Vietnam’s export of wood and wood products is forecast to hit $17.5 billion this year, according to the Ho Chi Minh City Handicraft and Wood Industry Association (Hawa).

The forecast was based on the results gained in the first six months of the year with total export revenue of $7.5 billion, a year-on-year rise of 23.1%.

The US remained the largest export market of Vietnamese wood and wood products with $4.1 billion during the six-month period, up 24.5% year-on-year. It was followed by China with $1.05 billion; Japan $796.8 million; and South Korea $389.2 million.

Hawa Chairman Nguyen Quoc Khanh said the growth of wood and wood product exports was attributed to positive signals from key markets like the US and EU.  Exports to the US accounted for 52-55% of the total export value, he said.