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6    MARKET BEATS                                                                 JUL/AUG 2024 FDM ASIA | www.fdmasia.com






         Adobe Stock                                         Vietnam Forestry and Wood Products  Association  (Viforest)
                                                                Speaking at the seminar, Vice President Ngo Sy Hoai of

                                                             said that Vietnam's wood industry is maintaining good growth.
                                                             Vietnam is currently ranked 5th in the world in terms of total

                                                             export value of wood and wood products.
                                                                Vietnam  is  also  ranked  2nd  in  the  world  (after  China)  in
                                                             the export value of high value-added furniture product group
                                                             including indoor and outdoor furniture.
                                                                According to Mr. Hoai, Vietnam currently exports wood
                                                             to five main markets including the US, China, Japan, Korea
            The country’s wooden furniture imports reached $1.03   and the EU. High logistics costs have been an obstacle for
          billion in the first three months of this year, up 1.7 percent   wood export enterprises partly due to bulky timber products.
          year-on-year.                                         Mr. Hoai cited the fact that currently, a container of wood

            In addition, the UK market is quite large, with the diverse   products transported to the US has freight costs from US$7,000-
          needs of an Asian community of more than 5.5 million people.  8,000 meanwhile sometimes the value of wood products in a
            "However, the proportion of UK imports from Vietnam is   container is only equivalent to the above amount.
          still low, so the opportunity to expand market share in the   The Viforest representative also believes that  green
          UK is very positive," said the Ministry of Industry and Trade   transformation in the logistics industry is one of the factors
          to Đầu tư (Investment) newspaper.                  determining the success or failure of Vietnam's wood industry.
            To penetrate and expand the market in the UK and   Currently, wood businesses are actively inventorying greenhouse

          effectively take advantage of the benefits that the UKVFTA   gas emissions to comply with emission regulations.
          agreement brings, experts say businesses needed to grasp   Meanwhile, talking about the greening of the logistics
          the regulations on new market standards and consumer trends   industry, Vice President Nguyen Quang Vinh of the Vietnam
          to improve technology and product design quality.  Chamber of Commerce and Industry (VCCI) said that green
            At the same time, experts also recommended investing   growth  and  sustainable  development  are  an  imperative,
          in and using modern digital marketing tools and means to   irreversible and common global trend in the present stage so
          enhance product promotion, to actively participate in international   the logistics industry must participate in the trend.
          exhibitions in the UK.                                According to Vice President Nguyen Quang Vinh, green
            In particular, it is necessary to prepare a production   supply chain management is closely linked to the management

          conversion roadmap to meet the UK's new requirements on   of its links, including green design, green manufacturing,
          reducing emissions and preventing deforestation and forest   green operation, green procurement, green logistics, and
          degradation.                                       waste management.
                                                                When these links are all green, businesses will be able to
          US accounts for almost 40% Vietnam's timber exports  improve their production and operation capabilities, while at
          The US market accounts for nearly 40 percent of Vietnam’s   the same time forming a green and sustainable ecosystem
          total wood export turnover, which was heard at a seminar on   around businesses; thereby, creating a competitive advantage

          greening logistics and FIATA World Congress 2025 in Hanoi   and increasing firms' ability to adapt, resist and recover before
          on July 10, reported by en.sggp.org.vn.            market shocks.
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