Bright outlook for domestic timber industry
Despite the COVID-19 spread, Vietnam earned 13.17 billion USD from wood exports in 2020, up 16.4 percent year-on-year. (Photo: VNA)
Vietnam should develop a generation of young entrepreneurs in the timber industry, and consider it a sector for startups, said President of the Handicraft and Wood Industry Association (HAWA) of HCM City Nguyen Quoc Khanh.At a recent conference between businesspeople and Prime Minister Nguyen Xuan Phuc, Khanh said Vietnam now ranks second worldwide in wood export, even outstripping Italy and Germany.
“We have completed the five-year target set by the Prime Minister in 2018 two years in advance,” he said.
Despite the COVID-19 spread, Vietnam earned 13.17 billion USD from wood exports in 2020, up 16.4 percent year-on-year, surpassing the yearly target by 5.4 percent, Khanh said, adding that the sector ran a trade surplus of 10 billion USD last year.
He stressed that it is the only industry in Vietnam that has posted double-digit growth over the past 18 years.
According to Khanh, about 1 million labourers are working in the sector, and the number is predicted to stand at around 2-3 million by 2045.
Emphasising the important role by the industry to the national economy, Khanh expressed his belief that the sector can maintain the strong growth and its present position in the world market in the next decades.
However, to achieve the goal, the industry should continue to engage in environmental protection, step up forestation and ensure markets for farmers’ products, he suggested.
He pointed to the ample space in the world market for the Vietnamese timber industry, as it now makes up only 6 percent of the 450 billion USD global market.
Khanh also suggested more investments in technology and digital transformation, and raising added value for the sector./.
Related News
Domestic investors open nearly 173,000 new securities accounts in September
15:43 | 05/10/2023 Finance
Vietnam, US step up implementing deal on illegal logging, timber trade
15:41 | 23/08/2023 Import-Export
Stop the decline of wooden furniture exports
14:40 | 22/08/2023 Import-Export
Timber exporters face sharp decline in orders
15:57 | 23/05/2023 Import-Export
Latest News
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
More News
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Your care
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export