Illustrative image (Source: VNA)Hanoi (VNA) – 2019 is expected tobe a good year for Vietnamese wood and wooden furniture exporters thanks to theexpansion of markets, according to the Ministry of Agriculture and RuralDevelopment (MARD).
Along with the growth in the US market, the EU-VietnamFree Trade Agreement and the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) are also forecast to help increase orders forthe sector.
However, the domestic wood sector is alsolikely to encounter difficulties in the year, especially from the shifting ofproduction from foreign countries into Vietnam.
Unofficial statistics showed that in 2018,about 65 foreign wood firms invested in Vietnam, 23 of them came from China,posing fierce competition to domestic wood and handicraft enterprises.
Last year, Vietnam earned over 9.3 billionUSD from forestry exports, up 15.9 percent year on year. The figure helped theforestry sector to see a trade surplus of 7 billion USD.
The wood processing industry officially surpassedthe fishery sector to become the top foreign currency earner in the agriculturalsector.
In 2019, theexport revenue of forestry products is hoped to hit 10.5 billion USD.-VNA
VNA
