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Wood – The most impressive export industry in the first 5 months of the year, surpassing the textile and garment and seafood industries

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With strong and outstanding growth in the first 5 months of the year, Vietnam’s wood industry has made a strong impression, surpassing both the textile and garment and seafood industries. With a variety of products from sawn timber, laminated wood to furniture and construction products, the wood industry not only dominates the market but also affirms its important position on the international export playground. Furthermore, investment in modern technology and the transition to high value-added products have helped the wood industry gradually assert itself as one of the strategic sectors of the Vietnamese economy.

Wood export situation in the first 5 months

The latest data from the General Statistics Office shows strong growth in Vietnam’s goods exports in May 2024, reaching 32.81 billion USD, up 5.7% over the previous month. In the first 5 months of 2024, there are 7 export products reaching over 5 billion USD, accounting for 65.3%.

Among these items, Wood and wood products stand out with the most impressive growth, reaching 6.1 billion USD in 5 months, up 23.5% over the same period last year. This demonstrates significant improvement in Vietnam’s wood industry.

Meanwhile, other industries such as Textile and Apparel only increased by 3.3% and the Footwear industry increased by 7.1%. Electronics, an export item mainly operated by FDI enterprises, has recorded stable development.

Compared to the same month last year, exports of wood and wood products increased by 18.1% in May 2023, while Textile and Garment exports decreased by 9% and Fisheries decreased by nearly 4%. This shows that Vietnam’s wood industry is experiencing significant development and positively contributing to the country’s export turnover.

Across 2024, the wood industry has set a target of exporting wood and wood products to reach 15 billion USD. With such a significant growth rate, this goal can be achieved, especially when there are positive signs from the US market at the end of the year.
Information from the General Department of Customs shows that, in the first quarter of 2024, demand for goods in major markets in the Americas and Europe is showing a positive trend. The proportion of exports of wood and wood products to these regions has recorded a significant increase. For example, the proportion of exports to the Americas increased to 56.2%, up 4.6 percentage points over the same period last year. Meanwhile, the proportion of exports to Europe has also increased to 6.3%, an increase of 0.2 percentage points. On the other hand, the downward trend was only recorded in the Asian region, with the proportion of exports falling to 35.82%, down 5.12 percentage points over the same period last year.

Factors promoting wood export growth in the first 5 months of the year

Demand is increasing from major markets

Demand for wood from major markets such as the US and Europe has increased sharply. For example, the US market continues to be one of Vietnam’s main partners in the field of wood export, with the import volume of wood and wood products increasing significantly over the same period last year.

Invest in technology and infrastructure

Investment in modern technology and improving production infrastructure also plays an important role in improving productivity and quality of exported wood products. This helps Vietnam’s wood industry improve its competitiveness and meet strict standards from export markets.

Support policy from the government

The Vietnamese government has applied support policies to promote the wood industry, including export tax reduction, financial support and investment in research and development.

Adapt to climate change and protect the environment
Vietnam’s wood industry is increasingly turning to producing and exporting wood products from sustainable forest sources and complying with international standards on environmental protection.

Strengths of the wood export industry in the first 5 months of the year

Vietnam’s wood industry has recorded impressive growth in export value and quantity of goods going to international markets during this period. Vietnam’s wood and wood products are diverse and rich, from sawn timber, laminated wood, to furniture and household appliances, meeting the diverse needs of consumer markets.

Vietnam’s wood industry is increasingly turning to producing and exporting products from sustainable forests and complying with international environmental standards, thanks to supportive policies and investments in modern technology. Vietnam has succeeded in expanding export markets to new regions, especially the US and Europe, with a significant increase in export proportion.

Prospects for developing the wood export industry in the future

Potential from emerging markets

These are areas with rapid economic development and high demand for construction and furniture. Expanding wood export markets to countries such as Malaysia, Indonesia, India, and Middle Eastern countries such as UAE and Saudi Arabia, brings great potential to Vietnam’s wood industry.

Businesses need to emphasize market research, demand assessment and appropriate product orientation to take advantage of opportunities from these new markets.

Enhance added value

Businesses should focus on investing in research and development to improve the quality of wood products, from sawn timber and laminated wood to furniture and construction products. In addition, it is necessary to develop products with unique designs, consistent with market trends and consumer preferences, thereby enhancing the added value and competitiveness of the Vietnamese wood industry in the market. international.

Innovating production technology

Apply advanced production technology such as production process automation, robotization and artificial intelligence applications to optimize productivity and product quality. Optimize supply chain management from raw materials to the final product, ensuring flexibility and efficiency in production and business operations.

These strategies will help Vietnam’s wood industry not only maintain but also strengthen its position in the international market, thereby meeting the increasing demand of the market and affirming its global presence. of Vietnamese wood products.

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