Vietnamese authorities and businesses are making efforts to promote domestic consumption of agricultural products, which are piling up due to the impact of novel coronavirus outbreaks in China, reported Vietnam News.
Export turnover is forecast to decrease in the first quarter of this year due to the epidemic and subsequent impact on trade.
According to Nguyễn Bích Lâm, director general of the General Statistics Office (GSO), exports are estimated to drop 21 per cent to US$46.5 billion in the first quarter of 2020. Items that are likely to be worst hit include agricultural products, seafood, wood products and garment and textile products.
Exports to China are predicted to reach $5.6 billion, declining by 25 per cent year-on-year, with agricultural and wood products affected.
Processing excess wood chips into artificial and MDF boards
Nguyễn Tôn Quyền, former vice president and general secretary of the Vietnam Association of Wood and Forest Products, said shipments of woodchips to China have dropped due to the virus. “However, I see that it’s a chance for local businesses to develop production of artificial boards and medium-density fiberboard made of woodchips.”
“In the last two weeks, four Vietnamese woodchip manufacturers have bought machines to produce artificial boards,” Quyền said.
Quyền also proposed the State to consider supporting such businesses with interest rates and helping them complete production lines to take advantage of the opportunity.