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Vietnam’s wood, wooden furniture exports to hit only 13.5 billion USD in 2023

Vietnam’s exports of wood and wooden furniture will reach only about 13.5 billion USD in 2023, down 15.5% year on year, President of the Vietnam Timber and Forest Product Association (VIFOREST) Do Xuan Lap told a seminar held in Hanoi on December 21.
Vietnam’s wood, wooden furniture exports to hit only 13.5 billion USD in 2023 ảnh 1Processing wooden furniture for export to the EU. (Photo: VNA)

Hanoi (VNA) - Vietnam’s exports of wood andwooden furniture will reach only about 13.5 billion USD in 2023, down 15.5% year on year, Presidentof theVietnam Timber and Forest Product Association (VIFOREST) Do Xuan Lap told aseminar held in Hanoi on December 21.

Co-hosted byVIFOREST, along with various associations and member organisations, and ForestTrends, the event discussed sustainable development and challenges facing thetimber industry.

Lap said 2023 is a challenging year for Vietnam's timber industry. A sharp decline inconsumer demand in key export markets such as the US and the European Union hasresulted in a remarkable reduction in orders. Many businesses have been compelled toscale back production, and some even faced a risk of closure.

Major export markets are increasingly enforcing stricterregulations on the legality and sustainability of products. Specifically, theEU Timber Regulation (EUTR), effective from late June, stipulates that productsimported into this market must ensure legality and do not cause deforestation.In both domestic and foreign markets, there is a growing demand for low carbonemissions throughout the supply chain to achieve net-zero goals. Products withhigh carbon content will face diminished competitiveness in the market, hesaid.

ToXuan Phuc, Managing Director of Forest Trends’ Forest Policy, Trade and FinanceInitiative, said about 77% of Vietnam’s wood exports to the EU belong to wood furniturecategory (HS 9401 and HS 9403) while the remainders are wood and raw materials(HS 44). In the first 11 months of this year, the export turnover of wood andwooden furniture to the EU dropped by 32% year on year.

EUbuyers did and will apply various voluntary sustainable production andconsumption standards for wood products, such as those with the Forest StewardshipCouncil (FSC) certification for sustainable forest management. Additionally,Vietnam and the EU have signed the Voluntary Partnership Agreement on ForestLaw Enforcement, Governance and Trade (VPA/FLEGT), under which, Vietnam committed that all wood products exported to the EU are legal, he added.

According to the official, the industry’s growth will slow down, by some 10-12% next year compared the late quarters of this year. The key focus for nextyear is toestablish an image of sustainable development for the Vietnamese timber industry,based on using certified wood and creating products with reduced emissions./.

VNA
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