Vietnam wood exports to rise to new record level in 2021

This year the export markets for Vietnamese wood industry is expected to be excellent, experts said. - Vietnam News/ANN

HANOI, June 28 (Vietnam News/ANN): Wood products exports are expected to rise to a record US$15-16 billion this year despite the impacts of the Covid-19 pandemic. They were worth $12.5 billion last year.

According to the General Department for Agricultural Products Processing and Market Development, in the first five months they were worth US$6.6 billion, up 61.3 per cent year-on-year.

Most companies have received orders for until the end of 2021, and they are 30 per cent higher than in 2020.

The US is the largest market, accounting for 60.4 per cent of all exports, followed by China with 9.9 per cent, Japan with 9.5 per cent, and South Korea with 5.7 per cent.

Vietnam's wood products have achieved a solid foothold in many markets around the world, highly appreciated for their design and technology.

With the disruption of the supply chain due to the pandemic, the world's leading distributors tend to diversify and seek safer sources, and Vietnam needs to make use of this opportunity, analysts said.

But the Ministry of Industry and Trade also warned that the rapid growth in exports comes with a concomitant risk of anti-dumping and anti-subsidy threats.

Vietnam’s wood industry is affected by trade tensions between major countries.

It has already faced anti-dumping lawsuits from the US and South Korea, especially for plywood-related commercial fraud and tax evasion. But plywood is not the only item facing a threat, the Ministry of Industry and Trade said.

Recently the US Trade Representative accused the Vietnamese timber industry of using illegal wood, and the risk of resultant trade restrictions is very high.

The Ministry of Agriculture and Rural Development has issued a decision on geographic origins and timber species risk categories. This plays an important role in controlling the legality of imported timber.

According to the foreign trade defence handling division at the Ministry of Industry and Trade’s department of trade defence, Vietnam has faced a total of 199 cases so far, and in the last five years there have been 97 commercial defense investigations. - Vietnam News/ANN

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Vietnam , Wood , Exports , Record Numbers , 2021


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