HO CHI MINH CITY: In the face of global trade turbulence caused by sudden tariff changes in the United States and shifts in global supply chains, exports of Vietnam’s wood and wood product have managed to maintain positive momentum.
However, the industry is still confronting mounting challenges that demand adaptability and proactive efforts to build domestic resilience.
According to the Agriculture and Environment Ministry, the export value of wood and wood products in the first six months of this year reached US$8.21bil, representing an increase of 8.9% compared with the same period last year.
The United States remained Vietnam’s largest export market, accounting for 55.6% of the total export turnover.
Japan and China followed with market shares of 12.6% and 10.4%, respectively.
Despite the persistent pressure of tariffs in its key market, the sector continued to demonstrate strength, remaining among the top five agricultural groups with the largest trade surplus.
The trade surplus for wood and wood products reached 169.5 trillion dong or about US$6.5bil, a rise of 6.7% year-on-year.
Phung Quoc Man, chairman of the Members’ Council of Bao Hung Co Ltd and president of the Handicraft and Wood Industry Association of Ho Chi Minh City, said that although the US market was affected by new minimum and countervailing tax regimes, Vietnam’s export performance in the first half of this year exceeded expectations.
Exports to the United States still managed to grow by roughly 6%, partly due to clients boosting inventory levels ahead of expected tariff enforcement.
Man noted that the countervailing tax policy imposed by the United States, though unexpected, was applied broadly to many exporting nations, not exclusively Vietnam.
As a result, even though the cost of goods increased, US importers were compelled to continue placing orders to maintain their supply chains and meet demand from customers. — Viet Nam News/ANN
