According to the Vietnam Forests and Wood Products Association, exports are already 38% up on last year, reflecting a trend which has seen export values increase by 10 times in the last six years.
By 2010, the association predicts wood processors could see an annual turnover of US$5.5bn, and Vietnam could surpass China in the export of wood furniture to the US market.
The country’s Binh Duong Province is currently the leading province in producing wood products for export. It now accounts for more than one-third of the country’s total wood export value.
Access to the WTO could also present even more growth opportunities for the industry, according to the Ministry of Trade, as Vietnam would be able to import raw materials at lower costs, as well as export processed wood products to foreign markets without facing duties or trade barriers.
However, the industry still faces challenges, including material shortages and labour. Domestic raw materials can only meet 20% of the current demand, making it essential to develop high-potential sources of raw materials, such as Canada,
