The export of forestry products in the first half of 2019 fetched about 5.3 billion USD, a year-on-year surge of nearly 20 percent, according to the Vietnam Administration of Forestry under the Ministry of Agriculture and Rural Development.

The export of forestry products in the first half of 2019 fetches about
5.3 billion USD, a year-on-year surge of nearly 20 percent (Photo: VNA)

Vietnam’s forestry sector enjoyed a trade surplus of more than 4 billion USD in the period, said Director General of the administration Nguyen Quoc Tri.

The US, Japan, the European Union (EU), China and the Republic of Korea remained the largest importers of Vietnamese forestry products, accounting for some 87 percent of the industry’s total export value.

To date, Vietnam maintained its position as the leading exporter of forestry products in Southeast Asia, the second largest in Asia and the fifth in the world.

The Voluntary Partnership Agreement on Forest Law Enforcement, Governance, and Trade (VPA/FLEGT) between Vietnam and the EU officially took effect on June 1, 2019. It shows the commitment of Vietnam and the EU to promoting the implementation of the "Trade and Sustainable Development" programme in the framework of the EU-Vietnam Free Trade Agreement.

Last year, Vietnam raked in some 9.3 billion USD from shipping forestry products to foreign nations. The country eyes 10.5 billion USD in export value this year.

Vietnam is now home to 4,500 enterprises specializing in processing and exporting wood and forestry products. They include more than 700 foreign-invested businesses, most having large production scales using advanced technology.