VOV.VN - Last year saw the export turnover of timber and wood products to the United States reach an estimated US$8.8 billion, a rise of 22.4% compared to 2020.
With strong recovery and advantages in terms of markets, the local wood sector is anticipated to rake in US$10 billion from exports over the course of the coming year, according to the General Department of Vietnam Customs.
Last year witnessed the sector fetch US$8.8 billion in export turnover, up 22.4% compared to 2020 with wooden furniture making up the proportion of 87.6% of the whole year’s total turnover.
These positive outcomes can largely be attributed to the resilience of local businesses, and the Government's flexible policies amid the adverse impacts caused by COVID-19.
However, the wood industry is forecast to face numerous challenges moving forward, especially in terms of trade remedies and an overall shortage of empty containers, in addition to high logistics fees.
At present, the cost of transporting one container of wooden furniture to the US ranges from between US$20,000 and US$30,000, representing a four-fold rise compared to the previous year.
Bui Huy Son, trade counselor of the Vietnamese Trade Office in the US, recommends that the tastes of US consumers has been constantly changing, adding that domestic firms need to continue to improve their product quality, cater to new trends, and environmentally-friendly products.
Simultaneously, local enterprises are advised to utilize e-commerce channels to accelerate the consumption of their products and regularly assess risks of unfair competition to limit trade remedies.