The wood industry aims to export 15.2 billion USD in 2024 (Photo:laodong.vn).

In addition, several businesses saw value-added tax refunds delayed, making it harder for them to raise finance for manufacturing, while some wood processing companies had to reduce the scope of their output and exports.

However, the opportunity to expand and develop market share is extensive with the world’s furniture market being estimated at 405 billion USD a year; import demand for wood and wood products is 230 billion USD, while Vietnam's export turnover of these products accounts for just over 6 per cent.

Free trade agreements (FTAs) to which Vietnam is a signatory remain a leverage for the industry to go far, according to experts.

In the first two months of this year, the export value of the sector reached 2.68 billion USD, up 47.4 per cent over the same period in 2023; and the import value, 355 million USD, up 31 per cent.

To meet the aforementioned export targets, the sector is enhancing its efforts and developing essential solutions in technological innovation, raw material utilization, production, and product distribution.