Despite two official scenarios predicting wood and wooden products exports to rake in less than 14.5 billion USD this year due to the COVID-19 pandemic, the country's export revenue is now estimated at 14.72 billion USD.
Hanoi (VNA) – Despite two official scenariospredicting wood and wooden products exports to rake in less than 14.5 billionUSD this year due to the COVID-19 pandemic, the country's export revenue is now estimated at 14.72billion USD.
The sector began recovering its production in October andsaw its overseas shipments reeling in 1.27 billion USD in November alone, up2.5 percent on-year, according to data from the Ministry of Industry andTrade’s Agency of Foreign Trade.
Notably, statistics of the General Department of VietnamCustoms showed that between January and November, Vietnam exported 7.93billion USD worth of wood and wooden products to the US, an annual growth of 24.6 percent. The sector's shipments to China and Japan during the period earned 1.36billion USD and 1.28 USD, increasing 26.6 percent and 11.2 percent against2020, respectively.
The strong recovery was thanks to prompt support anddirections from the Government and competent agencies, particularly the Ministryof Agriculture and Rural Development, as well as efforts made by firmsoperating in the sector and increasing demand from the international market.
Vietnam is currently the world's second biggest exporter of timberand wooden products. The wood sector groups more than 560businesses, generating nearly 1 million jobs./.
Despite a tough year due to the COVID-19 pandemic, the national wood sector looks set to achieve its export turnover target of 12 billion USD, and some wood processing businesses have so many orders while they are in short of workers to complete them, according to the Vietnam Timber and Forest Product Association (Vietforest).
The Ministry of Agriculture and Rural Development’s General Department of Forestry is confident of reaching the export target for timber and wooden products of 13 billion USD for the whole year 2020.
Vietnam is working hard to complete its legal corridor and tighten the examination and supervision of imported wood materials to ensure transparency in the wood sector and meet the strict origin rules in foreign markets.
Despite a sharp fall in exports in August and September due to impacts of COVID-19, the wood sector still has chances to complete its export target for the whole year provided that it can quickly resume production, according to experts.
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Illustrative photo (Source: VNA) 
