In 2022 Vietnam’s exports of wood and wood products has been reported at US$16.9bn. Despite the slowdown of export growth during the year the industry is forecasting a recovery in Q1 2023.
The Vietnam Timber and Forest Products Association (VIFORES) is anticipating 7-9% growth in 2023 to achieve exports of $18bn or more. The association expects a recovery from Q2 of this year.
The chairman of VIFORES, Do Xuan Lap, said 2022 was one of the toughest years ever for the sector. The wood processing and exporting sectors faced difficulties due to a lack of capital and raw materials coupled with price hikes. Many exporters also had to cut their workforce and reduce production due to limited orders.
To fulfill the 2023 targets, the industry will continue to focus on improving the competitiveness of domestic manufacturing by reducing wood imports, applying science and technology in promoting workplace productivity, speeding up digital transformation to cut production costs and enhancing trade promotion activities at international trade fairs.