The export turnover of wood and wood products is expected to set a record high of $18 billion in 2023, with wood pellets and woodchips forecast to enter the one-billion U.S. dollar club.

President of the Vietnam Timber & Forest Products Association (Viforest) Do Xuan Lap said that the figure will represent a growth rate of 7-9%.

To that end, the industry will focus on raising the competitiveness of enterprises by reducing the use of imported wood, applying science and technology in improving labour productivity, and stepping up digital transformation to cut production costs.

In fact, in the fourth quarter of 2022, the number of orders decreased, and the gloomy atmosphere may linger on until the end of the first quarter of 2023. However, most of businesses believe that the situation may begin brightening from the second quarter.

Pellets and woodchips are also hoped to be a motivation for the development of the sector this year.

Nguyen Thanh Phong, head of the wood pellet branch under the Viforest, said that Vietnam earned over $700 million from exporting nearly 4.7 million tonnes of pellets last year, up 35% in volume and 81% in value year-on-year,

Currently, Vietnam is the world’s second biggest exporter of wood pellets, and the export value of this product is predicted to surpass $1 billion this year.

vnexpress