The year 2024 is forecast to remain a challenging year for wood industry, given several issues affecting the sustainability of production and export, according to experts.
Wood export turnover reaches 14.39 billion USD in 2023, down 15.8% year-on-year (Photo: VNA)
Hanoi (VNA) – The year 2024 is forecast to remain a challenging yearfor wood industry, given several issues affecting the sustainability ofproduction and export, according to experts.
Statistics of the Ministry of Agricultureand Rural Development show that the sector’s export turnover reached 14.39billion USD last year, down 15.8% year-on-year.
Major export markets have increasinglystricter regulations on product legality and sustainability. Specifically, the EUDeforestation Regulation (EUDR), which took effect in late June 2023,requires products imported into this market to ensure legality and not causedeforestation.
Along with the EU, many other markets have also set new and strict policies, causing many difficulties for wood exportactivities. The US market requires an increase in the frequency ofinvestigations applying trade remedies to the industry, and also compliancewith labour and employment regulations. Japan also requires Vietnamese woodproducts to have sustainability certificates.
The German Supply Chain Due Diligence Actis also indirectly impacting Vietnamese exporters. German importers requireVietnamese exporters to provide additional certificates related to productorigin, employment status, wages, waste treatment and other relatedcertificates.
Meanwhile, Canada currently tends to putforward more environmental regulations in its product design, manufacturing andmarketing strategies. Recently, the Canadian Government published a regulatory frameworkto establish mandatory requirements for recycled content and labelling forplastic products, which will have some impacts on most of Vietnam's exportcommodity groups, from consumer goods packaging to other key export sectors./.
In the first 11 months of 2023, seven commodities of Vietnam posted export value of over 10 billion USD, accounting for over 60% of the country's total export turnover.
Vietnam’s exports of wood and wooden furniture will reach only about 13.5 billion USD in 2023, down 15.5% year on year, President of the Vietnam Timber and Forest Product Association (VIFOREST) Do Xuan Lap told a seminar held in Hanoi on December 21.
The forestry sector is set to harvest 17.5 billion USD from exports and 23 million m3 of wood from planted forests in 2024, Trieu Van Luc, Deputy Director of the Forestry Department under the Ministry of Agriculture and Rural Development, has unveiled.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Wood export turnover reaches 14.39 billion USD in 2023, down 15.8% year-on-year (Photo: VNA) 
