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Timber, textile… gained billions of USD in exports

25/01/2021

The result of export worth USD 281.5 billion, equivalent to growth of 6.5% in 2020 with the good use of FTAs.

Not only completing, but also exceeding the export target in 2020 by 5.7%, the forest products industry has scored big in the export industries of over USD 10 billion/year, significantly contributing to the country's export surplus.

Deputy Minister of Agriculture and Rural Development Ha Cong Tuan said that in 2020, export of forest products reached USD 13.2 billion, an increase of16.9% compared to 2019. With this result, Vietnam has become the 5th largest country in the world, 2nd in Asia and No. 1 in Southeast Asia in terms of exporting forest products. Vietnamese timber products are present in more than 120 countries and territories.

"The resilience of Vietnam's timber industry in recent years has made a great contribution from the openness of the domestic legal system, together with the FTAs ​​already in effect", Mr. Tuan said.

According to the Import and Export Department (Ministry of Industry and Trade), 2020 is a very successful year for Vietnam's timber industry. Despite outbreaks of the Covid-19, the value of furniture exports only decreased in April and May 2020; from June 2020, timber exports have continuously increased.

Similar to the timber industry, the textile and garment industry is also highly appreciated for its ability to take advantage of the FTA, although the export turnover in 2020 has decreased by USD 4 billion compared to 2019 because of the negative impact of Covid-19, but still reached a very high number: USD 35.2 billion.

According to the Ministry of Agriculture and Rural Development, regarding the opportunities for the forest product production, processing and export sector, the world wooden furniture market is very large, with a commercial value of about USD 450 billion/year, in which wooden furniture is about USD 150 billion/year. The export turnover of Vietnam's wooden furniture only accounts for about 6% of the global market share, therefore, there is high potential for exports..

In 2021, the forest products industry set export target of USD 14.5 billion (an increase of 12% compared to 2020), of which, export revenue of timber and wood products of USD 13 billion.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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