With export growth exceeding 20%, Vietnam’s wood and wood product exports are expected to continue expanding in the final months of 2024, aiming to reach the ambitious $15.2 billion export goal by year-end.
Export Market Shows Positive Momentum
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According to the Vietnam Administration of Forestry (VNFOREST) under the Ministry of Agriculture and Rural Development, Vietnam’s wood exports have shown strong recovery signals, especially in key product categories.
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Woodchips: up nearly 38%
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Wood and wood products: up more than 20% year-on-year
As of July 2024, the export value of wood and forest products reached $9.36 billion, a 20.5% increase compared to the same period in 2023. Among these, wood and wood products accounted for $8.75 billion, with exports to the U.S. market up 24%.
This growth has been supported by early and proactive efforts from industry associations and enterprises to expand production and diversify export markets. Numerous trade fairs and exhibitions have been organized in major wood-processing hubs such as Ho Chi Minh City, Binh Dinh, and Binh Duong, attracting international buyers and promoting Vietnamese wood products globally.
Challenges Remain for Exporters
Despite positive momentum, experts warn that achieving the $15.2 billion export target will require overcoming significant headwinds.
According to Mr. Tran Quang Bao, Director General of VNFOREST, the global economy in 2024 continues to face high interest rates, geopolitical conflicts, trade tensions, and political instability, all of which could dampen demand for furniture and wood products.
Vietnam’s major export markets — including the U.S., EU, Japan, and South Korea — are still grappling with economic challenges and protectionist policies. The U.S., which accounts for 54% of Vietnam’s total wood export value, has initiated three trade investigations against Vietnamese wood products, alongside cases from South Korea and Canada.
These pressures, combined with rising logistics and shipping costs, pose risks for Vietnamese wood exporters in the coming months.
Enterprises Must Proactively Adapt
The final quarter traditionally marks the peak shopping season in major markets, offering opportunities for stronger export growth. However, to maintain momentum and ensure sustainable development, the Vietnamese wood industrymust continue strengthening competitiveness.
Mr. Do Xuan Lap, Chairman of the Vietnam Timber and Forest Products Association (VIFOREST), emphasized that enterprises should focus on five strategic pillars:
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Technological innovation and production efficiency
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Low-emission and sustainable manufacturing
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Corporate governance and transparency
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Trade promotion and market diversification
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Internal monitoring and standardization systems
Similarly, Mr. Nguyen Liem, Chairman of the Binh Duong Furniture Association (BIFA), noted:
“The recent growth in wood exports is a remarkable achievement amid global challenges. However, for long-term resilience, enterprises must remain proactive and adaptable — innovating in production, improving logistics, and strengthening supply chains from raw materials to final products.”
Outlook for 2024
The outlook for Vietnam’s wood industry exports in late 2024 remains optimistic but challenging. With market recovery signs in key destinations, active government support, and industry-wide collaboration, the sector is determined to reach or even surpass the $15.2 billion export milestone, consolidating Vietnam’s position as one of the world’s top five wood product exporters.