Vietnam focuses on four major measures to boost wood exports
Minister of Agriculture and Rural Development Nguyen Xuan Cuong has said that Vietnam is focusing on four measures to bolster wood and wooden product export growth this year.
Hanoi (VNA) - Minister of Agriculture and Rural DevelopmentNguyen Xuan Cuong has said that Vietnam is focusing on four measures to bolsterwood and wooden product export growth this year.
At a conference held by the Ministry in Hanoi on May 15, Cuong saidsupport in credit, welfare, taxation, and land use payments has been provided to4,600 manufacturers.
Exporters are also tapping into markets that have controlled COVID-19.
He suggested all associations and enterprises review their businessstrategies to ensure the best conditions possible are in place for excellent performancein the third and fourth quarters.
Cuong highlighted the need to continue restructuring the sector in amodern and sustainable manner and to form major corporations and industrial zonesspecialised in wooden product manufacturing on a regional and global scale thatcould join global supply chains.
Director General of the Vietnam Administration of Forestry Nguyen QuocTri said wood and wooden product exports are forecast to reach nearly 11.75 billionUSD this year, up 3.9 percent against 2019 but down 6.6 percent compared to theyearly target.
The figure for the second quarter is predicted to near 2.18 billion USD,down 20 percent year-on-year.
In the third and fourth quarters it is expected to reach about 3.12billion USD and 3.82 billion USD, up 10 percent and 15 percent, respectively.
Tri said all enterprises are eligible for extensions on value-added andcorporate income tax payments.
Associations proposed further support for businesses such as extensionsand exemptions on social insurance payments and unemployment insurance and additionalpreferential credit packages.
Minister Cuong pledged to collect suggestions from the conference for submissionto the Prime Minister and sectors to adjust policies to suit actuꦆal circumstances./.
The reality of export-import and foreign direct investment (FDI) shift in the wood industry in Vietnam were the main focus of a recent workshop in Hanoi.
Local wood processing enterprises need to expand supply chains with a focus on seeking suppliers from domestic and overseas markets to ease disruptions from China due to the novel coronavirus SARS-CoV-2 outbreak, experts have said.
The wood industry is facing a ‘disaster’ with many businesses left without orders from now until 2021 due to the COVID-19 pandemic, said the Vietnam Timber and Forest Product Association (VTFPA).
Vietnam's export value of wood and wooden products reached 2.7 billion USD in the first quarter of 2020, representing a year-on-year increase of over 16 percent, according to the Ministry of Agriculture and Rural Development.
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Illustrative image (Photo: VNA) 
