Vietnam's rubber industry needs to develop its production chain to meet the increasing demands of export markets, especially fastidious markets such as Europe and the US, according to experts.

Easing the associated risks in the importation of tropical timber would help Vietnam maintain its wood exports while expanding the market, a recent workshop heard.

VOV.VN - Despite foreign-invested enterprises (FDI) businesses playing an important role in the local wood industry, a number of disguised businesses have taken advantage of legal loopholes to cause injury to the genuine domestic industry, say industry insiders.

Vietnam’s wood industry secured 63 new foreign direct investment (FDI) projects worth US$372.68 million in 2020, down 36% and 49% on-year, respectively.

Sustainable latex production is important for Vietnam’s rubber industry, and the country should focus on getting rubber plantations to obtain certifications on sustainability, experts have said.

To expand Vietnam’s wood industry sustainably, its development strategy must not only focus on the policies of importing countries but also domestic priorities.