Wood and timber product exports are expected to hit US$10 billion by 2020, according to an action plan for developing the wood market, approved by the Ministry of Agriculture and Rural Development (MARD).
Nguyen Ton Quyen, General Secretary of the Vietnam Timber and Forest Products Association (Vietfores), believes Vietfores will beat this goal, reasoning that the US, Japan and China are keen on Vietnam’s wood products, and the European Union has weathered the storm.
Wood and timber product exports are now fifth among the ten main export industries of Vietnam. Effective solutions and support policies will enable the sector to potentially earn US$15-20 billion in the next ten years, Quyen says.
Ministry of Industry and Trade statistics show that wood and wood product export earnings reached US$2.42 billion in the first five months of this year, a 17.5% rise compared to the same period last year.
The US, Japan and China are Vietnam’s largest consumers of this kind of commodity, making up 66.16% of total export value, with growth rates of 25.58%, 16.96% and 28.78% respectively.