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Workshop focuses trade frauds, FDI shift in woodworking sector

The reality of export-import and foreign direct investment (FDI) shift in the wood industry in Vietnam were the main focus of a recent workshop in Hanoi. ​
Workshop focuses trade frauds, FDI shift in woodworking sector ảnh 1Illustrative photo (Photo: VNA)

Hanoi (VNA) – The reality of export-import and foreign direct investment (FDI) shiftin the wood industry in Vietnam were the main focus of a recent workshop inHanoi.

Participantsheard that FDI flows poured into wood processing has recorded a strong increasein recent years. China, Japan and the Republic of Korea (RoK) are operating agreat number of large-scale projects in Vietnam in the field.

According to statistics from the Foreign Investment Agency under the Ministryof Planning and Investment, there were 67 newly-registered FDI projects worth 581million USD operating in the wood sector in the first three quarter of 2019.The registered capital amount of the new projects in the period was 2.3 timeshigher than the total registered capital in the whole 2018.

Chine topped the list of countries and territories investing in the field inVietnam with 40 projects, accounting for nearly 60 percent of the total numberof project.

To Xuan Phuc from Forest Trends said FDI firms are greatly contributing toVietnam’s export turnover of wood products, with their export turnover reaching3.96 billion USD in 2018, equivalent to 46.7 percent of the sector’s totalexport value.

Phuc said the US-China trade war can create new opportunities for further FDIexpansion in the wood processing industry in Vietnam.

However, Vietnam is facing trade frauds in the field, which can cause risks forthe industry.

According to Tran Thi Thu Huong from the Vietnam Chamber of Commerce andIndustry, the time for granting of certificates of origin (CO) for wood enterprisesis slower than for those operating in other fields, aiming to prevent growingtrade frauds in this area.

Nguyen Ton Quyen, Vice Chairman and Secretary General of the Vietnam Timber and Forest Product Association, said Vietnam’swood export has reported a stable and sustainable growth.

The last two months of the year are time for the industry to promote exports,towards reaching 11 billion USD in export turnover, Quyen said.

He also pointed out difficulties and limitations inattracting FDI in the wood sector, especially issues related to trade fraudsand efficiency in cooperation between domestic and FDI firms./. 
VNA
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