Vietnam’s wood industry has set a target of posting 7-9 per cent growth in 2023, for export revenue of $18 billion or more, according to the Vietnam Timber & Forest Products Association.

Orders are expected to basically recover from the second quarter of this year onwards.

Vietnam’s forestry exports last year are estimated at $16.9 billion, a year-on-year increase of 6.1 per cent. Value includes $15.85 billion worth of timber and wood products and $1.1 billion worth of non-timber products.

The country planted 259,615 ha of forest last year, surpassing the yearly target by 6.4 per cent.

Chairman of the Vietnam Timber & Forest Products Association Do Xuan Lap said 2022 was considered the toughest year ever for the sector. The wood processing and exporting industry faced difficulties due to a lack of capital and input materials coupled with price hikes. Many wood exporters had to cut their workforce and reduce production due to limited orders.

To fulfill the 2023 targets, the industry will continue to focus on improving the competitiveness of domestic businesses by reducing wood imports, applying science and technology in promoting workplace productivity, speeding up digital transformation to cut production costs, and enhancing trade promotion activities at international trade fairs, according to Mr. Lap.