Foreign direct investment firms in Vietnam have reported export revenue of more than US$1.78 billion from wood and wooden products this year, according to the Vietnam Industry and Trade Information Centre (Vinanet). The figure is 4.8 per cent higher than over the same time in 2017, and makes up about 43.2 per cent of Vietnam’s total export revenue for wood and wooden products.
China, Japan, the Republic of Korea and the United States (U.S.) were the largest importers, commanding approximately 78.5 per cent of the total value, and Vietnam earned US$1.6 billion from exporting to the U.S. alone, a sharp rise of 12.48 per cent, and accounting for 41 per cent of total export revenue, according to the Nhan Dan newspaper.
China imported US$555.6 million worth of Vietnamese wood and wooden products, making up some 13.4 per cent of Vietnam’s export revenue, and showing a slight increase of 0.02 per cent over the same time period last year.
However, Malaysia, Korea, France and Australia experienced even more acute increases, with Malaysia seeing 2.1 times more imports from Vietnam, Korea, 52.8 per cent, a rise of 24.8 per cent for France, and 14.8 per cent for Australia.
However, Vietnamese wood and wooden products to Hong Kong and Austria dropped sharply at 44.68 per cent and 35.56 per cent respectively, according to the Nhan Dan newspaper.
Vinanet has predicted that the country’s exports of wood and wooden products will continue to rise by 13 to 15 per cent in the second half of 2018 due to an improving real estate market and rising demand for the replacement and repair of furniture.