The export of wood and wood products is expected to fetch US$8 billion this year, up from $7.3 billion last year.
The 12th Viet Nam International Woodworking Industry Fair opened in HCM City on Wednesday, with over 350 firms from 28 countries and regions taking part.
The biennial Vietnam International Woodworking Industry Fair (VietnamWood) will be back on the stage with greater momentum on Oct. 18-21. At its 12th edition this year, VietnamWood has incorporated concerted efforts from the co-organizers, Ministry of Industry & Trade – Vietnam National Trade Fair & Advertising Company (VINEXAD) and Yorkers Trade & Marketing Service Co., Ltd., while also gaining solid support from relevant government agencies as well as domestic and international industrial associations.
The export of wood and timber products is forecast to bring home 8 billion USD in 2017, heard a workshop in Hanoi on October 5.
According to Nguyen Ton Quyen, this phenomenon has been going on for a long time, but there are two major problems occurred in the past two years from the Chinese wood enterprises overflow into Vietnam. Firstly, from 2015 China closed natural forests nationwide. Second, China banned the export of raw material wood. While each year this market consumes about 200 million m3 of wood, this has led to a shortage of wood materials and they have to “sweep” the surrounding countries.
Việt Nam’s exports of wood and wooden products in the first quarter of this year hit US$1.78 billion, a year-on-year increase of 17.1 per cent, reported the General Department of Việt Nam Customs.
China’s wooden furniture exports to the US and EU are declining, while Japan and South Korea are importing more from Vietnam.
"The European Union (EU) is one of the major markets for Vietnam’s woodworks and handicrafts with an export turnover of US$741.8 million in 2016. In particular, export growth prospects of furniture and handicrafts in the EU market are forecast to be more positive for 2017." This is information presented by Ms Bui Thi Thanh An, Deputy Director of the Trade Promotion Agency (Viettrade),Ministry of Industry and Trade at the workshop "Promoting furniture & handicraft exports to the European market" recently held in Ho Chi Minh city.
Once the EU-Việt Nam Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA-FLEGT) comes into force, there will be opportunities for Việt Nam to export more wooden products to Europe and other markets, delegates told a seminar in HCM City on Tuesday.
Export turnover of wood and wooden products in Vietnam is expected to reach $8 billion this year.