Wood and wooden product exports hit 1.05 billion USD in July, bringing the figure to 6.09 billion USD in the first seven months of this year, a year-on-year rise of 6.2 percent, the Ministry of Agriculture and Rural Development (MARD) has revealed.
At a wood processing plant in Tan Yen, Binh Duong province (Photo: VNA)
Hanoi (VNA) - ❀Wood and woodenproduct exports hit 1.05 billion USD in July, bringing the figure to 6.09billion USD in the first seven months of this year, a year-on-year rise of 6.2percent, the Ministry of Agriculture and Rural Development (MARD) has revealed.
Imports by the sector neared 1.31 billionUSD in the seven-month period, down 10.3 percent compared to the same periodlast year. It therefore posted a surplus of 4.78 billion USD. The US, China, Japan, and the Republic ofKorea remained the top four export destinations, accounting for the lion’sshare at 84 percent. Vietnam’s plywood industry has grown at anaverage rate of 31 percent annually in the last five years, according to the AgroProcessing and Market Development Authority at MARD. There are now 42 FDI projectsin the country’s plywood industry. With the EU-Vietnam Free Trade Agreement havingtaken effect in August, Vietnam expects to see wood and wooden product exportrevenues increase 17 percent as tariffs are lifted./.
Vietnam expects to gain a total export value of 12.5 billion USD from timber, wooden products and forest products this year, up 10 percent year on year, according to the Vietnam Timber and Forest Product Association (VIFORES).
Enterprises in certain sectors have mapped out plans to increase their presence in the domestic market as most foreign ones have become frozen due to the COVID-19 pandemic.
Minister of Agriculture and Rural Development Nguyen Xuan Cuong has said that Vietnam is focusing on four measures to bolster wood and wooden product export growth this year.
Wood and wooden product exports in the southern province of Binh Duong hit more than 1.7 billion USD in the first half of 2020, up 0.6 percent year-on-year and accounting for 14.5 percent of the local total export value of 11.9 billion USD.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
At a wood processing plant in Tan Yen, Binh Duong province (Photo: VNA) 
