Vietnam’s wood processing sector sees rosy signs in first months

Vietnam's wood industry has showed signs of recovery in the first months of 2024, and this positive trend continues, bolstered by an increase in orders from traditional markets and progress towards achieving export targets set for the year.
Vietnam’s wood processing sector sees rosy signs in first months (Photo: VNA)

Vietnam’s wood processing sector sees rosy signs in first months (Photo: VNA)

According to Vietnam Customs, the country's wood export revenue reached about 8.7 billion USD in the seven months of this year, marking a 21% increase compared to the same period in 2023. Specifically, the export of wood products fetched about 5.96 billion USD, up more than 22%.

Experts attributed this growth to rising demand in major markets, particularly the US, which remains Vietnam's largest importer of wood and wood products. The Ministry of Industry and Trade (MoIT) reported that the US accounts for nearly 54% of Vietnam's total wood and wood product exports. Exports to the US have been steadily increasing month by month, reflecting a positive trend.

Ngo Sy Hoai, Secretary-General of the Vietnam Timber and Forest Products Association, noted that wooden furniture imported from Vietnam represents about 41% of the total US imports of such products.

Recent developments, including the US Department of Commerce's decision to terminate its investigation into anti-dumping and countervailing duties on wooden cabinets from Vietnam, are expected to facilitate Vietnamese wood product's greater access to the US market, he noted.

In addition to traditional markets like the US and China, Vietnamese wood exporters have also reported growth in new markets such as India and the Middle East.

In the first half of 2024, shipments to China reached 1.05 billion USD, climbing 49.3% year-on-year, while those to Canada and India hit 113,000 USD and 73,000 USD, up 23.9% and 94.2% respectively.

Nguyen Liem, Chairman of the Binh Duong Furniture Association (BIFA), emphasised the need for the wood industry to adapt to changing conditions, including adopting flexible production and export strategies. This includes employing advanced technology and optimising the supply chain from raw materials to logistics.

Although the wood industry has seen a rise in export value in recent years, the added value of its products remains relatively low. Experts estimate that only about 5% of Vietnam’s wood products have designs - a crucial stage for increasing added value and affirming product brands.

Phung Quoc Man, Vice President of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA), suggested that Vietnamese wood enterprises need to invest in design and innovation to enhance product value and profitability.

To further increase the value of exported wood products, Vietnamese companies should invest in technology and digital transformation to reduce exports of raw wood materials and prioritise the production of refined products that meet market demands./.

Source: VNS
en.vietnamplus.vn

Related News

Latest News

Việt Nam tightens fruit inspections after warning from China

Việt Nam tightens fruit inspections after warning from China

The Plant Protection Department has urged local authorities and relevant agencies to strengthen the inspection and monitoring of durian cultivation areas and export packing facilities following a warning from China.
Brand building key to elevate Vietnamese fruit and vegetable sector: experts

Brand building key to elevate Vietnamese fruit and vegetable sector: experts

Trade promotion, product introduction and brand promotion also need to be innovated to attract customers effectively.
Freight transport via China-Việt Nam cross-border trains posts rapid growth

Freight transport via China-Việt Nam cross-border trains posts rapid growth

The Nanning branch of China Railway Group Limited reported a sharp increase in freight transport on the China-Việt Nam cross-border railway last year, with trains departing from Guangxi carrying a total of 19,670 containers, marking a staggering annual increase of 1,153 per cent.
Vietnamese retail industry expects bright future ahead

Vietnamese retail industry expects bright future ahead

With a young and dynamic population, rising incomes and increasing urbanisation, the sector is emerging as one of the most promising engines for economic expansion in the coming years.

More News

Complying with regulations of each market for smooth fruit and vegetable exports

Complying with regulations of each market for smooth fruit and vegetable exports

VCN - According to Mr. Dang Phuc Nguyen (photo), General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruit), with the development momentum and increasing consumption demand from the Chinese market, the Vietnamese fruit and vegetable industry is setting new records and is expected to reach an export turnover of US $10 billion by 2030. With great potential and advantages in developing agricultural products, Vietnam has been affirming its position as one of the world's leading agricultural exporters.
Fruit and vegetable industry aims for $10 billion in exports by 2030

Fruit and vegetable industry aims for $10 billion in exports by 2030

Based on impressive export results in recent years, Việt Nam’s fruit and vegetable industry has set a target of achieving US$10 billion in export value by 2030, according to the Việt Nam Fruit and Vegetables Association.
GDP grows by over 7 per cent, exceeds target for 2024

GDP grows by over 7 per cent, exceeds target for 2024

The growth rate is relatively impressive for the 2011-24 period, only lower than the rates of 2018, 2019 and 2022.
Vietnamese pepper: decline in volume, surge in value

Vietnamese pepper: decline in volume, surge in value

In December 2024, Việt Nam exported 15,265 tonnes of pepper of all types, including 12,771 tonnes of black pepper and 2,494 tonnes of white pepper, generating a total turnover of $100.6 million.
Việt Nam maintains position as RoK’s third largest trading partner

Việt Nam maintains position as RoK’s third largest trading partner

Việt Nam continued solidifying its position as the Republic of Korea (RoK)’s third-largest trading partner in 2024, trailing only China and the US, marking the third consecutive year of the significant trade relationship.
Greater efforts to be made for stronger cooperation with European-American market

Greater efforts to be made for stronger cooperation with European-American market

The European-American Market Department (MoIT) will monitor regional developments and explore opportunities to strengthen Việt Nam’s economic and trade ties.
Leather, footwear industry aims to gain export growth of 10% in 2025

Leather, footwear industry aims to gain export growth of 10% in 2025

The footwear sector will still focus on exporting to available and easy-access markets such as Africa and Asia to increase revenue.
Grasping the green transformation trend - A survival opportunity for Vietnamese Enterprises

Grasping the green transformation trend - A survival opportunity for Vietnamese Enterprises

VCN - Green transformation not only helps enterprises minimize the risk of being eliminated from important export markets, but also creates opportunities to build sustainable brands, enhance product value and reach high-end customer segments globally.
Việt Nam to complete database of five domestic manufacturing industries in 2026

Việt Nam to complete database of five domestic manufacturing industries in 2026

The project to build a comprehensive database of domestic industries aims to enhance the capacity and efficiency of trade remedy investigations. It also serves as a strategic tool to protect domestic production.
Read More

Your care

Latest Most read
Việt Nam tightens fruit inspections after warning from China

Việt Nam tightens fruit inspections after warning from China

The Plant Protection Department has urged local authorities and relevant agencies to strengthen the inspection and monitoring of durian cultivation areas and export packing facilities following a warning from China.
Brand building key to elevate Vietnamese fruit and vegetable sector: experts

Brand building key to elevate Vietnamese fruit and vegetable sector: experts

Trade promotion, product introduction and brand promotion also need to be innovated to attract customers effectively.
Freight transport via China-Việt Nam cross-border trains posts rapid growth

Freight transport via China-Việt Nam cross-border trains posts rapid growth

The Nanning branch of China Railway Group Limited reported a sharp increase in freight transport on the China-Việt Nam cross-border railway last year, with trains departing from Guangxi carrying a total of 19,670 containers, marking a staggering annual increase of 1,153 per cent.
Vietnamese retail industry expects bright future ahead

Vietnamese retail industry expects bright future ahead

With a young and dynamic population, rising incomes and increasing urbanisation, the sector is emerging as one of the most promising engines for economic expansion in the coming years.
Complying with regulations of each market for smooth fruit and vegetable exports

Complying with regulations of each market for smooth fruit and vegetable exports

VCN - According to Mr. Dang Phuc Nguyen (photo), General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruit), with the development momentum and increasing consumption demand from the Chinese market, the Vietnamese fruit and vegetable indu
Mobile Version