Vietnam confident of reaching US$14.5 billion in wood and wood product exports

Photo: Vanessa Bucceri/Unsplash

Production and capacity levels for Vietnam’s wood industry is returning to normal after the pandemic restrictions, and the industry is confident of earning a total of US$14.5 billion by the end of 2021.

According to Vietnam Timber and Forest Product Association (VIFOREST), the wooden and forest product export turnover reached $10.76bn in the first nine months of 2021, a 30.5% increase year-on-year. The same export turnover reached $11.5bn by mid-October.

A recent survey by Forest Trend revealed that 83% of surveyed wood enterprises have recovery plans whereby they will change their business strategies, ensure safe production, and increase the processing scale. They believe they can reach the goal of $14.5bn in exports, up 15% from 2020, as long as they increase their operation capacity by 20-30% in the remaining months, and with the advantages of free trade agreements with other countries as well.

Source: Vietnam Plus