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%.