Vietnam’s wood export shows potential increase
The first quarter of 2021 saw wood and furniture export increased by 41.5%
According to the Ministry of Agriculture and Rural Development, the United States, China, Japan, and South Korea are the four largest import markets for wood and wood products of Vietnam and account for 85.5% of the total export value of the industry.
Vietnam has signed many agreements that are conducive to the import and export of many commodities such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EVFTA between Vietnam and the European Union (EU); Regional Comprehensive Economic Partnership (RCEP), and bilateral trade agreements with Japan, Korea, and China. These agreements help to minimize tariff barriers and competition from other markets.
Furthermore, within the framework of sector cooperation, Vietnam and the EU have entered into a Voluntary Partnership Agreement on Forest Law Enforcement, Governance, and Trade (VPA / FLEGT). This also helps businesses exporting to the EU reduce the time to explain the legal origin of timber, which is an opportunity for the wood processing industry and forest products of Vietnam to export to the EU.