Foreign capital injected in wood industry down 36 percent in 2020 hinh anh 1Processing goods for exports (Photo: VNA)

Hanoi (VNA) 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.

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

Wood processing drew most of the foreign investments, with 274.81 million USD in 41 projects.

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

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

According to To Xuan Phuc from the Forest Trends, the superiority can be the results of differences in production and capital scale, as well as technology and management./.