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Forecast and suggested solutions

T6,Tháng Ba 10,2023

Forecast and suggested solutions

Vietnam’s wood sector has been targeting at 5 top markets, including the US, Japan, China, South Korea and the EU. The current global situation and problems facing these markets of W&WP destined from Vietnam can hardly give an optimistic forecast on Vietnam’s W&WP trade. According to Vietnam Wood and Forest Products Associations (VIFOREST), in 2023, the growth of W&WP exports is expected between 7% – 9% that is much under the mean growth rate over the last 10 years. With this expected growth rate, W&WP exports would reach between US$17 billion – 17.5 billion in this year. To face the turndown of global W&WP market, Vietnamese are advised to adopt the following countermeasures and solutions:

  • Further promotion of the use of locally sourced wood to reduce input costs; applying improved technologies to enhance labor productivity; application of digital transformation to reduce production costs; promotion of low-emission production; better coordination with localities to build specialized wood processing and trading zones in various regions of the country; enhancing W&WP  trade promotion with attention given to homing international trade fairs of wood products, wood technologies and wood manufacturing machines;
  • Diversification of export markets and, thus, increasing the customer outreach through improving designs, focusing on high-value commodity groups, opening trade representation in key markets to get better introduction and promotion of WP made in Vietnam;
  • Better utilization of the advantages gained from signed a large number of Free Trade Agreements Vietnam has concluded with important trade partners, including EVFTA, CPTPP, UKVFTA, RCEP etc.

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