Source: Sai Gon Giai Phong / Photo: Sai Gon Giai Phong

However, to accomplish this ambitious goal, the wood industry needs to remove many bottlenecks in the supply of raw materials, higher labor productivity, and better access to production technology.

Growth target

In the first three months of the year, the export turnover of the wood industry in Vietnam reached US$3.94 bn, up by 3 percent compared to 2021. Furniture businesses are now full with orders until the third quarter and some businesses even have orders until the end of the year, because the world's demand for furniture is still on the rise.

According to calculations, if the average export value is kept at about US$ 1.5 bn per month, the whole industry target of reaching US$ 16.5 bn this year is quite feasible. In 2021, despite many difficulties due to the Covid-19 pandemic in the third quarter, the wood industry still maintained its position among the top export industries in the country, at over US$ 10 bn. Specifically, the whole industry reached a target of US$ 14.8 bn, an increase of nearly 20 percent compared to 2020.

Looking back at the development and growth of the wood industry over the years, Ms. Do Thi Thu Huong, a member of the research team at Private Economic Development Research Board (Board IV), reporting on "Vietnam's timber industry and strategic issues, orienting development solutions to 2030", said that in the last ten years, the growth rate of Vietnam's wood processing industry is among the most dynamic in the world. Vietnam is currently ranked seventh in the world in terms of wood products and furniture production, second in exports in the Asia Pacific region, and fifth in the world, with the main export markets being the US, Japan, and China.

Vietnam's wood and wood products, as well as furniture are continuously being ranked in the top ten industries with the largest export turnover in the country. It is an industry that has brought in the third largest export surplus in recent years, contributing an important source of foreign currency to the country’s foreign exchange reserves. The woodworking and furniture manufacturing industries contribute greatly to jobs creation, providing more than half a million jobs, ranking fifth in the volume of workers among the manufacturing and processing industries.

 

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