The Vietnam Timber and Forest Products Association (VIFORES) is expecting a recovery and 7-9% growth in 2023 to reach exports of $18 billion or more.
The industry will focus on improving the competitiveness of domestic manufacturing by decreasing wood imports, applying science and technology in promoting workplace productivity, speeding up digital transformation to cut production costs, and improving trade promotion activities at international trade fairs.
In 2022, Vietnam’s exports of wood and wood products reached $16.9 billion despite the slowdown of export growth.
The wood processing and exporting sectors faced problems due to a lack of capital and raw materials coupled with price hikes.
Many exporters had to cut their workforce and reduce production due to limited orders.
The industry will focus on improving the competitiveness of domestic manufacturing by decreasing wood imports, applying science and technology in promoting workplace productivity, speeding up digital transformation to cut production costs, and improving trade promotion activities at international trade fairs.
In 2022, Vietnam’s exports of wood and wood products reached $16.9 billion despite the slowdown of export growth.
The wood processing and exporting sectors faced problems due to a lack of capital and raw materials coupled with price hikes.
Many exporters had to cut their workforce and reduce production due to limited orders.