The export of Vietnam’s wood industry to France and Europe at large have ample room for growth, according to the Agency of Foreign Trade at the Ministry of Industry and Trade.
The export of Vietnam’s wood industry to France and Europe at large have ample room for growth (Illustrative photo: haiquanonline.com.vn)The export of Vietnam’s wood industry to France and Europe at large have ample room for growth, according to the Agency of Foreign Trade at the Ministry of Industry and Trade.
Vietnam is currently the sixth largest provider of wooden furniture in France, but only makes up 4.5 percent of the European nation’s total import values.
The Agency of Foreign Trade cited data from the International Trade Centre showing that France’s imports of wooden furniture surged by nearly 60 percent against the same period last year to 2.4 billion USD in the first six months of 2021.
Experts forecast that Vietnam’s timber and wood product exports to Europe will surge in the latter half of 2021. By that time, COVID-19 is expected to be brought under control and European countries are projected to loosen restriction measures and facilitate trade flows.
The recovery of the European economy will be a driving force for Vietnam's export of timber and wooden products to the market (Illustrative photo: VNA)
The recovery of the European economy will be a driving force for Vietnam's export of timber and wooden products to the market.
In addition, the European Union - Vietnam Free Trade Agreement (EVFTA) is hoped to benefit the sector thanks to the removal of non-tariff barriers and facilitation of the import of advanced equipment, thus improving productivity and competitive edge of Vietnam’s wood industry in the European market./.