Wood exports to hit $12.5 billion in 2020 Wood export turnover this year is expected to reach a record high of nearly 12.5 billion USD despite impacts of the COVID-19 pandemic as well as risks from export markets and the country’s policy changes in controlling the legality of imported wood materials. Chairman of the Vietnam Timber and Forest Product Association (VIFOREST) Do Xuan Lap made the forecast at a conference held in the southern province of Binh Duong on December 21. Lap said the wood sector posted a surge in exports, especially in the second and third quarter of the year. In the first 11 months of 2020, the wood sector’s export turnover surpassed 11 billion USD, representing a 15.6 percent year-on-year increase. He, however, noted that the industry has faced anti-dumping lawsuits from the US and the Republic of Korea, specifically for plywood related to commercial fraud and tax evasion. There is a high risk that the US Government would apply trade restrictions on these Vietnamese timber, he said. The chairman added that Vietnam has promulgated a decree on Vietnam Timber Legality Assurance System (VNTLAS). The decree regulates the harvest, transportation, trade, and processing of timber in accordance with requirements and regulations of international conventions that the… Read full this story
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