With large shipments in the first eight months of the year, Việt Nam’s forestry sector expects to fulfill this year’s export target of US$9 billion a month ahead of schedule.
About $696 million worth of timber and wood products were shipped abroad in August, raising the eight-month figure to $5.6 billion – up 12.6 per cent year-on-year, according to the Việt Nam Administration of Forestry (VNForest).
The US, China, Japan and the Republic of Korea were the main markets of the Vietnamese wood sector during the period.
Timber and wood product exports are hoped to earn $9 billion in 2018, up $1 billion from last year, giving the sector a good chance to achieve the target a full month early.
VNForest said the biggest success in wood trading is maintaining export growth while curbing the increase of imports.
The sharp fall in wood imports from Laos and Cambodia was thanks to a prohibition of exporting wood from planted forests, along with efforts by the Vietnamese Government and businesses to control wood imports from the two neighbouring countries.
Meanwhile, exports to some countries with strong wood industry laws like Brazil, Chile and the US have grown well.
VNForest added that Việt Nam will press ahead with diversifying wood import sources in the short term, while in the long term, it will develop timber forests to ensure supply for domestic production.