Timber industry achieves export surplus of US$12.6 billion this year
VOV.VN - Despite the impact of the COVID-19 pandemic, the timber industry is likely to rake in US$15.6 billion from exports this year, enjoying an export surplus of US$12.6 billion, the Vietnam Administration of Forestry (VNFOREST) revealed at a review meeting on December 17.
The timber industry has exceeded its US$14 billion export value target set earlier for this year by earning US$15.6 billion, a year on year increase of 18%, and attaining an export surplus of US$12.6 billion, up 18.4% compared to last year, said Bui Chinh Nghia, deputy head of VNFOREST, at the meeting.
He said the export of wood and forest products maintained high growth in a number of traditional markets, such as China at 23.7%, the United States at 21.4%, the European Union at 14.4%, Japan at 6.7% and the Republic of Korea at 5.7%.
“This shows that processing enterprises have taken advantage of opportunities to develop and expand markets in the context of the US-China trade war and opportunities from the Free Trade Agreements (FTAs) that Vietnam has signed,” stressed Nghia.
However, the VNFOREST official admitted that challenges lie ahead as the COVID-19 pandemic remains complicated that will certainly affect business production, including wood processing in the coming time.
In addition, Vietnam’s major wood and wood product importers are increasingly requiring strict implementation of regulations on timber origin.
“It’s worthy of note that we are facing a significant risk of trade fraud, counterfeiting of product origin, fierce competition, and trade protectionism from importers, that will affect our wood processing and exports,” said Nghia.
At the meeting, Nghia also unveiled the timber industry’s target of earning US$16.5 billion from exports in 2022, an increase of 5.7% from the 2021 figure.
To meet the target, Nghia suggested businesses, among other solutions, should continue to take advantage of bilateral and multilateral FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the European Union - Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP) that have been ratified and put into practice.
Do Xuan Lap, president of the Vietnam Timber and Forest Product Association (VIFOREST), suggested the State facilitate business production by offering a booster jab to employees as soon as possible. Moreover, he said businesses should also actively change the method of production, packaging and delivery of goods to optimize processes.
