The country's exports of wood products could exceed 4 billion USD next year thanks to a rising demand, forecast the VietnamTimber and Forestry Product Association (Vietforest).
Vietforest vice chairman Nguyen Ton Quyen said that the industry's export turnover could reach 4.1-4.2 billion USD in 2011, up roughly 30 percent over this year.
However, Quyen warned domestic wood exporters to pay due attention to the Lacey Act, a US law that bans the import of any wood products made from illegally harvested timber.
Although no Vietnamese shipments have been returned so far, Quyen said that exporters needed to take heed as the law only came into force in April.
Quyen said that under the new regulations, the cost of timber would increase by roughly 30 percent, and it would also take exporters more time to source raw materials. He recommended that exporters take the initiative and develop production and business plans.
Wood product exporters are also concerned about the price hike of imported materials which the industry is highly dependent on.
Vietforest statistics showed the wood industry this year would need roughly 6.4 million cubic metres of timber, of which domestic production could provide only 1.6 million cu.m. Therefore, the country would have to import roughly 4-5 million cubic metres of timber to meet the annual export target of 3 billion USD this year. Meanwhile, the cost of imported wood materials had surged 15-30 percent in the past few months.
According to Vietforest, the industry this year would earn 3.2-3.3 billion USD from exports, roughly 200-300 million USD higher than the annual target.
Quyen attributed the increase to the rebound of all import markets, especially the EU and US. The growth rate of the export of Vietnamese wood products to the US market was estimated at 15 percent this year and the figure for the EU market was roughly 8 percent.
The surge was also thanks to the exporters' success in exploiting new markets including India , Russia and the Middle East .
The country expects to achieve 4.5 billion USD in 2015 and 7 billion USD in 2020. To attain these goals, Vietnam will have to import 4-5 million tonnes of timber annually for the next 10 years.
To deal with the shortage of materials, HCM City Handicraft and Wood Industry Association vice chairman Tran Quoc Manh recommended that exporters of wood products cooperate with each other to cut costs./.
Vietforest vice chairman Nguyen Ton Quyen said that the industry's export turnover could reach 4.1-4.2 billion USD in 2011, up roughly 30 percent over this year.
However, Quyen warned domestic wood exporters to pay due attention to the Lacey Act, a US law that bans the import of any wood products made from illegally harvested timber.
Although no Vietnamese shipments have been returned so far, Quyen said that exporters needed to take heed as the law only came into force in April.
Quyen said that under the new regulations, the cost of timber would increase by roughly 30 percent, and it would also take exporters more time to source raw materials. He recommended that exporters take the initiative and develop production and business plans.
Wood product exporters are also concerned about the price hike of imported materials which the industry is highly dependent on.
Vietforest statistics showed the wood industry this year would need roughly 6.4 million cubic metres of timber, of which domestic production could provide only 1.6 million cu.m. Therefore, the country would have to import roughly 4-5 million cubic metres of timber to meet the annual export target of 3 billion USD this year. Meanwhile, the cost of imported wood materials had surged 15-30 percent in the past few months.
According to Vietforest, the industry this year would earn 3.2-3.3 billion USD from exports, roughly 200-300 million USD higher than the annual target.
Quyen attributed the increase to the rebound of all import markets, especially the EU and US. The growth rate of the export of Vietnamese wood products to the US market was estimated at 15 percent this year and the figure for the EU market was roughly 8 percent.
The surge was also thanks to the exporters' success in exploiting new markets including India , Russia and the Middle East .
The country expects to achieve 4.5 billion USD in 2015 and 7 billion USD in 2020. To attain these goals, Vietnam will have to import 4-5 million tonnes of timber annually for the next 10 years.
To deal with the shortage of materials, HCM City Handicraft and Wood Industry Association vice chairman Tran Quoc Manh recommended that exporters of wood products cooperate with each other to cut costs./.
