Vietnam’s Wood Processing Industry Sees Significant Growth in 2024

According to‍ the leader of a ‍prominent wood processing company in Binh Duong, production orders for the remaining months of this‌ year are almost full, with⁤ the company ⁢already signing orders for the first quarter of next year.

The​ market signal this year ‍is much better than last year, ‌with the company’s export ​orders to key markets such ⁣as the US, EU, and ⁤China ‌increasing by 20-30% compared to⁤ the same period in 2023.

Recent statistics from the General Department of ​Customs reveal ⁤that Vietnam’s forestry export turnover in August 2024 ⁢is estimated at⁢ over $1.45 billion. In the first 8 months of ‌2024, this industry earned $10.97 billion, ⁢representing a 19.7% ⁢increase‌ over⁤ the same period last year.

Wood and wood products⁤ exports alone reached ⁣$10.24 billion,⁤ up 20.6% over the same period last year. Rattan, bamboo, sedge, and carpet exports reached $552 million, up 13.6%, while cinnamon exports ⁤earned $177 million, down slightly‌ by‌ 3.9%.

The US, China, and Japan remain Vietnam’s top export ‌markets for wood and⁤ wood‍ products. These countries have invested heavily ‍in purchasing wood ‍and ‍wood ⁣products from ⁢Vietnam in recent times.

Notably, exports ‌to the US​ were estimated to⁣ reach nearly $4.9⁣ billion ‌by the‍ end of ⁤July 2024, a sharp increase of‍ 26% over the same period⁤ last year. The US‍ market accounts for 55% ⁣of Vietnam’s total⁢ export turnover in this industry.

The Chinese market is the second-largest, ⁢with a turnover of $1.2 billion, up 39.1% over the same period last year and accounting for 13.5% ‍of Vietnam’s wood and wood products export turnover. Exports to‌ Japan increased⁢ slightly by 1.5%, reaching $961.3 ⁢million, accounting for 10.8%.