Vietnam’s wood processing industry eyes an increase in export turnover

• Feb 26, 2018

The Hanoitimes – In 2018, Vietnam`s wood industry will focus on domestic market to realize the goal of US$ 4 billion in revenue and increase export value to US$ 10 billion, said Minister of Agriculture and Rural Development Nguyen Xuan Cuong.

In January, Vietnam shipped US$ 709 million of timber furniture, representing a year-on-year growth of 18.5%. The U.S., China, and Japan were the three largest importers of Vietnamese wood products.
Nguyen Quoc Khanh, Chairman of the Ho Chi Minh City Handicraft and Wood Association (HAWA) said competition on global market seems to standstill in recent years while the demand is rising.
Besides, the newly-signed free trade agreements have offered Viet Nam opportunities to increase wood exports thanks to low tariff.
Khanh said Vietnam could become the top ASEAN exporter if such opportunities are fully grasped. Otherwise, Viet Nam may lag behind Indonesia and Malaysia.
According to Minister Cuong, the sector needs to boost raw material readiness and application of technological advances in all production steps.

Source: http://www.hanoitimes.vn/economy/industry/2018/02/81E0C243/vietnam-s-wood-processing-industry-eyes-an-increase-in-export-turnover/