The total export turnover of timer and forestry products this year reached a new record of nearly US$16 billion, representing a trade surplus of nearly US$13 billion.

This year Vietnam targets earning $14.5 billion of export revenue from wood and forest products.

Boasting huge production advantages and capitalising on good market opportunities, Vietnam’s furniture sector has stood firm amid COVID-19 and improved its position in the global market and especially in the US.

An oversupply of undervalued certified timber and a lack of interest from local wood processors currently stand in the way of Vietnam’s export plans to increase its foothold in Western markets.

Without acting today to ensure the proper planning and execution, the local wood-processing sector will find it difficult to fulfill the Government’s annual wood export target of US$20 billion by 2025.

The wood processing industry has set an export goal of US$20 billion by 2025.

With the upcoming entrance of global home furnishing brand Ikea into the Vietnamese market, many large local wood exporters are paying more attention to the domestic market.

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