EVFTA helps wood industry add value to EU market

The implementation of the EU-Vietnam Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade, along with the EU-Vietnam Free Trade Agreement, are expected to boost the value of local timber and help wood items penetrate new demanding markets.
evfta helps wood industry add value to eu market
The statement was made by Ngo Sy Hoai, Vice President and General Secretary of the Vietnam Timber and Forest Product Association.

Hoai said recent years have seen wood exports to the EU market reach between US$1 billion and US$1.2 billion per year, adding that there are bright prospects ahead for local timber products as they seek to penetrate stringent markets once the EU-Vietnam Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA/FLEGT) and the EU-Vietnam Free Trade Agreement (EVFTA) come into force.

Moreover, the two agreements are anticipated to allow the local timber industry improve its prestige and gain greater trust from other markets such as the United States and Japan, Hoai noted.

Sharing this viewpoint, a representative from the Vietnam Administration of Forestry under the Ministry of Agriculture and Rural Development explained that Vietnam is currently exporting timber and forest products to over 120 countries and territories globally, with the EU being one of the five largest markets that enjoys stable purchasing power.

Although the demand among this market is projected to grow at a slow rate with the agreements entering into force, local wood items will gain trust from partners and consumers globally, allowing them to make greater inroads into other stringent markets.

At the ninth session of the 14th National Assembly, a resolution for the ratification of the EVFTA was approved, with the trade pact set to take effect on August 1.

The VPA/FLEGT Agreement originally entered into force on June 1, 2019. At present, the Vietnamese side is urgently preparing for national legislation in order to grant FLEGT licenses, thus paving the way for domestic timber products to enter the EU and other prestigious markets.

Source: VOV
english.vov.vn

Related News

Supporting industry enterprises: Learning standards, understanding opportunities

Supporting industry enterprises: Learning standards, understanding opportunities

VCN - Currently, many potential industries have "opened" opportunities for Vietnamese enterprises to enter, such as the semiconductor industry, supporting industries for the aviation sector. However, the higher the added value of the sector, the more it requires enterprises to meet international standards.
Ministry of Finance responds to information on proposal to tax real estate

Ministry of Finance responds to information on proposal to tax real estate

VCN - Responding to the hot issue of public concern regarding the proposal to tax real estate transactions to prevent speculation in the real estate market, at the press conference for the third quarter of 2024 held by the Ministry of Finance on September 27, Deputy Minister Nguyen Duc Chi gave the Ministry’s viewpoint.
10 export groups with an increase of nearly US$30 billion

10 export groups with an increase of nearly US$30 billion

VCN - According to the General Department of Vietnam Customs, by the end of August, the total export turnover of the country reached US$265.44 billion, an increase of 15.9% over the same period last year. Notably, there were 10 groups of goods with an increase of over US$1 billion compared to the same period last year.
Agricultural, forestry and fishery exports reach US$54 billion: A feasible task

Agricultural, forestry and fishery exports reach US$54 billion: A feasible task

VCN - With the export results of agriculture, forestry and fishery products in the first 8 months reaching US$40.08 billion, an increase of 18.6 percent compared to the same period last year, the export turnover target of the agricultural sector reaching US$54 billion in 2024 is completely feasible. However, in order to maintain and expand the export market, businesses also need to comply with market requirements, creating a premise to bring Vietnamese agricultural products to many potential markets in the world that Vietnam has been participating in.

Latest News

Linkage - the "key" to sustainable development of agricultural value chains

Linkage - the "key" to sustainable development of agricultural value chains

VCN - Promoting sustainable and effective development of agricultural value chains is a core factor in restructuring Vietnam's agricultural sector and the key to optimize the value of Vietnam's agricultural exports.
Vietnam’s distinctive agricultural exports to China exhibited in Hanoi

Vietnam’s distinctive agricultural exports to China exhibited in Hanoi

An exhibition showcasing Vietnam’s distinctive farm produce exported to China opened in Hanoi on October 13, featuring the participation of 16 local enterprises and introducing over 50 categories of high-quality products from across the three regions of the country.
100 most valuable Vietnamese brands on the limelight

100 most valuable Vietnamese brands on the limelight

This year’s Brand Finance Vietnam 100 Report was also released to provide a comprehensive picture of the valuations.
Need to quickly act to catch up with the "green" trend

Need to quickly act to catch up with the "green" trend

VCN - With the movement from the global level to Vietnam's main markets, as well as the strong commitment of the Vietnamese Government, the trend of "compulsory green/sustainable transformation" has become clear to Vietnamese businesses instead of voluntary as before. However, the level of readiness of businesses is not high.

More News

Businesses cooperate to develop advanced technology

Businesses cooperate to develop advanced technology

VCN- In order to foster development of the high-tech sector, one of factors is close cooperation between businesses to improve competitiveness and promote innovation.
Export target for 2024 set at US$400 billion

Export target for 2024 set at US$400 billion

VCN - Since the beginning of the year, Vietnam's export activities have continued to recover. It is forecasted that the total export turnover for the entire year may reach a historic milestone of US$400 billion.
Thai Binh intensifies cooperation with Russian localities

Thai Binh intensifies cooperation with Russian localities

A delegation from the northern province of Thai Binh, led by Chairman of the provincial People’s Council Nguyen Tien Thanh, on October 10 met with representatives of the Moscow Chamber of Commerce and Industry, along with several Russian businesses.
Ho Chi Minh City partners with nine provinces to boost import and export activities

Ho Chi Minh City partners with nine provinces to boost import and export activities

VCN - Ho Chi Minh City (HCMC) and nine provinces in the northern and north-central regions are cooperating in socio-economic development, leveraging each region's advantages and potential to boost import and export activities.
Vietnam

Vietnam's second rice brand enters picky Japanese market

Japonica - AAN has become the second Vietnamese rice brand to have entered Japan, with a ceremony held on October 9 to debut the produce.
Enterprises need to be ready to respond to trade defense

Enterprises need to be ready to respond to trade defense

VCN - According to the Department of Trade Defense, through the process of protecting the rights of Vietnamese manufacturing and exporting enterprises in each trade defense case, the outcome of the appeal depends largely on the quality of coordination between the parties involved.
Foreign investors interested in green development, semiconductor industry in Vietnam

Foreign investors interested in green development, semiconductor industry in Vietnam

Green, clean development and semiconductor chip production are among the sectors in Vietnam that foreign investors are interested in, according to VinaCapital CEO and Founding Partner Don Lam.
Vietnam’s stainless steel exports under dual investigation

Vietnam’s stainless steel exports under dual investigation

The US Department of Commerce (DOC) has initiated an anti-dumping and countervailing duty investigation into corrosion-resistant steel (CORE) imported from Vietnam, alongside nine other countries and territories.
F&B industry to reach 30 billion USD in 2024

F&B industry to reach 30 billion USD in 2024

The Ministry of Industry and Trade (MoIT) forecasts that the revenue of the food and beverage (F&B) industry will grow by 10.92% this year, reaching more than 720 trillion VND (29.8 billion USD).
Read More

Your care

Latest Most read
Linkage - the "key" to sustainable development of agricultural value chains

Linkage - the "key" to sustainable development of agricultural value chains

Promoting sustainable and effective development of agricultural value chains is a core factor in restructuring Vietnam's agricultural sector and the key to optimize the value of Vietnam's agricultural exports.
Supporting industry enterprises: Learning standards, understanding opportunities

Supporting industry enterprises: Learning standards, understanding opportunities

VCN - Currently, many potential industries have "opened" opportunities for Vietnamese enterprises to enter, such as the semiconductor industry, supporting industries for the aviation sector. However, the higher the added value of the sector, the more it r
Vietnam’s distinctive agricultural exports to China exhibited in Hanoi

Vietnam’s distinctive agricultural exports to China exhibited in Hanoi

An exhibition showcasing Vietnam’s distinctive farm produce exported to China opened in Hanoi on October 13, featuring the participation of 16 local enterprises and introducing over 50 categories of high-quality products from across the three regions of the country.
100 most valuable Vietnamese brands on the limelight

100 most valuable Vietnamese brands on the limelight

This year’s Brand Finance Vietnam 100 Report was also released to provide a comprehensive picture of the valuations.
Need to quickly act to catch up with the "green" trend

Need to quickly act to catch up with the "green" trend

VCN - With the movement from the global level to Vietnam's main markets, as well as the strong commitment of the Vietnamese Government, the trend of "compulsory green/sustainable transformation" has become clear to Vietnamese businesses instead of volunta
Mobile Version