Topic: product

As demand soars and trade policies favor, Vietnam's wood industry surges, yet hurdles loom in regulatory scrutiny and market diversification.

Vietnam’s export turnover for wood and wooden products of $14.5 billion in 2021 made it the second-largest exporter in Asia and fifth in the world. To reach the goal of export turnover hitting $25 billion by 2030, the forestry sector needs to build and operate the Vietnam timber legality assurance system (VNTLAS) in accordance with international commitments and agreements, ensuring that 100 per cent of wooden materials used in the entire value chain are legal.

Strongly-performing export products such as honey, pepper, cashew nuts, vegetables, and rice and rice products were introduced by 36 Vietnamese enterprises at the Sial Paris International Food Industry Fair 2022 in Paris from October 15 to 19. The Vietnamese booths this year also introduced organic products as well as others entering the European market for the first time.

The government issued Decree No. 51/2022/ND-CP on August 8, amending preferential import tax rates on gasoline products (from HS codes 2710.12.21 to 2710.12.29) under the List of Taxable Goods issued together with Decree No. 57/2020/ND-CP dated May 25, 2020. The rate is adjusted downwards from 20 per cent to 10 per cent.

While the export of many agricultural and aquatic products grew strongly in the first five months of 2022, the fruit and vegetable industry has continually declined. According to the Ministry of Agriculture and Rural Development, localities need to encourage enterprises to invest in high technology in processing to boost the proportion of high value-added agricultural products while the Ministry will increase its support to the industry.