Monday, June 17, 2024 1:08:04 PM - Markets open
VN-INDEX 1,277.19 -2.72/-0.21%
HNX-INDEX 243.33 -0.64/-0.26%
UPCOM-INDEX 97.84 -0.22/-0.22%
Wood exports plummet as amid virus outbreak
Vietnam News - 9/9/2021 5:05:45 PM
 (0 ratings. You must sign in to rate.)
Wood production and exports have hit a slump in recent months after showing strong numbers during the first half of the year, according to a report by the Ministry of Agriculture and Rural Development (MARD). 
The country exported US$8.71 billion worth of wood products in the first half of 2021, a 62.9 per cent increase year-on-year. However, the sector has been hard hit by yet another outbreak of the virus. 
The virus has paralysed some of the largest production centres of the industry including the southern provinces of Bình Dương and Đồng Nai, said Bùi Chính Nghĩa, deputy head of MARD's department of forestry. 
"We have seen significant drops in wood exports in recent months. Exports for June, July and August dropped by 16 per cent compared to the previous three-month period. August saw the biggest drop at 22 per cent compared to July," said Nghĩa.
More than half of the country's wood producers have had to shutter or scale down their operations since the beginning of the pandemic, said a recent report by the Association of Vietnam Timber and Forest Product. 
To make matter worse, other costs including transport, raw materials and container rental have also been on the rise. Some markets have started to deploy defence mechanisms against Vietnamese products after a period of unchecked rapid growth. 
MARD Deputy Minister Lê Quốc Doanh said wood producers must carefully study trade barriers and anticipate how certain markets might respond to Vietnamese products in advance.
"Firms must look at the big picture and come up with a long-term plan as we make the transition from forest production to a forest economy," Doanh said. 
The US continued to be Việt Nam's top buyer this year along with Japan, China, the EU and South Korea. Together the big five markets account for 90 per cent of the country's total export of wood products.
The sector had been forecast to grow by 15 per cent this year, largely thanks to a number of free trade agreements including the European Union–Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that have recently into effect. — VNS
Read original article here
Newer News
15/06 China’s Guangxi province eyes to expand economic cooperation with Việt Nam
15/06 Quảng Ninh posts fourth fastest growth in Red River Delta
10/06 Policy on business registration to be revised
10/06 State budget revenues from import-export grow 7.4% in five months
10/06 Canada imposes temporary anti-dumping duties on wire products from Việt Nam
05/06 Việt Nam's State budget collection up nearly 15 per cent in five months
05/06 Businesses pivot to neighbouring markets due to uncertainties elsewhere
05/06 Việt Nam leads the region in attracting long-term investment into innovative start-ups
27/05 MoIT to step up talks on new FTAs
25/05 Criteria for assessing FDI announced
Older News
08/09 Canadian businesses believe in Việt Nam’s medium-term economic outlook
08/09 Public investment capital disbursement remains slow
06/09 Việt Nam's steel sales increase due to exports
06/09 Canadian businesses believe in Vietnam’s medium-term economic outlook
01/09 Standard Chartered Vietnam increases charter capital, reinforcing its local commitment
30/08 Vietnam posts 3.71 billion USD in trade deficit in eight months
25/08 Vietnam forecast to grow by 4.8 percent in 2021: World Bank
24/08 MoIT sustains anti-dumping duty on Malaysia’s H-shaped steel
23/08 FDI companies raise concerns over supply chain disruptions ​​​​​​​
20/08 Minister: slow public capital disbursement could cause loss of economic opportunities
Newsletter Signup
Top Stories
Surge in newly opened securities accounts recorded in May
VN adds over 110,000 new securities accounts in April, bringing total to 7.7 million
Cautious rise amid low supply and cash flow, investors advised to monitor resistance area
Interest rates to rise but not have major impact on stock market: economist
Businesses concerned about rising exchange rate pressure
Market Update
Last updated at 1:05:02 PM
VN-INDEX 1,277.19 -2.72/-0.21%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.