Vietnam exported nearly $7.1 billion worth of wood and wood-based products in the first eight months of 2019, posting a year-on-year rise of 18.6 per cent, Vietnam Administration of Forestry reports.
The country earned $9.4 billion from exporting wood and woodwork in 2018, with its biggest market being the U.S., followed by Japan and China.
According to the Vietnam Timber and Forest Product Association, Vietnam is likely to make total wood and woodwork export turnovers of $11 billion, with over $700 million coming from the EU.
Vietnam, however, halted the exploitation of natural forests for three years and had so far intensified forestation as well as timber import.
The association said the country’s 3.5 million hectares of forests planted for future exploitation would offer it 35-40 million cubic metres of timber in the next five to 10 years,
In recent time, Vietnam has nearly 5,000 enterprises involved in the production and processing of wood and wood-based products.