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Update news Viet Nam Timber and Forest Product Association
The wood industry needs a fundamental change in export product lines and markets after the COVID-19 pandemic ends, an official has said.
The wood industry was facing a ‘disaster’ with many businesses left without orders from now until 2021 due to the COVID-19 pandemic, said the Vietnam Timber and Forest Product Association (VTFPA).
The wood processing industry has set an export goal of US$20 billion by 2025.
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 direct investment in the wood processing industry has increased rapidly, especially since 2018, the Viet Nam Timber and Forest Product Association has said.
Vietnam is likely to reach its export turnover target of US$11 billion from wood and forestry products this year as the main season for business is in the last six months of the year.