Weak export market demand and stable freight rates rendered some wood materials imported into Vietnam cheaper.

Due to the ongoing conflict in Ukraine, and many European countries turning their backs on the supply of gas from Russia, the export potential of wood, and especially wood pellets, is on an upward trend.

Vietnam is set to grant a licence under the Voluntary Partnership Agreement/FAO-EU Forest Law Enforcement, Governance and Trade (FLEGT) Programme to wood exports in 2025, after it completes preparing necessary conditions.

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.

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.

Vietnam’s wood and wooden product exports to the United States may be subject to higher import duties due to a surge in export revenues and China’s foreign direct investment in the local industry, experts said at a recent seminar in Hanoi.

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