VOV.VN - Vietnam’s wood exports to the United States during the opening eight months of the year have surged by 60% to reach US$6.4 billion, despite facing COVID-19 challenges, according to data released by the General Department of Vietnam Customs.

VOV.VN - The export value of local timber and wood products to the UK market during the first half of the year soared by 53.5% to US$146.5 million against the same period last year, according to the Vietnam Timber and Forest Products Association (VIFOREST).

Vietnam exported around 3.2 million tonnes of pellets of various types last year, making it the world’s second largest exporter of the products, according to the General Department of Customs.

Vietnam’s exports to the US surged 50.1% in the first four months of this year, reaching US$30.3 billion, making the latter the largest export market of the former, the Ministry of Industry and Trade has reported.

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.

Wood export turnover this year is expected to reach a record high of nearly US$12.5 billion despite the COVID-19 impact, as well as risks from export markets and the country’s policy changes in controlling the legality of imported wood materials.