In July alone, export earnings of timber and wood products hit US$1.38 billion, up by 23.2% compared to July 2023.

The United States represented the largest importer of Vietnamese timber and wood products, spending over US$4.88 billion during the seven-month span, up 26% year on year.

It was followed by China, Japan, Canada, Australia, Spain, and Poland.

According to the Vietnam Timber and Forest Product Association (VIFOREST), Vietnam is world’s fourth largest exporter of wood products. In addition, it also ranks second in the world, after China, in terms of the export value of high value-added furniture product group, including indoor and outdoor furniture.

Timber and wood products are forecast to maintain a double-digit export growth rate in the coming months thanks to increasing demand globally.

This year the forestry industry has set a target of earning US$17.5 billion from exporting timber and wood products, increasing by 21% compared to 2023.