The opening nine months of the year saw the export value of timber and forestry products reach an estimated figure of US$8.97 billion, up 12% from the same period last year, according to a report released by the Vietnam Timber and Forest Product Association (Vifores).

During the reviewed period, wood and wood product exports stood at US$8.38 billion, representing a year on-year  rise of 11.2%.

The nation’s five leading export markets include the United States at US$4.19 billion, an increase of 27.4% over the same period in 2019, Japan, China, the EU, and the Republic of Korea (RoK).

Deputy Minister of Agriculture and Rural Development Ha Cong Tuan assesses that following two waves of the novel coronavirus (COVID-19) pandemic, Vietnamese wood exports still show many positive signs due to the efforts and creativity shown by local businesses.

“Looking back at difficulties, we have drawn lessons for success. This year, we conclude our five-year plan. In retrospect, the export target of US$7.5 billion in 2020 was far exceeded. The wood industry is poised to reach the export target of US$20 billion by 2025 as expected by the Prime Minister”, Deputy Minister Tuan says.

Since the beginning of the year , the wood and forest product processing and export sector has experienced a number of fluctuations, strongly affecting the production, processing, and export value of timber and local forest products, although the impact of COVID-19 must also be taken into account.

Despite this negative impact, starting from July when the pandemic was gradually brought under control, countries have begun to restore production and business activities as a means of boosting economic development. This has therefore resulted in growing demand for importing timber and forest products, coupled with an increasing number of signed orders.

Most notably, the export value of timber and forest products has bounced back, with the export value witnessing a two-digit increase in both August and September. Indeed, the export value of wood and forest products in August reached over US$1 billion for the first time.