Vietnamese wood exports likely to reach US$20 billion by 2025

VOV.VN - The timber industry is aiming to achieve US$20 billion in total export value by 2025, according to information released during the congress for the 2019- 2024 tenure of the Vietnam Timber and Forest Products Association (VIFORES) in Hanoi on November 18.

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During the meeting, leaders of relevant ministries, localities, and businesses analysed the opportunities and challenges of the timber industry and proposed solutions to help the sector further develop in the near future.

Vietnam is currently the second largest timber exporter in Asia, behind only China and still considered to be one of the world’s top five largest timber exporters.

By the end of the year, the sector is expected to record export turnover of US$11 billion, with revenue from the domestic market reaching approximately US$3 billion. The timber industry is now home to 5,400 businesses which provide stable employment for over 500,000 people.

VIFORES has made a significant contribution to spurring the development of the Vietnamese wood sector by providing policy consultancy, boosting trade promotion activities, as well as developing technical standards in the field of wood processing.

In addition, the association has also played a critical role in enhancing connectivity among firms following the signing of multilateral and bilateral agreements such as EU-Vietnam Free Trade Agreement, also known as the EVFTA, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, more commonly known as the CPTPP.

Despite these developments in the sector, the wood industry is facing a number of risks, including trade fraud relating to product origin which has negatively affected the prestige of domestic wooden products within the global market.

Coupled with this, anti-dumping and anti-subsidy lawsuits have become more complicated, while the unpredictability of the ongoing trade war between the United States and China has hit many local firms.

Nguyen Chanh Phuong, Standing Member of VIFOREST, emphasised the need to strengthen connectivity and create a consensus among businesses towards Government policies aimed at overcoming future challenges.

VOV

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