Vietnam wood exports poised to hit US$12 billion mark ahead in 2020

Vietnam’s wood exports are predicted to reach US$12 billion during the course of 2020 following the wood processing industry’s great success during 2019, according to the Ministry of Industry and Trade.

wood exports poised to hit us$12 billion mark ahead in 2020 hinh 0

October last year saw the country’s export turnover of wood and wooden products exceed US$1 billion for the first time. By mid-November, the export value of the products had begun to outstrip 2018’s record figure of US$8.907 billion before breaking the US$9 billion mark for the first time by the end of November.

Mid-December saw the export turnover of wood and wood products reach approximately US$10 billion with the year’s final figure projected to surpass the US$10 billion mark for the first time.

The Ministry of Industry and Trade noted that the wood industry is likely to achieve the export target of US$12 billion during the course of 2020.

Aside from the largest market being the United States, exports of wood and wood products are expected to enjoy substantial growth in a number of important markets globally, including Japan, the United Kingdom, Canada, Germany, and the Netherlands.

 

The robust growth can be attributed to the fact that Japan and Canada are member states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which has helped domestic firms take full advantage of the trade deal’s reduced tariffs and make greater inroads into these markets.

At present, the European Union (EU) represents one of the main export markets for the nation’s wood and wooden products. With the EU-Vietnam Free Trade Agreement (EVFTA) poised to be approved and take effect, the country’s wood products are set to become more competitive as a result of the reduction in tariff barriers in line with the roadmap. VOV

Wood exports to hit $11.5 billion, exceeding target in 2019

Wood exports to hit $11.5 billion, exceeding target in 2019

Vietnam’s wood exports this year are set to reach up to US$11.5 billion, exceeding the industry’s own target of $10.5 billion, a 20 per cent increase compared to last year, according to the Vietnam Timber and Forest Product Association.

Foreign investment increases in wood processing industry

Foreign investment increases in wood processing industry

Foreign direct investment in the wood processing industry has increased rapidly, especially since 2018, the Viet Nam Timber and Forest Product Association has said.  

 
 

Other News

.
HCM City real estate developers request help to resume projects
HCM City real estate developers request help to resume projects
BUSINESSicon  10/02/2020 

Many real estate developers in Ho Chi Minh City are facing stagnation in hundreds of projects due to insufficient legal paperwork.

Restaurants suffer downturn amid coronavirus fears
Restaurants suffer downturn amid coronavirus fears
BUSINESSicon  10/02/2020 

Many restaurants in Hanoi, which have been hit by the new fines on drink driving, have experienced a further fall in customers amid the fears of coronavirus.

Shopee is top-ranked e-commerce platform in Buzz Rankings
Shopee is top-ranked e-commerce platform in Buzz Rankings
BUSINESSicon  09/02/2020 

Shopee, a leading e-commerce platform in Southeast Asia and Taiwan, has come out on top as the most positively discussed e-commerce platform in Vietnam.

Experts claim coronavirus plaguesVN economic growth
Experts claim coronavirus plaguesVN economic growth
BUSINESSicon  09/02/2020 

VOV.VN - The coronavirus epidemic has been spoiling the country’s growth story amid global industrial slowdown, experts have warned.

Evaluating first year of CPTPP in action
Evaluating first year of CPTPP in action
FEATUREicon  09/02/2020 

The landmark Comprehensive and Progressive Agreement for Trans-Pacific Partnership has been in force for more than a year now, influencing the trade activities of member economies. 

The government orders inspections to lasso in runaway pork prices
The government orders inspections to lasso in runaway pork prices
BUSINESSicon  09/02/2020 

The government ordered the inspection of big pork producers in Vietnam as part the efforts to curb prices, stabilise the market, and rein in inflation in 2020.

Agri-stakeholders mobilise to weather virus outbreak
Agri-stakeholders mobilise to weather virus outbreak
BUSINESSicon  09/02/2020 

Vietnamese authorities are striving to support enterprises and farmers to limit the impacts on import and export activities brought about by the new coronavirus crisis.

Gauging impact of nCoV on Vietnam
Gauging impact of nCoV on Vietnam
BUSINESSicon  09/02/2020 

At this point of time, it might be impossible to fully gauge the implications of the novel coronavirus outbreak (nCoV) on the local economy.

Korean cosmetic enterprise seeks entry into Vietnamese market
Korean cosmetic enterprise seeks entry into Vietnamese market
BUSINESSicon  09/02/2020 

A beauty centre ran by the famous Korean brand ID is poised to open a new premise in Hanoi in the area close to Hoan Kiem lake during the second quarter of the year, according to the Economic Times of AJU.

An insight into 2019 foreign trade
An insight into 2019 foreign trade
BUSINESSicon  09/02/2020 

The achievements in Vietnam’s foreign trade in 2019 are definitely clear. However, to gain better results, it needs an insightful look into these achievements.

Apple plan to move Airpod production to Vietnam stumbles on coronavirus
Apple plan to move Airpod production to Vietnam stumbles on coronavirus
BUSINESSicon  09/02/2020 

Apple is hesitant over moving the production of 45 million AirPods to Vietnam due to the risks and barriers raised by the coronavirus, even as its main producers are struggling with labour and material shortages.

The road to further improve connectivity across Vietnam
The road to further improve connectivity across Vietnam
BUSINESSicon  09/02/2020 

To reach higher levels of prosperity, Vietnam is encouraged to strengthen transport connectivity to seize international trade opportunities, as well as integrate deeper into world markets. 

New applications enter ride-hailing market
New applications enter ride-hailing market
BUSINESSicon  09/02/2020 

The Vietnamese ride-hailing market has witnessed the entry of two new apps, Unicar and ZuumViet.

Industries hit as epidemic cuts off raw materials
Industries hit as epidemic cuts off raw materials
BUSINESSicon  09/02/2020 

The textile industry suffers from a shortage of raw materials since they are mostly imported from China, which is reeling under the coronavirus epidemic.

Lessons from solar: Rush to invest in wind power plants to get high tariffs could overload grid
Lessons from solar: Rush to invest in wind power plants to get high tariffs could overload grid
BUSINESSicon  09/02/2020 

The rush to invest in wind energy to take advantage of the Government's pricing incentives could lead to overloading of the national grid in a repeat of the solar scenario, experts warn.

Vietnam sees rice export growth in January
Vietnam sees rice export growth in January
BUSINESSicon  09/02/2020 

Vietnam exported 560,000 tonnes of rice in January 2020, earning US$270.3 million, an increase of 12 per cent in volume and 39 per cent in value month-on-month, according to the General Department of Customs.

More people shopping online due to coronavirus
More people shopping online due to coronavirus
BUSINESSicon  09/02/2020 

To cope with the threat of coronavirus, many in Ha Noi are choosing to shop online or order food at home instead of facing crowds at brick and mortar stores and restaurants.

64% of Japanese firms want to expand business in Vietnam: Jetro
64% of Japanese firms want to expand business in Vietnam: Jetro
BUSINESSicon  09/02/2020 

About 64 percent of Japanese enterprises plan to continue expansion of their business in Vietnam due to its favourable investment environment.

VN farm produce exporters urged to look at markets other than China
VN farm produce exporters urged to look at markets other than China
BUSINESSicon  09/02/2020 

Exporters of agricultural products, especially dragon fruit, must improve quality and focus on the domestic and new export markets and reduce their dependence on the Chinese market amid the current epidemic outbreak, experts have said.

Vietnam gives scenarios for economic growth amid the impact of coronavirus
Vietnam gives scenarios for economic growth amid the impact of coronavirus
BUSINESSicon  09/02/2020 

The Ministry of Planning and Investment (MPI) has submitted two scenarios for economic growth this year to the Government, as the country faces the impact of coronavirus in China, one Viet Nam’s biggest trade partners.

 
 
 
Leave your comment on an article

OR QUICK LOGIN