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VIETNAM Wood exporters could leverage trade deal with UK
Wood and wood product (W&WP) trade highlights The UK-Vietnam Free Trade Agreement (UVFTA) is one of
• According to Vietnam Office of Customs, in November the key drivers boosting the growth of Vietnam’s timber and
2024, Vietnam’s W&WP exports reached US$1.55 billion, wood product exports to the UK, industry experts have said.

up 27 percent compared to November 202 of which According to the Vietnam Timber and Forest Products
WP exports accounted for US$1 billion, up 15 percent Association (VIFORES), exports to the UK are expected to
compared to November 2023. be worth US$230 million in 2024, up from US$195 million
In the first 11 months of 2024 W&WP exports were in 2024. In the first 10 months of 2024, they were worth
valued at US$14.8 billion, up 22 percent over the same US$182.1 million.
period in 2023; WP exports contributed US$10.1 billion, The association said the trade deal, which took effect
up 23 percent over the same period in 2023. in 2021, has positively impacted the wood industry due to
• Imports of raw wood in November 2024 were 532,800 cubic preferential tax rates that will move towards zero percent in
metres, worth US$165.2 million, up five percent in volume five years for all wood products.

and five percent in value compared to October 2024. Vietnam’s timber and wood products hold a competitive
Compared to November 2023 imports increased by advantage over those from other countries exported to the
27 percent in volume and 19 percent in value. UK, it said.
In the first 11 months of 2024. imports of raw wood Ngo Sy Hoai, VIFORES’ Vice President and Secretary
were at 5.18 million cubic metres, worth US$1.65 billion, General, said while exports to the UK are modest compared
up 26 percent in volume and 19 percent in value over the to overall exports (estimated at US$16 billion in 2024) the UK
same period in 2023. is an important export market of Vietnam’s wooden products

• Following three consecutive months of decline NTFP accounting for 40 percent of the country’s exports to the EU27.
exports in October 2024 recovered reaching US$61.09 "We view the UK market as a gateway to Europe. If we
million, up 21 percent compared to September 2024 and can export extensively to the UK, we can confidently enter
up six percent over the same period in 2023. other markets as the UK has stringent requirements regarding
In the first 10 months of 2024 NTFP exports were quality, design, and environmental standards. Vietnamese
valued at US$656.06 million, up 10 percent over the same businesses have met these requirements successfully, with
period in 2023.
• W&WP exports to the EU in November 2024 amounted
to US$55 million, up 15 percent compared to November

2023. UF SFRC - University of Florida
In the first 11 months of 2024 exports of wood and
wood products to the EU earned US$492.4 million, up
25 percent over the same period in 2023.
• In November 2024, bedroom furniture exports brought
in about US$191.5 million, up 29 percent compared to
November 2023. In the first 11 months of 2024 the exports

of bedroom furniture earned US$1.9 billion, up 29 percent
over the same period in 2023.