Wood industry witnesses positive market signals

The final months of the year are when consumers typically renovate and redecorate their homes in preparation for the New Year, providing a significant boost in export orders for the wood industry.
Production of wooden furniture for export to the US at Trieu Phu Loc company in Binh Duong province. (File Photo: VNA)

Production of wooden furniture for export to the US at Trieu Phu Loc company in Binh Duong province. (File Photo: VNA)

According to Trieu Van Luc, Deputy Director of the Forestry Department under the Ministry of Agriculture and Rural Development, the ministry aims to reel in 14.2 billion USD from wood and woodwork exports this year, an annual increase of 6%, with 67% of the target fulfilled thus far.

Experts in the wood industry noted that major export markets have shown positive growth compared to the same period last year. The US, Vietnam's largest importer of wood and wooden products, saw a 25.9% rise in export value, reaching over 5.5 billion USD in the first eight months. It was followed by China and Japan with 1.2 billion USD and 961 million USD, up by 39% and 1.4% year-on-year, respectively.

The wood sector is witnessing promising export signals, driven by advantages such as a highly skilled workforce, abundant wood material supplies, and the ability to produce traceable and legally sourced wood products.

However, Do Xuan Lap, Chairman of the Vietnam Timber and Forest Products Association (VIFORES), highlighted ongoing economic difficulties and product protectionism faced in key export markets such as Europe, the US, Japan, and the Republic of Korea. Rising sea freight fees have pushed up the cost of raw wood materials, with some types seeing a 40% increase compared to last year.

Additionally, the US has yet to recognise Vietnam as a market economy, meaning that Vietnamese exporters still face discrimination in the country’s anti-dumping and countervailing duty investigations. The actual production costs of Vietnamese firms are not accepted, and instead, “surrogate values” from a third country are used to calculate dumping margins.

To capitalise on market opportunities and advantages in the remaining months, the wood industry should enhance its competitiveness based on five pillars, namely technical solutions and production technology, emission reduction, digital transformation, market development, and the establishment of internal monitoring standards within enterprises, Lap recommended./.

Source: VNS
en.vietnamplus.vn

Related News

Latest News

Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

VCN - In the Report announcing the Ranking of Top 10 Reputable Animal Feed Companies in 2024 on December 12, 2024, Vietnam Report Joint Stock Company said that Vietnam's animal feed industry has faced many challenges from natural disasters and epidemics. But overcoming all, the industry continues to survive and has confidence in the future.
Vietnam's import-export surges 15.3%

Vietnam's import-export surges 15.3%

Vietnam's total import-export turnover reached 745 billion USD as of December 14, marking a robust 15.3% growth compared to the same period in 2023, according to the General Department of Vietnam Customs.
More Vietnamese firms interested in Saudi Arabia: Ambassador

More Vietnamese firms interested in Saudi Arabia: Ambassador

An increasing number of Vietnamese enterprises are showing interest in Saudi Arabia, particularly in the sectors of Vietnam's advantages and the Middle East country's needs, a diplomat has said.
“Give and Take” in the Value Chain of the CPTPP Market

“Give and Take” in the Value Chain of the CPTPP Market

VCN - Vietnamese businesses have many opportunities and advantages if they take advantage of resources from imports and technology transfers when joining the supply chains of FDI companies within the CPTPP.

More News

Binh Dinh province works to attract investment from Japan

Binh Dinh province works to attract investment from Japan

The People’s Committee of Binh Dinh province on December 18 inked a cooperation deal with the Japan - Vietnam Friendship Association of Sakai city as part of the south-central province’s efforts to attract more investment and development resources from the Northeast Asian country.
Agricultural, forestry and fishery exports “reach the target” early

Agricultural, forestry and fishery exports “reach the target” early

VCN - According to a report from the Ministry of Agriculture and Rural Development, the export turnover of agricultural, forestry and fishery products in November 2024 is estimated at US $5.3 billion, up 13.9% compared to November 2023. It is notable that it not only “reaching the finish line” early, the agricultural sector also exceeded the annual plan by over US $ one billion.
Thailand remains Vietnam’s biggest trading partner in ASEAN

Thailand remains Vietnam’s biggest trading partner in ASEAN

The activities conducted by the Vietnam Trade Office in Thailand in 2024 have enriched the trade and investment relations between the two countries, contributing to helping Thailand maintain its position as Vietnam's largest trading partner in the Association of Southeast Asian Nations (ASEAN), according to Le Huu Phuc, Vietnam's Trade Counsellor in Thailand.
Rubber value soars in 2024: VRA

Rubber value soars in 2024: VRA

All Vietnam's rubber’s top 15 export markets saw growth in export values in 2024, with Malaysia recording the highest increase, expanding fivefold, followed by Sri Lanka at 3.7 times, according to the Vietnam Rubber Association (VRA).
Vietnamese businesses struggle to access green finance

Vietnamese businesses struggle to access green finance

VCN - Green finance is gradually becoming an indispensable tool in Vietnam to support businesses, promote sustainable development, and move towards the goal of Net Zero. However, the path to accessing green capital is full of barriers, especially for small and medium enterprises.
E-commerce: a gateway to boost Vietnamese commodities in the UK market

E-commerce: a gateway to boost Vietnamese commodities in the UK market

E-commerce stands out as a promising channel to further enhance Việt Nam’s trade presence in this dynamic market.
Agro-forestry-fisheries exports top 62 billion USD in 2024

Agro-forestry-fisheries exports top 62 billion USD in 2024

Vietnam’s agro-forestry-fisheries exports are projected to reach over 62 billion USD in 2024, and continue to grow next year, heard at a conference in Ho Chi Minh City on December 16.
Removing “bottlenecks” for digital transformation in industrial production

Removing “bottlenecks” for digital transformation in industrial production

VCN - Although implementing digital transformation towards smart production creates many opportunities, it also poses significant challenges for businesses, especially in terms of investment costs and human resources.
UKVFTA facilitates Việt Nam

UKVFTA facilitates Việt Nam's tuna exports to UK market

Việt Nam is the 13th largest tuna product supplier to the UK, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Read More

Your care

Latest Most read
Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

VCN - In the Report announcing the Ranking of Top 10 Reputable Animal Feed Companies in 2024 on December 12, 2024, Vietnam Report Joint Stock Company said that Vietnam's animal feed industry has faced many challenges from natural disasters and epidemics.
Vietnam's import-export surges 15.3%

Vietnam's import-export surges 15.3%

Vietnam's total import-export turnover reached 745 billion USD as of December 14, marking a robust 15.3% growth compared to the same period in 2023, according to the General Department of Vietnam Customs.
More Vietnamese firms interested in Saudi Arabia: Ambassador

More Vietnamese firms interested in Saudi Arabia: Ambassador

An increasing number of Vietnamese enterprises are showing interest in Saudi Arabia, particularly in the sectors of Vietnam's advantages and the Middle East country's needs, a diplomat has said.
“Give and Take” in the Value Chain of the CPTPP Market

“Give and Take” in the Value Chain of the CPTPP Market

Vietnamese businesses have many opportunities and advantages if they take advantage of resources from imports and technology transfers when joining the supply chains of FDI companies within the CPTPP.
Binh Dinh province works to attract investment from Japan

Binh Dinh province works to attract investment from Japan

The People’s Committee of Binh Dinh province on December 18 inked a cooperation deal with the Japan - Vietnam Friendship Association of Sakai city as part of the south-central province’s efforts to attract more investment and development resources from the Northeast Asian country.
Mobile Version