CPTPP countries – potential markets for Vietnamese wood industry
Countries joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are potential markets for Vietnamese wood firms, said Nguyen Ton Quyen, Vice Chairman of the Vietnam Timber and Forest Products Association.
Hanoi (VNA) – Countries joining theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)are potential markets for Vietnamese wood firms, said Nguyen Ton Quyen, ViceChairman of the Vietnam Timber and Forest Products Association.
Quyen said when the agreement comes into effect,Vietnam’s wood and timber product exports to New Zealand, Singapore and Mexicowill increase.
The Southeast Asian country will also be able toexpand exports to Peru, Chile and Brunei, he added.
In 2018, the total export turnover of Vietnam'swood and timber products to the CPTPP markets exceeded 1.6 billion USD, up 14.6percent compared to 2017 and accounting for 18.3 percent of the country’s totalwood and timber product export value.
Specifically, Vietnam exported wood to Japanwith a record high of 1.119 billion USD, a year-on-year increase of 12.16percent.
Australia was second with 174.05 million USD, up 14 percent, then Canada at155.89 million USD.
Exports to Malaysia and Mexico also surged by 86 percent and 61 percentrespectively. .
Quyen said Japan has always ranked first,accounting for 69 percent of Vietnam's total exports of wood and timberproducts to the CPTPP countries.
Australia was the second biggest wood importeramong countries joining the deal as it has big demand for woodenfurniture.
Vietnam is the fourth biggest supplier offurniture for Canada, comprising about 12.9 percent of the market’s furnitureimport turnover.
Nguyen Quoc Tri, Director General of the GeneralDepartment of Forestry under the Ministry of Agriculture and Rural Development,said the sector will implement the Law on Forestry and build guidance documentson mechanisms and policies to implement new international commitments such asCPTPP, Voluntary Partnership Agreement (VPA) on Forest Law Enforcement,Governance and Trade (FLEGT) to support the wood processing and forestryindustry with stable development.
It will support Vietnamese wood businesses andassociations to update market information and legal regulations on wood as wellas increase their management capacity, he added.-VNA
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Processing wood for exports (Photo: VNA)
