Exports of Vietnamese wood pellets to South Korea and Japan have fallen but the two countries remain the biggest import markets of Vietnamese exporters, according to the Vietnam Timber and Forest Product Association.

Vietnam exported 1.85 million tons of wood pellets in the first half of this year, earning nearly $300 million, figures from the Association show.

South Korea and Japan accounted for 95 per cent of total exports.

Wood pellet exports to South Korea reached 650,000 tons in the first five months of this year, worth $96.1 million, down 41 per cent and 45 per cent, respectively, year-on-year.

Meanwhile, exports to Japan in the first half were estimated at nearly 1 million tons, earning $173 million. The figure represented a year-on-year fall of 5.7 per cent in quantity but year-on-year growth in value of 19.7 per cent.

Vietnam has become the world’s second-largest manufacturer of wood pellets, behind only the US. From 2013-2022, the volume and value of Vietnam’s wood pellet exports rose 28 and 34-fold, respectively.