Wood exports to hit 11.5 billion USD, exceeding target in 2019

Vietnam’s wood exports this year are set to reach up to 11.5 billion USD, exceeding the industry’s own target of 10.5 billion USD, a 20 percent increase compared to last year.

Exports of wood products to the US have seen a sharp rise this year, as well as robust growth to markets including Japan, the UK, Canada, Germany and the Netherlands.

With Japan and Canada partners in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the department said Vietnamese firms are starting to take advantage of the trade deal’s reduced tariffs to penetrate these markets.

As the EU-Vietnam Free Trade Agreement (EVFTA) is set to take effect in 2020, Vietnamese firms can also look forward to similar tariff cuts and trade advantages from the EU, one of the country’s major export markets of wood products./.