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Vietnam’s wood exports surpass $1.1bn, signaling recovery

Vietnam’s wood exports surpass $1.1bn, signaling recovery

Friday, September 22, 2023, 09:58 GMT+7
Vietnam’s wood exports surpass $1.1bn, signaling recovery
Wood products are on display at the 15th Vietnam International Woodworking Industry Fair held in Ho Chi Minh City, September 20, 2023. Photo: N.Binh / Tuoi Tre

Vietnam exported wood and woodworking products worth over US$1.1 billion in August, showing positive signs of recovery after dropping steadily earlier, according to the General Department of Vietnam Customs.

This marks a 10-percent rise from the July figure, which stood at more than $1 billion.

Speaking at the opening ceremony of the 15th Vietnam International Woodworking Industry Fair held in Ho Chi Minh City on Wednesday, vice chairman of the Ho Chi Minh City Handicrafts and Wood Industry Association Phung Quoc Man attributed the increase to several positive trends observed in the global wood export market.

In particular, there is a gradual decline in inflation in the U.S., a better consumer need, a reduction in furniture stockpiles, and a rebound in the construction sector.

Man said Vietnam is the world’s fifth largest exporter of wooden products and has substantial demand for woodworking machinery and components.

Imports of such machinery have topped US$240 million a year.

The 15th Vietnam International Woodworking Industry Fair, taking place at the Saigon Exhibition and Convention Centre in District 7, Ho Chi Minh City through Saturday, marks the return of the annual event after three years of suspension due to the COVID-19 pandemic.

It has drawn the participation of 320 exhibitors from 28 countries and territories, who showcase their latest woodworking products and participate in various curated activities.

These exhibitors are featuring complete automated production lines and wood system integration, with a strong emphasis on digital transformation.

Additionally, the event includes eight international pavilions representing Austria, Canada, France, Germany, Italy, Russia, the U.S., and Taiwan.

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Bao Anh - N.Binh / Tuoi Tre News


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