Vietnam’s wood and wood products exports expected to reach USD 16 billion in 2022

According to the Vietnam Administration of Forestry (Ministry of Agriculture and Rural Development), in 2021, 5/5 of the targets of the forestry sector have met or exceeded the set targets. In particular, the export turnover of wood and wood products reached USD 14.809 billion, up 20% compared to 2020; trade surplus for the whole year was estimated at 12.94 billion USD, up 21.2% y-o-y. With the result in 2021, the wood and wood product export turnover target in 2022 at USD 16 billion is considered feasible and prudent.

The main impact on the wood industry's positive transformation to overcome COVID-19, according to the Import and Export Department (Ministry of Industry and Trade), is thanks to the Government's timely policies and support, along with the efforts of businesses in the industry to maintain production.

Mr. Do Xuan Lap - Chairman of Viforest emphasized: Resolution 128 of the Prime Minister has removed blockage in the circulation of raw materials, goods, human resources… The shift towards anti-epidemic strategy from "Zero COVID" to safe, flexible adaptation and effective control of the epidemic has helped businesses "break the ice" to recover and boost production.

Vietnam’s wood industry currently has many supporting factors from international market to accelerate exports in 2022, especially US and EU markets. “US is Vietnam's largest export market of wood and wood products, reaching USD 8.77 billion in 2021, up 24.6% compared to 2020, accounting for 59.4% of the industry’s total export turnover. Vietnam’s wooden furniture products are being favourite by American consumers.” - Viforest stated.

EU market has a high demand for importing wooden furniture. According to statistics from the statistical office of the European Union - Eurostat, the value of imported wooden furniture from Vietnam only accounts for 2.6% of the total value of EU’s imported wooden furniture. This shows that Vietnam's wooden furniture export potential to this market is still very large.

Many experts believe that wood and wood products export in 2022 has many advantages, and the figure of 16 billion USD set by the Vietnam Administration of Forestry for this year is quite conservative, because even in the tough conditions in 2021, the industry’s export turnover has almost reach this amount.

Source: Lao Dong