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Vietnam likely to gain export target for timber and wooden products

 

Date: 2020-09-17

News Type: Marketing News

 

Experts believe Vietnam this year will reach its export target for timber and wooden products at 12 billion USD, despite the impact of the COVID-19 pandemic.

In the first eight months of this year, the export value of timber and wooden products stood at 7.3 billion USD, up 9.6 percent over the same period in 2019, including 5.45 billion USD from wooden product exports, up 14 percent.

To achieve the export target of 12 billion USD, Vietnam's wood industry must undergo many changes, including the Handicraft and Wood Industry Association of HCM City (HAWA)’s initiative of developing an online trading platform to connect local wood and furniture businesses with foreign partners.

According to the General Department of Forestry, Vietnam still has many opportunities to expand export markets and increase export value for timber and wooden products. The world's furniture and wooden product market is large with a value of about 430 billion USD, including 150 billion USD from furniture products. Meanwhile, Vietnam’s furniture products at present only account for about 6 percent of the global market share.

Besides traditional markets with high export value such as the United States, Japan, China, EU, and the Republic of Korea, some other potential markets also bring more opportunities for Vietnam to promote furniture exports, like Canada, Russia and India.

The Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA/FLEGT) between Vietnam and the EU effective from June 1, 2019 helps local businesses to improve competitiveness for wooden products exported to the EU, according to the general department.

The US market's demand for wood products from other countries, including Vietnam, is likely to increase because high import tax imposed on Chinese products has reduced furniture imported from this market.

In addition, Vietnam has ratified free trade agreements with many partners such as the EU, Japan, Chile and the Republic of Korea and it is implementing those FTAs so Vietnam’s many goods enjoy reductions or elimination in import duties. That would create a competitive advantage for export goods of Vietnam to those markets. 

In addition, the Government, ministries, sectors and localities are implementing many solutions to continuously improve the investment and business environment for businesses processing export wooden products, including reduction of administrative procedures./.

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