In 2024, Vietnam’s wood and wood-product exports reached USD 16.25 billion, surpassing the previous record set in 2022. Export prospects for 2025 remain positive, with the sector aiming for USD 18 billion.
Strong Recovery and Growth Momentum
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According to the Agency of Foreign Trade (Ministry of Industry and Trade) citing data from the General Department of Customs, wood and wood-product export turnover in Q4 2024 was estimated at USD 4.5 billion, up 7.4 % from Q3 2024 and 17.3 % year-on-year.
Of this, wood-product exports reached USD 3.2 billion, up 6.8 % from Q3 and 17.4 % year-on-year.
For the whole of 2024, total exports of wood and wood products were USD 16.25 billion, an increase of 20.3 %compared with 2023, including USD 11.2 billion worth of finished wood products (+21.9 %).
This performance exceeded the 2022 record (USD 15.8 billion) by USD 500 million. Together with non-timber forest products (USD 1.04 billion), Vietnam’s total forestry export value reached approximately USD 17.3 billion.
Drivers of Export Growth
Vietnam’s wood industry overcame multiple challenges to achieve impressive results in 2024. The success was driven by:
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Proactive market diversification and active participation in trade fairs and exhibitions.
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A strategic shift from simple processing to original design manufacturing, focusing on product quality and innovation.
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The recovery of major markets, notably the United States and Europe, which spurred demand growth.
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Deeper market penetration into emerging destinations such as the UAE and India.
Outlook 2025: Reaching USD 18 Billion
Despite positive growth, the industry still faces challenges — stricter requirements for legally sourced timber, trade-fraud risks, intense competition, and global economic volatility.
With continued efforts from businesses and authorities, Vietnam’s wood sector is expected to consolidate its international position and achieve the USD 18 billion export target (according to the Vietnam Administration of Forestry, Ministry of Agriculture and Rural Development).
Key Export Markets
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United States: Largest market, but with fierce competition from China, Malaysia, and Indonesia — requiring higher-value, design-led products.
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European Union: The EVFTA provides tariff advantages and new market opportunities for processed wood products.
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China: Rising urbanization and construction are boosting import demand, though compliance with legal timber sourcing is increasingly strict.
Ongoing Challenges
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Stricter origin and legality verification from the EU and U.S..
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Competitive pressure from regional producers (Indonesia, Thailand, Malaysia).
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Risks from global economic slowdowns that could reduce consumption.
Industry Insights and Policy Directions
According to Mr. Ngo Sy Hoai, Vice President and Secretary-General of VIFOREST (Vietnam Timber and Forest Products Association), Vietnam exports wood and wood products to over 160 countries and territories. This deep integration also exposes the industry to increased trade-defense investigations.
Trade Promotion and Market Expansion
To achieve USD 17.5–18 billion in exports, trade promotion remains essential.
Mr. Ngo Sy Hoai recommended that the Trade Promotion Agency strengthen support for northern enterprises and craft villages to join more domestic and international fairs — not only for contract signing but also for market learning and networking.
Vietnam has become a global wood-processing hub, hosting major industry exhibitions. Authorities should coordinate with overseas trade offices to promote these fairs internationally and attract foreign buyers.
Branding, E-Commerce, and Digital Transformation
Vietnam’s wood sector still relies heavily on outsourcing and pays limited attention to branding. Future growth must emphasize profitability and value creation, not just volume.
Given the bulky nature of wooden furniture, participation in e-commerce platforms such as Alibaba remains limited. The Trade Promotion Agency is urged to enhance digital trade programs tailored for the wood industry.
The sector is also advancing digital transformation and green transition to meet strict environmental standards in key markets like the EU and U.S.
Sustainability and Legal Timber
Mr. Ngo Sy Hoai suggested that the Ministry of Industry and Trade communicate globally that “Vietnam’s wood industry says no to illegal timber.”
According to Mr. Tran Quang Bao, Director General of the Vietnam Administration of Forestry, “green factors” will shape long-term export trends. Compliance with the EU Deforestation Regulation (EUDR) and Carbon Border Adjustment Mechanism (CBAM) will be critical.
Hence, besides developing high-tech processing zones, expanding export markets, and promoting e-commerce, Vietnam must invest more in sustainable raw-material forests — large timber plantations certified under FSC or PEFCstandards.
The Forestry Administration is piloting forest-plantation code systems in northern provinces to ensure legal timber chains, traceability, and reliable carbon measurement (MRV). As Mr. Bao emphasized:
“The higher Vietnam’s forest standards, the easier it will be for our wood products to access demanding markets.”