the European Union (EU) is likely to reach 1 billion USD after the recently ratified EU-Vietnam Free Trade Agreement (EVFTA) takes effect, according to market watchers.

Vietnam’s wood exports this year are set to reach up to 11.5 billion USD, exceeding the industry’s own target of 10.5 billion USD, a 20 percent increase compared to last year.

Vietnam and the European Union (EU) last week signed a landmark free trade deal that will slash tariffs on almost all goods, including wood and timber products. It is expected to give Vietnamese wood exporters better market access and more opportunities to expand their business.

Indonesia and Australia signed the Comprehensive Economic Partnership Agreement (IA-CEPA) in Jakarta on March 4.

Relevant agencies need to better promote trade and remove barriers so as to earn 40 billion USD from agro-forestry-fishery exports this year, said Deputy Minister of Agriculture and Rural Development Tran Thanh Nam.