Business

Foreign capital injected in wood industry down 36 percent in 2020

Vietnam’s wood industry secured 63 new foreign direct investment (FDI) projects worth 372.68 million USD in 2020, down 36 percent and 49 percent on-year, respectively.
Foreign capital injected in wood industry down 36 percent in 2020 ảnh 1Processing goods for exports (Photo: VNA)

Hanoi (VNA) – Vietnam’s wood industry secured 63new foreign direct investment (FDI) projects worth 372.68 million USD in 2020, down36 percent and 49 percent on-year, respectively.

According to a research by a number of organisations,including the non-profit organisation Forest Trends and the Vietnam Timber andForest Product Association (VIFOREST), these foreign projects came from 14countries and territories such as China and the Republic of Korea.

Wood processing drew most of the foreign investments, with274.81 million USD in 41 projects.

Meanwhile, a total of 193.64 million USD were added toexisting foreign-funded projects, decreasing 3 percent on-year.

Regarding export, FDI enterprises continued to show theirsuperiority compared to domestic ones, with 653 firms or 18 percent of theindustry’s total exporters. They posted a turnover of 6 billion USD, accountingfor 51 percent of the industry’s total. Meanwhile, 2,676 domestic companiesrecorded just 5.9 billion USD in export value.

According to To Xuan Phuc from the Forest Trends, the superioritycan be the results of differences in production and capital scale, as well astechnology and management./. 
VNA
#Vietnam’s wood industry #foreign direct investment #Forest Trends #VIFOREST #To Xuan Phuc #Vietnam #Vietnam News Agency #vietnamplus
Follow VietnamPlus

Related News

Binh Duong tops wood export nationwide

Binh Duong tops wood export nationwide

Wood and wooden product exports in the southern province of Binh Duong fetched 5.6 billion USD in 2020, accounting for 47.3 percent of the nation’s total wood export value, according to the Binh Duong Furniture Association (BIFA).
Bright outlook for domestic timber industry

Bright outlook for domestic timber industry

Vietnam should develop a generation of young entrepreneurs in the timber industry, and consider it a sector for startups, said President of the Handicraft and Wood Industry Association (HAWA) of HCM City Nguyen Quoc Khanh. ​

See more

A port in California of the US (Photo: Xinhua/VNA)

Vietnam attends WTO session on removing technical barriers to trade

The Vietnamese delegation is closely tracking all Specific Trade Concerns, with a keen interest on rules impacting Vietnam’s key and potential exports at the regular session of the World Trade Organisation (WTO) Committee on Technical Barriers to Trade (TBT Committee) in Geneva, Switzerland from March 25-28.

The ICON e: (Photo: Honda Vietnam)

Honda Vietnam rolls out first domestically produced electric scooter

The ICON e: is specifically designed for high school students, a young and dynamic demographic seeking safe and convenient mobility. The scooter comes equipped with advanced safety features, including a fire- and water-resistant lithium-ion battery, a combined braking system (CBS), LED lighting for enhanced visibility, and a spacious storage compartment. It is expected to launch in the Vietnamese market in April.

A buyer searches for food products at the fair. (Photo: VNA)

Third Vietnam Outstanding Export Products Fair opens in HCM City

It features nearly 750 booths showcasing a wide range of goods and services like agricultural products, foods and seafood, handicrafts, souvenirs, regionally distinctive goods, textiles, footwear, supporting industries, and food processing, packaging, and preserving technologies.

Fillet catfish for export (Photo: VNA)

Vietnam, US boost agricultural trade

The key agricultural products of the two countries complement each other rather than compete. Therefore, Vietnam is willing to open its market to US agricultural products.

An overview of the B2B session at the Vietnam – India business meeting (Photo: VNA)

Vietnam, India strengthen business ties to boost trade

The business meeting provided a valuable opportunity for direct engagement, allowing participants to gain deeper insights into the Vietnamese and Indian markets and laying the groundwork for sustainable trade expansion.

MobiFone has become the third network operator in Vietnam to offer 5G services. (Photo: VNA)

MobiFone officially launches 5G services

This launch marks a significant milestone in Vietnam’s telecommunications landscape, promising to elevate the digital experience for both individual and business users.