Vietnam’s wood and forest product exports reached USD 7.95 billion in the first half of 2024, marking a 21.2% increase compared to the same period in 2023. The United States and China remained the two largest markets, growing 27.6% and 46.6%, respectively.
Strong Growth in Key Markets
According to the Department of Forestry (MARD), Vietnam earned USD 7.95 billion from wood and forest product exports in the first six months of 2024, fulfilling 52.3% of the annual plan. Imports, however, reached USD 1.29 billion, up 19% year-on-year.
The United States continues to be Vietnam’s largest export market for wood and forestry products, with export turnover reaching USD 4.38 billion — accounting for 55% of total industry exports. The data shows a strong recovery in U.S. demand, particularly for wooden furniture, which remains the country’s top export category.
In the first half of 2024, exports of wooden furniture to the U.S. totaled USD 3.45 billion, a 30% increase compared to 2023. Other categories also recorded impressive growth — wood panels and flooring exports hit USD 323 million, up 94% year-on-year.
Meanwhile, exports to China surged, reaching over USD 1 billion, a 46.6% increase from the same period last year. China’s import of office furniture from Vietnam now accounts for 24.7% of its total office furniture imports.
Interestingly, while China’s total wooden furniture imports dropped 15.1% in early 2024, imports from Vietnam bucked the trend — enabling Vietnam to surpass Thailand and become China’s third-largest supplier of wooden furniture, behind Italy and Germany.
Industry Outlook and Strategic Direction
Looking ahead, the Department of Forestry plans to continue implementing policies for sustainable development of the wood processing and export industry, while coordinating efforts to prevent trade fraud and maintain export momentum in the final months of 2024.
The sector aims to sustain its robust growth through:
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Strengthening compliance with EU Deforestation Regulation (EUDR) and global sustainability standards.
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Expanding exports to potential markets such as South Korea, Japan, and Canada.
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Promoting green manufacturing and traceable timber sourcing to meet international buyers’ expectations.
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Increasing value-added processing to move beyond raw material exports.
With these strategies in place, Vietnam’s wood and forestry industry is well-positioned to achieve and exceed its 2024 export target, reinforcing its reputation as one of the world’s leading wood product exporters.