Vietnam’s wood pellet exports seen to fetch US$1bil in 2023

HANOI: Wood pellets are likely to become one of Vietnam’s key export agro-forestry products with an estimated export turnover of US$1bil (RM4.7bil) in 2023, according to Do Xuan Lap, the chairman of Vietnam Timber and Forest Product Association.

Do said that pellet production was thriving, bringing significant value to the forestry value chain. This year, wood pellets ranked fourth in terms of export value in eight export items and forest products, behind interior and exterior furniture, wood materials and wood chips.

The first 10 months of this year have recorded a sharp rise in output and export prices of wood pellets. In 2021, the amount of wood pellets exported from Vietnam reached 3.5 million tonnes with a turnover of over US$413mil (RM1.96bil).

However, that amount reached nearly 3.5 million tonnes in the first 10 months of this year, worth around US$550mil (RM2.6bil), increasing by 35% in volume and 81% in value over the same period of last year.

“Vietnam has become the second-largest exporter of wood pellets in the world. Japan and South Korea are the two largest customers of Vietnam’s wood pellet production,” Do said, adding that more than 90% were purchased by the two countries. — Viet Nam News/ANN

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