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MARKET Beats 5

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Vietnam’s Wood Industry According to Vice Chairman of the Handicraft and Wood

Attributed The Positive Industry Association of Ho Chi Minh City Nguyen Chanh
Phuong, the US now accounts for 54 percent of the Vietnamese
Growth wood exports. However, it presents ongoing challenges with

import taxation policies that keep businesses on their toes.
Vietnam's wood exports to exceed target with Firms in key wood producing localities like Binh Duong,
overcoming difficulties Dong Nai, and Binh Dinh have been active in seeking market
According to vietnamplus.vn, Vietnam's wood processing and opportunities.
export industry is on track to surpass its 2024 export target Chairman of the Binh Duong Furniture Association Nguyen
of US$15.2 billion, navigating through complicated market Liem highlighted the efforts of local firms to bolster shipments,
developments with strategic adaptability. including making innovative product designs that are attracting
Statistics from the General Department of Vietnam Customs international customers and pivoting to e-commerce channels,
showed that Vietnam's wood export turnover in the first demonstrating flexibility in their sales strategies.

11 months of 2024 was estimated at over US$14.6 billion. Meanwhile, enterprises in Dong Nai province have sold
Industry experts said seeing the market’s robust recovery their products to 50 countries and territories, with major
signs, enterprises have proactively outlined production plans markets being the US, the EU, Japan, the Republic of Korea,
and sought new markets. and China. Since the outset of the year, the locality’s wood

Aili Vahtla