Vietnam’s wood exports expected to reach 17.5 billion USD in 2024

Hanoi, July 30 (IANS) Vietnam’s exports of wood and wood products are expected to top 17.5 billion US dollars this year thanks to favourable factors like the global economic recovery, Vietnam News reported Tuesday, citing the Ho Chi Minh City Handicraft and Wood Industry Association.

The newspaper cited industry insiders as saying that the country’s wood and wood product exports were expected to boom in the second half of this year amid positive signs from the global economy.

Nguyen Chanh Phuong, the association’s vice chairman, said firms had more export orders in the first half of the year compared to the same period last year, and some have enough to keep them busy until the end of the year.

Exports to new markets such as India and the Middle East have seen remarkable growth, he said, Xinhua news agency reported.

Ngo Sy Hoai, general secretary of the Vietnam Timber and Forest Products Association, said having abundant materials mainly sourced domestically and with traceability was another important factor in the export growth.

As of July 15, revenue of Vietnam’s wood and wood product exports hit 8.1 billion dollars, a year-on-year increase of 23.3 per cent, according to customs figures.

–IANS

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