Business

Wood sector confident of achieving export target of 13 billion USD

The Ministry of Agriculture and Rural Development’s General Department of Forestry is confident of reaching the export target for timber and wooden products of 13 billion USD for the whole year 2020.
Wood sector confident of achieving export target of 13 billion USD ảnh 1The export value of timber and wooden products during the January-November period was estimated at 11.7 billion USD. (Photo: VNA)

Hanoi (VNA) – The Ministry of Agriculture and Rural Development’sGeneral Department of Forestry is confident of reaching the export target fortimber and wooden products of 13 billion USD for the whole year 2020.

The export value of timber and wooden products during the January-Novemberperiod was estimated at 11.7 billion USD, up 1.6 billion USD from the same timein 2019.

The forestry sector eyes 14.5 billion USD in exportrevenue in 2021, and 20 billion USD in 2025.

According to the General Department of Forestry, Vietnam has many opportunitiesto expand export markets and increase export value for timber and woodenproducts. The world's furniture and wooden product market is large with a valueof about 430 billion USD, including 150 billion USD from furniture products.Meanwhile, Vietnam’s furniture products at present only account for about 6percent of the global market share.

Besides traditional markets with high export value such as the US, Japan,China, EU, and the Republic of Korea, some other potential markets also bringmore opportunities for Vietnam to promote furniture exports, like Canada,Russia and India.

The Voluntary Partnership Agreement on Forest Law Enforcement, Governance andTrade (VPA/FLEGT) between Vietnam and the EU effective from June 1, 2019 helpslocal businesses to improve competitiveness for wooden products exported to theEU, according to the department.

The US market's demand for wood products from other countries, includingVietnam, is likely to increase because high import tax imposed on Chineseproducts has reduced furniture imported from this market.

In addition, Vietnam has ratified free trade agreements with many partners suchas the EU, Japan, Chile and the Republic of Korea and it is implementing thoseFTAs so Vietnam’s many goods enjoy reductions or elimination in import duties.That would create a competitive advantage for export goods of Vietnam to thosemarkets.

Furthermore, the Government, ministries, sectors and localities areimplementing many solutions to continuously improve the investment and businessenvironment for businesses processing export wooden products, includingreduction of administrative procedures./.
VNA
#General Department of Forestry #export target #timber and wooden products #export revenue #VPA/FLEGT #Vietnam News Agency #Vietnamplus
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