Wood and forestry exports hit close to US$8 bil in nine-month periodThursday, October 3,2019
AsemconnectVietnam - Vietnam’s wood and forestry exports during the first nine months of the year enjoyed a surge of 18.1 per cent to US$7.932 billion, according to statistics released by the Vietnam Administration of Forestry.
In September alone, the country raked in an estimated US$890.8 million, up 22.7 per cent in comparison to the same period last year.
During the nine-month period, the nation exported wood and forestry products to 128 nations and territories worldwide.
Major export markets include the United States, Japan, China, the EU, and the Republic of Korea with turnover reaching US$6.93 billion, accounting for 87.4 per cent of the total turnover of forestry exports.
For consecutive years, wood and forestry exports have enjoyed double-digit growth, setting a new record each year. Indeed, 2018 saw the country bring in US$9.3 billion from the export of wood and forestry products, making Vietnam the sector’s fifth largest exporter in the world.
Vietnam signed two important agreements with the EU on June 30, 2019, including the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA). In line with these two trade deals, approximately 99 per cent of tariff goods from both sides will be eliminated with tariffs on Vietnam’s wood and forestry products being removed within seven years.
Previously, local wood and forestry processing firms had to obtain certificates issued by the Forest Stewardship Council (FSC) in order to gain access to the EU and other demanding markets.
Currently, the country is the 50th member of the Programme for the Endorsement of Forest Certification (PEFC) as of June 17, 2019. Furthermore, it is gearing up for the approval of the Vietnam Forest Certification Scheme Program (VFCS) under PEFC requirements by February 2020.
Certificates such as the VFCS/PEFC Chain of Custody certification (VFCS/PEFC-CoC) and VFCS/PEFC Forest Management certification (VFCS/PEFC-FM) are poised to boost the future export activities of forest owners and processing businesses in the international market.
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