The US’s decision to impose high tariffs on a range of Vietnamese exports, including wood products and furniture, is pushing the country’s timber industry to swiftly recalibrate its strategies to sustain growth.

The Vn-WoodID application has been officially launched, becoming a key tool contributing to wood traceability.

Four out of every 10 wooden products in American household kitchens come from Vietnam, but the new US tariff policies are forcing Vietnamese businesses to make significant adjustments.

Four in ten kitchen items in U.S. households now originate from Vietnam, prompting Vietnamese firms to adapt as new US tariffs loom.

Amid rising global protectionism, Vietnam’s wood sector takes proactive steps to protect exports and meet its USD 18 billion target by 2025.

The US is currently the largest consumer market for Vietnam’s wood and wood products.

The wood sector expects to earn 15.5-16 billion USD from exports this year, given a nearly 21% growth rate to 13.18 billion USD in the first 10 months.

Despite market recovery, the wood industry needs to overcome formidable challenges to realise the export revenue target of 15.2 billion USD for the whole year, according to insiders.

The final months of the year are when consumers typically renovate and redecorate their homes in preparation for the New Year, providing a significant boost in export orders for the wood industry.

Vietnam's wood industry has experienced a significant boom, with exports nearing US$11 billion over the past eight months, primarily driven by heavy purchases from the United States, China, and Japan.

Vietnamese timber and wood product exports from January to August 15 surged by 24% to reach US$9.5 billion against the same period from last year, according to details given by the General Department of Vietnam Customs.

The Vietnam’s wood industry has many opportunities for recovery in 2024, with the Forest Stewardship Council (FSC) certification seen as essential for accessing global markets.

Viforest is encouraging businesses to ensure green production, green trade and digital transformation. The association has been conducting many trade promotion activities at home and abroad to seek more customers and orders.

Awaiting a final decision from the South Korea, Vietnamese enterprises have concerns over a potential higher anti-dumping duty in South Korea on plywood imports from Vietnam.

Vietnam's wood industry has opportunities to engage in the carbon market as the whole world is pushing ahead for a greener economy, heard a recent dialogue in Ho Chi Minh City.

Vietnam’s wood and forestry sector is aiming to export 15.2 billion USD worth of its products this year, an increase from the 14.47 billion USD last year which was down 15.4% from 2022.

Along with the EU, many other markets have also set new and strict policies, causing many difficulties for wood export activities.

The wood industry market shows some signs of recovery, however, 2024 still poses some potential difficulties for the industry.

Vietnam’s exports of wood and wooden furniture will reach only about 13.5 billion USD in 2023, down 15.5% year on year, President of the Vietnam Timber and Forest Product Association (VIFOREST) Do Xuan Lap told a seminar held in Hanoi on December 21.