Despite market recovery, the wood industry needs to overcome formidable challenges to realise the export revenue target of 15.2 billion USD for the whole year, according to insiders.

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.

Vietnam's wood industry has experienced a significant boom, with exports nearing US$11 billion over the past eight months, primarily driven by heavy purchases from the United States, China, and Japan.

Vietnamese timber and wood product exports from January to August 15 surged by 24% to reach US$9.5 billion against the same period from last year, according to details given by the General Department of Vietnam Customs.

The Vietnam’s wood industry has many opportunities for recovery in 2024, with the Forest Stewardship Council (FSC) certification seen as essential for accessing global markets.

Viforest is encouraging businesses to ensure green production, green trade and digital transformation. The association has been conducting many trade promotion activities at home and abroad to seek more customers and orders.

Awaiting a final decision from the South Korea, Vietnamese enterprises have concerns over a potential higher anti-dumping duty in South Korea on plywood imports from Vietnam.

Vietnam's wood industry has opportunities to engage in the carbon market as the whole world is pushing ahead for a greener economy, heard a recent dialogue in Ho Chi Minh City.

Vietnam’s wood and forestry sector is aiming to export 15.2 billion USD worth of its products this year, an increase from the 14.47 billion USD last year which was down 15.4% from 2022.

Along with the EU, many other markets have also set new and strict policies, causing many difficulties for wood export activities.

The wood industry market shows some signs of recovery, however, 2024 still poses some potential difficulties for the industry.

Vietnam’s exports of wood and wooden furniture will reach only about 13.5 billion USD in 2023, down 15.5% year on year, President of the Vietnam Timber and Forest Product Association (VIFOREST) Do Xuan Lap told a seminar held in Hanoi on December 21.

According to forestry experts, sustainable forest certification for one million hectares of large-sized timber forests is a passport for Vietnam's wood processing industry to increase export value and export into potential markets.

Many wooden furniture manufacturers have added more working shifts, recruited more workers, and increased imports by 5-10 percent, indicating that enterprises are gearing up to implement orders for year-end deliveries.

Vietnam’s wood export is likely to hit about $14.5 billion this year, lower than the yearly target of $17 billion, Vice Chairman of the Handicraft and Wood Industry Association of HCM City (HAWA) Nguyen Chanh Phuong said.

Vietnam’s wood and wooden product exports have seen signs of gradual recovery, according to the Hanoi-based DSC Securities Joint Stock Company (DSC).

The State will remove difficulties to achieve the export target of timber and forest products this year.

The volatility and unpredictability in global markets may have caused challenges for many industries, including woodworking, but offered opportunities to agile businesses, according to experts.

Vietnam raked in an estimated 6.42 billion USD from forestry product exports in the first half of 2023, down 28.8% year on year, according to the Department of Forestry under the Ministry of Agriculture and Rural Development.