Vietnamese wood and furniture products are expected to grow in 2022 due to the purchasing demand of the international market along with meeting necessary factors in Free Trade Agreements (FTAs).
Despite experiencing a difficult year last year after being heavily affected by the pandemic, the country’s exports of timber and non-timber forest products in 2021 was predicted to reach 15.6 billion USD, up by 18 percent compared to 2020. In which, the exports of wood and products reached 14.5 billion USD, up by 17.2 percent compared to 2020.
Vietnam’s timber and forest products are exported to over 140 countries and territories, of which the main markets are the US, Japan, China, EU and South Korea with a total export value estimated at 13.98 billion USD, accounting for 89.5 percent of the country’s export value of forest products.
The move will provide great momentum for the Vietnamese wood processing and export industry to develop with an export turnover value of 20 percent higher than that of 2021.
The gains are attributed to the effects of FTAs such as the EU-Vietnam Free Trade Agreement, the UK-Việt Nam Free Trade Agreement (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.