Business

Vietnam accounts for 6 pct of world’s timber, wooden furniture market

Vietnam’s exports account just 6 percent of the global timber and wooden furniture market which is estimated at 120 billion USD, said a local official.
Vietnam accounts for 6 pct of world’s timber, wooden furniture market ảnh 1A wood processing firm in Binh Duong province (Photo: VNA)

Hanoi (VNA) – Vietnam’s exports account just 6 percent of the globaltimber and wooden furniture market which is estimated at 120 billion USD, saida local official.

Pham Hong Luong, Head of the Planning-Financeunder the Ministry of Agriculture and Rural Development’s Vietnam Administrationof Forestry, said Vietnam holds huge potential for wood processing andproduction.

Currently, there are nearly 4,000 timber processing firms, with 1,500 woodexport companies. They stand ready to boost the sector’s growth if there areabundant materials, sound mechanisms and robust market signs.

Meanwhile, they do not have to face fierce competition as other foreign exportersare facing anti-dumping petitions.

The freshly-issued forestry law together with the EU-Vietnam VoluntaryPartnership Agreement on Forest Law Enforcement, Governance and Trade(VPA-FLEGT) will set up legal corridors and mechanisms to encourage marketexpansion for the forestry sector.

Regarding domestic consumption market, Vietnam’s wood consumption is calculatedat some 30 USD per person per year, which is much lower than the world’s figureof 72 USD. Domestic wood demand is expected to increased, spurred by rapidurbanisation speed and the bounce-back of the real estate market.

With these favourable conditions, Vietnam’s exports of forestry products areexpected to bring home some 9 billion USD this year.

Vietnam is a leading wood exporter in ASEAN. It ranks 2nd in Asiaand 5th in the world in terms of export revenue from forestryproducts.

Last year, forestry exports hit a record growth of 10 percent in recent fiveyears to reach more than 8 billion USD, which surpasses the target of 7.8billion USD set for 2020.-VNA


VNA
#Vietnam’s exports #global timber and wooden furniture market #wood processing and production #VPA-FLEGT #freshly-issued forestry law #domestic consumption market #Vietnam News Agency #Vietnamplus
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