Vietnam's wood processing industry has set itself a modest export target of US$17.5 billion for this year, an increase of just 2.5 per cent over 2022, due to unfavourable conditions in the global market.

Vietnam earned US$ 1.1 billion from exporting plywood in the first 11 months of 2022, securing the fifth place in the world’s top five largest plywood exporters, according to the International Trade Center (ITC).

Australia increased its imports of wooden furniture from Southeast Asian markets last year, with Vietnam making up a significant portion of the overall figure, according to the Ministry of Industry and Trade.

Vietnamese exporters of wood and wooden furniture expect to bring home 16.5 billion USD this year, fueled by an increase in the overseas shipment of woodchips and wood pellets in the first 10 months of this year.

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