Vietnam targets US$16bn worth of wood and wood products exports in 2024

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Vietnam has targeted earning US$16bn from the export of wood and wood products this year given the prospects in certain markets, according the Ministry of Agriculture and Rural Development (MARD).

Vietnam’s key markets include China, the US, Japan, South Korea, and the EU. In the first month of 2024, wood and wood product exports to Europe saw positive growth: Those to the Netherlands fetched $9.2m, up 5% against December and almost double that in January 2023.

The total wood and wood products export reached $1.4bn in January 2024, up 4.6% compared to December 2023 and up 75% compared to January 2023.

Wood exporters remain concerned about rising transportation costs as tensions in the Red Sea forced shipping lines to divert vessels to ensure safety. Transportation costs to the EU and the US have, however, begun to ease over the past few weeks.

Chairman of the Vietnam Timber Forestry Products (VIFOREST), Do Xuan Lap, said transportation costs for a 40ft container from Vietnam to the EU have come down to US$3,786.

Back in 2023, Vietnam targeted to reach US$18 worth of wood and wood products exports for 2023.

Source: ITTO