Despite a sharp fall in exports in August and September due to impacts of COVID-19, the wood sector still has chances to complete its export target for the whole year provided that it can quickly resume production, according to experts.
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.
The development and activation of a geographic origin and timber species risk category plays an important role in controlling the legality of imported timber, heard at a recent seminar in Hanoi.
According to the Vietnam Timber and Forest Product Association, Vietnam’s wood exports in 2017 could reach 8 billion USD, exceeding target of 7-7.5 billion USD set at the beginning of the year.
The export revenue of timber and woodwork products is projected to reach 7.4 billion USD, 200 million USD less than the target set for the sector this year.
Vietnam's wood industry is expected to gain a total export value of wood and wooden products of 7.7 billion USD for this year, higher than 7.1 billion USD in 2015.
Vietnam’s wood sector pocketed 425 million USD from exports to China in the first half of this year, ranking second among Vietnamese exports to China behind cassava.
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