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| Workers process wooden products for export at the Tai Anh Import-Export Company. The Ministry of Industry and Trade has announced Viet Nam is the sixth largest wood exporter in the world. — VNA/VNS Photo Danh Lam |
HA NOI (Biz Hub)— Viet Nam is ranked sixth among the world's largest woodwork exporters, according to the Commercial and Industrial Information Centre under the Ministry of Industry and Trade.
The country is also the second biggest woodwork exporter in the Asian region and the South East Asia leader, the centre reported.
The domestic industry is expecting a 10 per cent surge this year with an income of US$5.5 billion. The industry last year earned $4.67 billion from exports.
The Ministry of Agriculture and Rural Development reported woodwork export value in August reached $432 million, bringing the total earning in the first eight months of this year to more than $3.34 billion, up 11.6 per cent year-on-year.
During the period, exports of Vietnamese woodwork products to most large markets surged significantly. South Korea saw the highest growth with 48.2 per cent while increases were also recorded in Japan, China and the US.
The US remained the largest importer of Vietnamese woodwork products, spending more than $1 billion, up 7.24 per cent. The market accounted for 36.7 per cent of Viet Nam's total woodwork export earnings.
The export value of wood products to the US is estimated to reach $1.7 billion for the entire year.
China and Japan followed with $491.3 million and $441 million.
South Korea, the United Kingdom, Canada, Germany and Australia were other large importers of Vietnamese wooden furniture.
However, exports of the staple to Germany and France declined by 14.4 and 2.2 per cent respectively.
Dang Quoc Hung, deputy chairman of the Handicraft and Wood Industry Association of HCM City said that the sector expected exports of wood products to rise further in the second half of this year, with Chinese demand surging due to competitive pricing.
He said that China will import $800 million of woodchips from Viet Nam this year. — VNS