According to Trieu Van Luc, Deputy Director of the Forestry Department, Vietnam aims to achieve $14.2 billion in wood and woodwork exports for 2024, marking a 6% increase from last year. So far, 67% of this target has been met.
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The wood industry is experiencing positive market trends, with major export markets showing growth compared to last year. The US, Vietnam's largest importer, saw a 25.9% increase in export value, reaching over $5.5 billion in the first eight months of the year. China and Japan also saw growth, with increases of 39% and 1.4%, respectively.
The sector benefits from a skilled workforce, ample wood supplies, and the ability to produce traceable and legally sourced products. However, challenges persist, including economic difficulties and protectionist measures in key markets like Europe, the US, Japan, and South Korea. Rising sea freight costs have increased raw wood material prices by up to 40% compared to last year.
To leverage market opportunities, the wood industry should focus on enhancing competitiveness through improved technical solutions, production technology, emission reduction, digital transformation, market development, and internal monitoring standards.
Source: www.en.vietnamplus.vn