Vietnam's wood exports surge to US$2.4 billion, a 51 percent increase
|U.S market offers ample room for Vietnamese craft, wood enterprises|
|Wood industry targets export revenue of US$14 billion in 2021|
|Wood exports in Vietnam to outreach 12 billion USD in 2020|
The country also pulled in US$12.3 billion from exporting wood products in 2020, up nearly 16 percent from 2019.
Vietnam has benefitted greatly by the tariffs placed onto China, seeing a 180 percent surge in its trade surplus since the 2016 election of Donald Trump. Last April, Vietnam replaced China as America's top foreign supplier of veneer and plywood.
Vietnam is also spending more on importing wood products. Insufficient domestic wood, partially brought on by a natural forest logging ban in 2016, has prompted the country to import wood from overseas. The country has already spent US$448 million on wood imports this year, up 35 percent over 2020.
The country said its main markets are China, Japan, and the U.S.
The Office of the U.S. Trade Representative recently determined that Vietnam's trade actions, policies, and practices related to currency devaluation are harming U.S. commerce.
"The findings in this investigation support that Vietnam’s acts, policies, and practices with respect to currency valuation, including excessive foreign exchange market interventions and other related actions, taken in their totality, are unreasonable and burden or restrict U.S. commerce, and are thus actionable under section 301 of the Trade Act," the USTR wrote in a report.
This determination could lead to tariffs being placed on Vietnam.
|Vietnam exports 638,000 tonnes of rice in the first two months |
Vietnam exported 638,000 tonnes of rice worth $352 million in the first two months of 2021, declining 31.4% in volume and 18.3% in value year-on-year.
|Vietnam achieves trade surplus of $1.64 billion in the first two months |
Vietnam’s export turnover in the second half of February reached more than US$10.2 billion, up nearly 3% compared to the first half, raising the total ...
|Vietnam expected to export Covid-19 vaccine |
With the promising initial trial results, Vietnam is expected to take initiative in the Covid-19 vaccine source and export overseas by late 2021, early 2022.