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Vietnamese wood exports forecast to enjoy positive growth in first half

19:29 | 10/05/2022

Among the top 5 agro-fishery products with an export turnover of over one US$ billion, wood exports are anticipated to grow by between 5% and 8% in the first half of 2022.

Vietnam fetches US$5.48 billion in wood export turnover during the first four months of this year, posting a year-on-year rise of 4.9%.
Vietnam fetches US$5.48 billion in wood export turnover during the first four months of this year, posting a year-on-year rise of 4.9%.

According to data provided by the General Department of Customs, the export turnover of wood and wood products in April alone reached an estimated US$ 1.5 billion, up 7.3% compared to the same period from last year, bringing the export turnover during the first 4 months of 2022 to US$5.48 billion, an increase of 4.9% on-year.

The Ministry of Agriculture and Rural Development said that throughout the reviewed period, there were 5 products and product groups with export value of over US$1 billion, including timber and wood products.

According to the Vietnam Timber and Forest Product Association (VIFORES) currently, the export trend of wood and wood products is focusing on high value-added items such as wooden frame chairs, living room and dining room furniture, and bedroom furniture which are all products of Vietnam's strengths.

In the face of the current situation, despite facing plenty of difficulties, such as the prolonged COVID-19 pandemic causing labor shortage, the Russia-Ukraine conflict pushing up gasoline prices, resulting in increases in the price of petroleum products, wood materials and production costs, wood industry businesses had to go ahead with production activities as numerous orders had been placed previously.

However, with constant efforts, wood industry enterprises have overcome difficulties, serving as extra leverage for the wood industry to record positive growth during the first months of 2022.

According to Do Xuan Lap, chairman of the VIFORES, Vietnam's wood production and export activities are promoted by a series of free trade agreements (FTAs) being carried out such as the EU-Vietnam Fee Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), thereby creating competitive advantages for wood products when the tax rate is gradually reduced to 0%.

Besides, China - the largest wood export market in the world, is pursuing the "Zero COVID" strategy, causing production and export disruptions. On the other hand, China does not encourage wood furniture development due to rising costs.

Meanwhile, Italy, Germany and other developed countries are narrowing production due to the impact of recession and growing costs as a result of limited wood supply caused by many other factors. This is viewed as an opportunity for Vietnam to increase the export of this item.

According to experts, there are still certain difficulties for the wood industry, which slows down production activities of enterprises and directly reduces their competitive advantage.

Therefore, in addition to developing domestic material areas, businesses need to maintain and expand export markets by effectively implementing FTAs, they emphasized.

Source: VNA

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