Wood and wood products are a key export segment in Vietnam In 2017, the export value of lumber and forestry products was $8 billion, while the domestic sales was $1.47 billion. Wood and wood products became the sixth-ranking export item of Vietnam, capturing 6 per cent of the global market share. Vietnam ranks fifth over the world in terms of wood and wood products exports, as well as second in Asia, and the first in the ASEAN. However, Nguyen Xuan Cuong, Minister of Agriculture and Rural Development, said: “$1.47 billion is a small number compared to Vietnam’s potential. Thereby, the wood sector should evolve the domestic market to reach $4 billion in domestic consumption and $10 billion in wood and forestry products exports by 2020, according to the action plan for the development of the wood and wood products market in 2014-2020.” In order to reach the target, the forestry industry set the $10.22-billion target in total product value in 2018, with the export value of wood and wooden products at $8.66 billion. It set the total product value target of $11.49 billion in 2019, with the export value of wood and wood products at $10 billion. Favourable conditions and… Read full this story
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