Local wood enterprises should continue diversifying products, fostering links to ensure the stability of the supply chain, and renovating technology to meet the rising demands in markets to boost exports in the face of a host of pressing challenges, according to experts.
The global economy has experienced many difficulties that affect many sectors, including the wood and forestry sector.
In the first four months of 2023, export revenue for wood and wooden products stood at $3.9 billion, down 30.4 per cent year-on-year.
In the long term, Vietnam faces challenges from new policies and regulations as well as the rising demands in export markets, especially major markets such as the EU and the US, with the EU having enacted the EU Deforestation Regulation (EUDR), the Carbon Border Adjustment Mechanism (CBAM), and new rules in supply chains and labor.
At a meeting held between the Steering Committee for Economic Diplomacy and representative agencies of Vietnam overseas on May 22, to evaluate the impacts, challenges, and opportunities from new regulations in markets on Vietnam’s wood and forestry sector and to seek ways to support the sector in promoting exports, representatives from wood and forestry enterprises sought assistance from representative agencies overseas in promoting their products, expanding markets, and finding more partners.
They also asked for more information on policy changes in foreign markets and assistance in trade defense investigations, to protect their interests.
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