(13th Congress) - The export value of timber and wooden products during the January-November period was estimated at 11.7 billion USD, an increase of 1.6 billion USD compared to the same period of 2019, according to the Ministry of Agriculture and Rural Development.
The forestry sector eyes 14.5 billion USD in export revenue in 2021. (Photo: baodautu.vn)
The General Department of Forestry said it is confident of reaching the export target for timber and wooden products of 13 billion USD for the whole year 2020.
The forestry sector eyes 14.5 billion USD in export revenue in 2021, and 20 billion USD in 2025.
Vietnam News Agency quoted reports from the General Department of Forestry that Vietnam has many opportunities to expand export markets and increase export value for timber and wooden products. The world's furniture and wooden product market is large, with a value of about 430 billion USD, including 150 billion USD from furniture products.
Meanwhile, Vietnam’s furniture products at present only account for about 6 percent of the global market share.
Besides traditional markets with high export value such as the US, Japan, China, EU, and the Republic of Korea, some other potential markets also offer more opportunities for Vietnam to promote furniture exports, like Canada, Russia and India.
The Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA/FLEGT) between Vietnam and the EU, effective from June 1, 2019, helps local businesses improve competitiveness for wooden products exported to the EU, according to the department./.
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