Vietnam's wood industry is on track to surpass its export target by a significant margin, aiming for $16 billion this year, exceeding the Ministry of Agriculture and Rural Development's initial forecast of $14.2 billion.

In the first ten months of the year, wood exports reached $13.2 billion, a nearly 21% increase compared to the same period last year, the Voice of Vietnam reported.

The US remains the largest export market for Vietnamese wood products, accounting for over 55% of the total. The strong demand encompasses both high-end and mass-market items, providing opportunities for even smaller businesses to find their niche in the US market.

Mr. Do Xuan Lap, chairman of the Vietnam Timber & Forest Products Association (VIFORES), emphasized that alongside capitalizing on the “warming” market demand and actively seeking new customers, wood businesses need to proactively transition towards environmentally friendly materials and recycled resources. This approach not only reduces costs but also meets evolving customer demands.

“Failure to cultivate strong market relationships significantly impacts export sales,” Mr. Lap said. "Market promotion and networking are crucial. Organizing industry trade fairs provides opportunities for Vietnamese businesses to connect with international buyers.”

“If exports reach $3 billion in the final two months, the industry will achieve nearly $16 billion in total export revenue for the year,” he added.

Source: VnEconomy