Vietnam’s forestry, wood exports to top US$9 billion

Nguyen Quoc Khanh, Hawa chairman, said exports of wooden and other forestry products rose by 10.2% last year to a record US$8 billion, a figure targeted only in 2020. Exports of wood and wooden products increased by 12.3% a year for the past seven years, and are forecast to rise even faster in the next three years, he told a recent celebration in Ho Chi Minh City, on the occasion of the forestry products exported value reaching the US$8 billion mark in 2017. He listed the opportunities for the sector until 2020, saying the future is bright. China, the world’s largest supplier of wooden products, has imposed export taxes on wooden products. It faces a lawsuit in the US for dumping furniture, reducing the competiveness of its products. Other main furniture producers like Germany and Italy have cut production due to higher costs, while Malaysia and some other ASEAN members have development strategies but lack the workforce required. Global demand for furniture remains high, and though Vietnam is strong in that area its exports are insignificant, which means there is considerable scope for Vietnamese firms to increase their market share. Minister of Agriculture and Rural Development Nguyen Xuan Cuong hailed the sector’s achievements, saying that reaching US$8 billion in exports is a very important landmark for the forestry sector. It would have opportunities to expand its market share in the global market since “there is an increase in demand,” he said. But consumers have increasingly higher demands and furniture producers… [Read full story]

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