In May alone, the country raked in USD 959 million from forestry product exports, reported the administration.
The US, Japan, the European Union (EU), China and the Republic of Korea remained the largest importers of Vietnamese forestry products, accounting for some 87 percent of the industry’s total export value.
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Producing wood products for export |
Meanwhile, its total import turnover of wood and wooden products in the reviewed period reached USD 1.01 billion, 16 percent higher than that of the same period last year.
Hence, Vietnam’s forestry export enjoyed a trade surplus of USD 3.24 billion in the first five months of 2019.
To ensure its growth target in the first half of 2019 in the context of widespread effects of African swine fever, the agricultural sector aims to increase forestry production value from 6-8 percent, focusing on increasing the volume of exploited timber to meet the processing needs of the wood industry.
The sector planted 75,200 ha of forest in the first five months, equivalent to the same period last year. The volume of exploited wood is estimated at 7.86 million cu.m, up 5.2 percent over the same period in 2018.
The Voluntary Partnership Agreement on Forest Law Enforcement, Governance, and Trade (VPA/FLEGT) between Vietnam and the EU officially took effect on June 1, 2019. It shows the commitment of Vietnam and the EU to promoting the implementation of the "Trade and Sustainable Development" program in the framework of the EU-Vietnam Free Trade Agreement.
To promote export of forestry products to the EU as well as other markets, the MARD has established the Vietnam Forest Certification Office (VFCS), which will serve as a bridge to promote cooperation with international forest certification organizations and relevant organisations to operate the national forest certification system, and implement forest certification activities in Vietnam.
Last year, the country raked in some USD 9.3 billion from shipping forestry products to foreign nations.
Vietnam is now home to 4,500 enterprises specializing in processing and exporting wood and forestry products. They include more than 700 foreign-invested businesses with a large production scale and application of advanced technology for production.
Source: VNA