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Vietnam's timber exports are expected to hit a new record

14/04/2021

Vietnam's timber exports have increased over the past few years and are expected to hit a new record in 2021.

Export turnover from timber and wood products increased by 15.4% on average over the same period in 2017-2020, equivalent to USD 1.35 billion, higher than the total revenue of many products.

Export turnover from timber and wood products reached USD 3.7 billion in the first quarter of this year, an increase of 41.5%, accounting for nearly 22% of total export turnover of the country.

Export turnover of timber and wood products ranks sixth among Vietnam's export sectors. Timber and wood products are also the items with the largest surpluses, contributing to improving the balance of trade.

The industry achieves such outstanding results due to a number of factors, including keeping the forest coverage rate at around 42%. Each year, the area of ​​concentrated forestation is over 260,000 ha.

The annual volume of timber harvested has increased from 10 million cubic meters in 2015 to 16 million cubic meters in 2019.

Last year harvested timber increased by 33.9 percent from 2016, an average of 7.6 percent or 1.07 million cubic meters per year.

In terms of market share, the United States is the largest export market, accounting for 60.4% of the total wood export turnover of Vietnam, China 9.9%, Japan 9.5% and South Korea 5.7%.

These four markets alone account for 85.5% of the total.

In terms of productivity, excluding individuals, producer groups and cooperatives, Vietnam currently has about 12,000 companies, with about 500,000 employees and VND 320 trillion (USD 14 billion) of fixed assets with worth more than VND 120 trillion and approximately VND 360 trillion in net income.

 

Kylie Nguyen

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