Export turnover of timber and forest products reaches USD8.97 billion in 9 months. (Photo: cafef.vn)

According to Vietnam News Agency, the export of timber and forest products brought home some 8.97 billion USD in the first nine months of 2020, up 12 percent year on year. The revenue includes 8.38 billion USD worth of timber and wood products, rising 11.2 percent, according to the Vietnam Administration of Forestry under the Ministry of Agriculture and Rural Development.

Growth has been recorded in timber and wood product exports to most large markets like the US, China, the Republic of Korea, Canada, and Australia.

Notably, shipments to the US surpassed 4.19 billion USD in the first eight months, up 27.4 percent from a year earlier. This market accounted for 55.1 percent of total timber and wood product exports, representing a year-on-year increase of 7.2 percentage points, statistics show.

The Vietnam Timber and Forest Product Association (Vifores) pointed out that so far this year, while office and bedroom furniture exports have dropped compared to the same period last year, overseas shipments of kitchen and bathroom furniture have been on the rise.

Timber and wood product exports are predicted to hit 12.5 billion USD this year thanks to the sharp rise in sales to the US and the peak export season that falls in the final months of the year.

Vifores is set to establish a sub-association for kitchen cupboards, bathroom cabinets and decorative planks in November with a view to forming a widespread network of producers of strategic commodities so supply for strategic markets.

Agricultural exports to EU surge

After 2 months of EVFTA (EU – Vietnam Free Trade Agreement) being in effect; exports of agricultural products to the EU have seen positive changes, according to the Ministry of Agriculture and Rural Development.

Photo for illustration. (Source: VNA)

Total export value of agricultural products from August 1 to the end of September reached an estimated USD711 million. Compared to July, the export value of farm produce of the country to the EU in August and September increased 16.6% and 20.3%, respectively.

The ministry said that in the upcoming time, it will continue to speed up restructuring the agricultural sector towards added value increase and sustainable development, building planting area codes and geographical indications, and working towards meeting EU standards of origin, quality and food safety.

Additionally, export enterprises are encouraged to expand investment in intensive processing to fully tap opportunities and incentives brought by the EVFTA, especially for processed products.

The ministry continues to build a program to lure foreign direct investment (FDI) capital from the EU to Vietnam’s agriculture sector, linking the country’s agriculture with the global value chain.

Vietnam – RoK bilateral trade hits USD65.1 billion in 2020

Bilateral trade between Vietnam and the Republic of Korea, the third largest partner of Vietnam, is expected to hit USD65.1 billion by the end of 2020, accounting for 12.35% of Vietnam’s total import and export turnover.

Vietnam - RoK bilateral trade posts USD65.1 billion in 2020

In the Jan – Sept period, the bilateral trade recorded USD47.3 billion.

The Ministry of Industry and Trade said the Republic of Korea (RoK) is the fifth largest export market of Vietnam after the US, China, Japan and ASEAN, and the second largest import market of Vietnam, just after China.

Due to impacts of the COVID-19 pandemic, over the past 9 months, Vietnam’s exports to the RoK reached USD14.5 billion, a year-on-year decrease of 2%. Export turnover to the market is expected to reach USD19.7 billion in 2020 with average growth of 17.13% in the 2016-2020 period.

Major export items include computers, electronic products and components; telephones and accessories; machinery, equipment, tools and spare parts; garments, wood and wooden products. Telephones of all kinds and accessories bagged the biggest export turnover, with rapid increase over years.

As the second largest supplier of machinery, equipment and raw materials for Vietnam, in 2020, import of goods from the Korean market is expected to post USD45.5 billion with average growth rate of 10.5% in the 2016-2020 period.

Major imported goods include computers, electronic products and components, telephones of all kinds and components; machinery, equipment, tools and spare parts; iron and steel of all kinds; fabrics of all kinds; petrol and oil of all kinds; and plastic materials.

The main cause of increase in imports of goods from the RoK is due to the wave of investment expansion from the FDI sector, especially Korean enterprises such as L&G, Samsung, and Posco; increasing import demand for machinery products, components and equipment for production as supply capacity of domestic supporting businesses is still weak./.