Vietnam aims for wood and forest product export target of US$20 billion by 2025

Furthermore, the wood industry has also set a timber and wood product value target of US$5 billion by 2025 for domestic consumption, with these reaching over US$6 billion by 2030.

These targets were part of a project aimed at developing a sustainable and effective wood processing industry in the 2021 to 2030 period, with these aims being approved by Deputy Prime Minister Le Van Thanh on March 10.

Under the terms of the project, over 80% of wood processing and preservation establishments will reach the level and capacity of advanced production technology. Indeed, 100% of timber and wood products used for both export and domestic consumption are used from legal wood materials and certified for sustainable forest management.

According to the common goal by 2030, the wood processing industry is set to become an important economic sector. Therefore, steps must be taking towards building and developing a reputable Vietnamese wood product brand in both the domestic and international markets.

The nation is striving to be among the group of leading countries in terms of production, processing, and export of wood and wood products.

The major focus of the project is to develop infrastructure facilities and to then expand production by forming five high-tech forestry zones, an effort which will attract investment from wood processing and auxiliary material manufacturing enterprises.

This is in addition to building a national furniture exhibition centre of international stature, as well as encouraging the development of centres for research and design of wood products in accordance with the needs, culture, and tastes of consumers.

The project also requires the maintenance and expansion of the export market share, as well as being proactive in promoting trade in wood and wood products in key markets, including the United States, Japan, the Republic of Korea, the EU, and China, as well as expanding into new markets which boast huge potential and advantages.

This should be done alongside the effective implementation of free trade agreements (FTAs) between the nation and global partners to promote e-commerce development, build databases, as well as boosting digital transformation in activities regarding production, business administration, and information technology to sell goods online or through e-commerce platforms.

The set targets also focus on developing and expanding wood processing industrial zones and clusters in localities which have the potential and advantages for development, with priority given to projects that manufacture high added value, advanced technology, energy-saving products, and environmentally-friendly materials and fuel.

The project also emphasizes the building and development of the Vietnamese Wood brand, while simultaneously encouraging wood processing enterprises to use the this brand to improve the overall competitiveness and reputation of local wood products both domestically and internationally.