Vietnam targets earning $16 billion from the export of wood and wooden products this year given the handsome prospects in certain markets, according the Ministry of Agriculture and Rural Development (MARD).

Export revenue in January stood at $1.49 billion, a year-on-year increase of 72.5 per cent, MARD figures show.

Vietnam’s key markets include China, the US, Japan, South Korea, the EU, and China.

In the opening month of the year, wood and wooden product exports to European markets saw positive growth. Those to the Netherlands fetched $9.2 million, up 5.1 per cent against December and 93.8 per cent against January 2023.

Deputy Director of the Kim Gia Wood Export Company Nguyen Ngoc Huong said there remain a host of development opportunities for the sector in the US.

Wood exporters were worried last month about rising transportation costs as tensions in the Red Sea forced shipping lines to divert vessels to ensure safety. Transportation costs to the EU and the US have, however, begun to decline in the past few weeks.

Chairman of the Vietnam Timber Forestry Products (VIFOREST) Do Xuan Lap said transportation costs for a 40-foot container from Vietnam to the EU have come down to $3,786.