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Vietnamese plywood has experienced robust growth over the past five years (Photo: VOV)

During these 7 months, the United States, China, Japan, and Korea remain as Vietnam's largest importers, according to VOV.

In July, Vietnam rake in USD 1.05 million from timber and wood export after negative growth in May due to Covid-19's impact.

Accumulated exports of wood in the first 7 months of 2020 reached USD 6.09 billion, up 6.2% over the same period in 2019. Thus, after having negative growth in May due to the impact of Covid-19 pandemic, the export of this commodity group rapidly grew again.

Vietnamese plywood has experienced robust growth over the past five years, recording average annual growth of 31%. Since 2015, 42 new foreign direct investment (FDI) projects have been poured into the local plywood industry, according to the Agro Processing and Market Development Authority (AgroTrade).

Vietnam rake in USD 1.05 million from timber and wood export (Photo: VNA)

Businesses should also consider applicable standards of the EU market, looking for partners to take advantage of this huge opportunity, recommended by Department of Processing and Market Development for Agricultural Products.

According to the Trade Defense Department, Ministry of Industry and Trade, the US Department of Commerce officially initiated an investigation of applying anti-evasion measures against Vietnamese plywood products.

The Department of Agro-Processing and Market Development said that as the EU-Vietnam Free Trade Agreement (EVFTA) comes into effect, it helps to increase 17% of the total export value of wood and wood products, reported by Vietnam Plus.

Vietnamese plywood exports to the US and other major markets have grown sharply (Photo: CafeF)

Although Vietnamese plywood exports to the US and other major markets have grown sharply, it poses risks of probes and anti-dumping lawsuits launched by foreign markets.

This comes after the RoK's Ministry of Economy and Finance recently imposed anti-dumping duties of 10.54% on plywood imported from the nation, while domestic plywood products are also facing an anti-circumvention investigation from the US Department of Commerce.

AgroTrade therefore stated that the local timber industry should strive to optimise a range of benefits brought about by the substantial reduction of import duties in line with the EU-Vietnam Free Trade Agreement as a means of increasing exports in the near future.

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