Timber exports seen declining 15.5% this year

HCMC – Vietnam’s timber industry is expected to see a 15.5% year-on-year drop in exports, totaling US$13.5 billion, according to the Vietnam Timber and Forest Product Association (Viforest). The industry is grappling with other challenges as major foreign markets have tightened regulations regarding the legality and sustainability of timber products. Vietnam’s timber sector also faces challenges related to imported timber. This not only negatively impacts the industry’s reputation but also eliminates opportunities to utilize low-risk imported timber and locally grown timber from millions of farmers. From January to November, timber and wood product exports to the EU declined by 32%, primarily due to the stringent provisions of the EUDR.