A report of the Vietnam Administration of Forestry (VAF) showed that Vietnam exported $7.3 billion worth of timber, non-timber forestry and wooden furniture products in 2016, according to Vietnamnet.
This included $5.12 billion worth of wooden furniture exports, an increase of 7.1 percent compared with the year before.
This was the first time that export turnover witnessed the one-digit growth rate.
However, the achievement was still encouraging in the context of the decrease in Europe’s imports and China’s lower woodchip consumption (just equal to 61 percent of 2015).
According to the Handicraft and Wood Industry Association of HCMC deputy chair Huynh Van Hanh, Vietnam’s export markets may expand this year thanks to free trade agreements and higher demand from the US and Japan.
The US is an important market for Vietnam as it is both an input material supplier and consumer. Vietnam exports $2 billion worth of wooden products to the US each year.
Exports to the US have been increasing steadily after the Vietnam-US Trade Agreement took effect under which the tariffs have been cut sharply from 50 percent to very low rates, and to zero percent on some products.
Meanwhile, Chinese wooden exports to the US are undergoing an anti-dumping investigation. As a result, Chinese export turnover to the $30 billion market has decreased considerably, especially in interior products.