Wood exports likely to top 16 billion USD this year
The wood sector expects to earn 15.5-16 billion USD from exports this year, given a nearly 21% growth rate to 13.18 billion USD in the first 10 months.
Furniture production at Manh He Furniture Company Limited, Ho Chi Minh City. (Photo: VNA)
Hanoi (VNA) – The wood sector expects to earn 15.5-16 billion USD from exports this year, given a nearly 21% growth rate to 13.18 billion USD in the first 10 months.
The US is currently the largest importer of Vietnam's wood and wood products, accounting for over 50% of the market share. It is followed by China and Japan.
Among Vietnam’s top 15 export markets, wood and wood product exports to Spain sees the strongest increase, at over 63%.
Chairman of the Vietnam Timber and Forest Product Association Do Xuan Lap emphasised the need for businesses to better their competitive edge through five pillars of production technology, low-emission manufacturing, management, trade promotion, and internal monitoring standards.
Meanwhile, Tran Quang Bao, Director of the Department of Forestry, highlighted the importance of enhancing trade promotion activities, especially through fairs and exhibitions.
In particular, to prepare a legal and high-quality raw material supply for exports, the Ministry of Agriculture and Rural Development will continue to implement policies that encourage the development of large and certified sustainable forest management timber, and the development of cooperation and linkages in forest plantation production associated with the consumption of forest products.
💜 It is currently piloting the issuance of codes for material growing areas in the provinces of Bac Giang, Lang Son, Phu Tho, Tuyen Quang, and Yen Bai. Afterward, this will be scaled up to ensure a steady supply of legally sourced timber that meets international market requirements, particularly the EU's Deforestation Regulation (EUTR), Bao added./.
The UK-Vietnam Free Trade Agreement (UVFTA) is one of the key drivers boosting the growth of Vietnam’s timber and wood product exports to the UK, industry experts have said.
Vietnam’s wood processing and export industry is on track to surpass its 2024 export target of 15.2 billion USD, navigating through complicated market developments with strategic adaptability.
The final months of the year are the time when consumers typically renovate and redecorate their homes in preparation for the New Year. And this can provide a significant boost in export orders for the Vietnamese wood industry.
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.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
