Wood, wooden product exports projected to rake in US$25 billion by 2030

Vietnam expects to earn US$25 billion from the export of wood and wooden products by 2030.
Wood, wooden product exports projected to rake in US$25 billion by 2030 ảnh 1

Illustrative image (Source: VNA)

The export turnover would set a record high of US$18 billion by 2023, with wood pellets and woodchips forecast to enter the one-billion USD club.

President of the Vietnam Timber & Forest Products Association (Viforest) Do Xuan Lap said that the figure will represent a growth rate of 7-9%.

To that end, the industry will focus on raising the competitiveness of enterprises by reducing the use of imported wood, applying scientific and technological advances in improving labour productivity, and stepping up digital transformation to cut production costs.

The export of wood and forestry products was valued at US$16.92 billion last year, surpassing the set target by 3.8%, and up 6.1% year-on-year.

To boost the export, the Ministry of Agriculture and Rural Development will propose the Prime Minister and the Government approve relevant policies, such as the national forestry planning scheme for 2021-2030 with a vision towards 2050.

Importers, especially those from major markets like the US and Europe, have intensified their technical barriers and product origin tracing, the ministry said, suggesting businesses satisfy requirements of partners to optimise advantages generated by free trade agreements in order to achieve the above-said targets.