Vietnamplus

Exports of wood and timber products to the EU totalled 314 million USD in the first half of 2021, a 36.4 percent increase from the same period last year.

Vietnam recorded a trade surplus of 930 million USD with Japan in the first eight months of 2019.

The forestry industry gained a trade surplus of over 4.57 billion USD in the first seven months of this year, according to the Vietnam Administration of Forestry (VNFOREST) under the Ministry of Agriculture and Rural Development.

Vietnam and the European Union (EU) last week signed a landmark free trade deal that will slash tariffs on almost all goods, including wood and timber products. It is expected to give Vietnamese wood exporters better market access and more opportunities to expand their business.

More than 10 key agricultural products of Vietnam are being sold across 160 countries and territories worldwide.

Vietnam’s exports of wood and timber products in the first quarter of this year reached 2.3 billion USD, up 15.6 percent year-on-year, the Ministry of Agriculture and Rural Development reported.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to create opportunities for Vietnam to expand markets for major exports like wood and timber products, and seafood.

Besides traditional markets such as the US, EU and Japan, Vietnamese enterprises should make inroads into the Middle East market, according to experts.

Experts forecast about 1 billion USD worth of timber to be exported to the EU annually by 2020 thanks to the EU-Vietnam Free Trade Agreement (EVFTA).

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 of wood and timber products is forecast to bring home 8 billion USD in 2017, heard a workshop in Hanoi on October 5.