Source: Socialist Republic of Vietnam
According to the Agricultural Products Processing and Development Department under the Ministry of Agriculture and Rural Development, export revenue of wood and wood products is estimated to have reachedUS$1.15 billion in September 2020, raising the total export revenue of wood and wood products to US$8.48 billion in the first nine months of this year, up 12.4% over the same period in 2019.
The US, China, and Japan were the three largest importers of Vietnamese wood and wood products in the first eight months of 2020, accounting for 77.5% of Vietnam’s total export revenue in the sector.
Vietnam’s wood industry continued to witness impressive export growth in the January-September period despite the complicated developments of the COVID-19 pandemic on a global scale.
During the period, Vietnam’s export revenue to the US increased by US$835 million, income from exports toChina rose by US$79 million and that to Canada soared by US$12 million compared to the same period in 2019.
In particular, the Vietnamese wood industry expects to expand its consumption markets among EU countries thanks to the coming into effect of the EU-Vietnam Free Trade Agreement (EVFTA) in August 2020.
In addition, the Government’s promulgation of Decree 102/2020/ND-CP on the Vietnam Timber legality assurance system on September 1, 2020 is expected to further boost Vietnamese wood exports to the EU market.
The Agricultural Products Processing and Development Department forecasts that Vietnamese wood exports will continue to grow in the remaining months of this year and that total export revenue from wood in 2020 is expected to exceed US$12 billion.