Vietnam’s Wood and Wood Product Exports Increase in July

The Ministry of Agriculture and Rural Development of Vietnam is reporting that wood and wooden product exports in July were valued at $1.05 billion. A year-over-year increase of 6.2%. The US, China, Japan, and the Republic of Korea remained the top four export destinations and account for 84% of all wood and wooden product exports. Over the last 5-years, Vietnam’s plywood industry has grown at an average rate of 31% annually. The E.U. – Vietnam Free Trade Agreement is scheduled to take effect in August and Vietnam is projecting that wood and wooden product export revenues will increase by 17% as tariffs are lifted.