According to Vietnam’s timber industry report 2023 – VIRAC, in the first 9 months of 2023, the output of most wooden furniture products shows signs of decreasing. Overview of the situation of Vietnam’s wood industry includes:
- The growth of domestic raw wood output has been stable over the years
- Vietnam’s two largest tablet import markets are Korea and Japan
- The main product of processed wood materials is plywood
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Vietnam’s timber industry report 2023: Macroeconomic situation
Gross domestic product
In the first 9 months of 2023, GDP increased by 4.24%, relatively low compared to GDP in the same period in the period 2011 – 2023, of which the service sector is the largest contributor with 42.72%, followed by the construction sector with 37.16%. Policies to stimulate domestic consumption and tourism promotion and promotion programs have contributed to promoting the growth of the service sector in the past 9 months.
Purchasing Managers Index
Production in the first 9 months of 2023 faces many difficulties due to decreased orders, weakened purchasing power, and increased production costs.
Consumer price index
CPI in the first 9 months of the year increased due to the direct impact of the increase in gasoline and gas prices, the increase in housing prices along with the increase in the price of input materials. The increased demand for eating out at restaurants due to the positive developments of the epidemic is also the reason for the increase in CPI.
Exchange rate
On average, in the first 9 months of 2023, the VND/USD exchange rate increased by 2.34% compared to the same period in 2022.
Growth in retail revenue of consumer goods and services
The first 9 months of 2023 show signs of deceleration in the growth rate of total revenue from consumer services and retail goods compared to the same period last year.
Foreign direct investment
In the first 9 months of the year, the realized investment capital of foreign investment (FDI) projects was estimated at 20,207 billion USD, up 7.75% over the same period last year with 2,254 new projects granted investment certificates. fourth, highest in the period 2018-2023.
Vietnam’s timber industry report 2023: Overview of the situation of raw materials in the wood industry
Details of the current plantation wood supply chain in “Vietnam’s timber industry report Q3/2023 – VIRAC”
Find out the situation of wood exploitation and wood processing materials in Vietnam
Wood gathering
The growth of domestic raw wood output has been stable over the years. In the first 9 months of 2023, exploited wood output reached about x million m3, fluctuating x% compared to the same period last year. However, the domestic supply of raw wood materials is decreasing compared to the same period.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
Find out the cause of the decline in the domestic supply of raw wood materials.
Raw wood for processing
The main product of processed wood materials is plywood with output in the first 9 months of the year reaching x million m3, fluctuating x% compared to the same period in 2022.
Import of raw wood
The import volume of raw wood in the first 8 months of 2023 will reach about x million m³, fluctuating x% compared to the same period in 2022.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
The above import output corresponds to an estimated import value of x billion USD, fluctuating x% over the same period in 2022.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
According to VIRAC’s Vietnam timber industry report for the third quarter of 2023, Vietnam’s main imported product is sawn timber with an import turnover of x million USD, fluctuating x% over the same period last year and accounting for x% proportion of imported wood materials.
Learn about details of Vietnam’s wood material import situation in 2023
Export of raw wood according to Vietnam’s timber industry report 2023
Regarding the export situation of wood chips
In the first 8 months of 2023, wood chip exports are estimated to reach x billion USD, fluctuating x% in value compared to the same period in 2022. Wood chips are currently mainly exported to markets such as China and Japan.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
Learn about the reason wood chips are exported mainly to China and Japan markets
The price of wood chips exported to Vietnam’s main markets in the first 8 months of 2023 has many fluctuations. Starting from April 2023, it reached x billion USD/ton.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
Learn about forecasting the wood chip situation
Regarding the export situation of wood pellets
Vietnam ranks 2nd in the world in the field of exporting wood pellets with an export turnover reaching x million USD in the first 8 months of 2023, fluctuating x% in value compared to the same period in 2022.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
Vietnam’s two largest tablet import markets are Korea and Japan. The volume of Vietnamese tablets exported to these two markets accounts for over 95% of the total volume of tablets exported to all markets.
Tablet prices exported to Vietnam’s main markets in the first 8 months of the year tended to decrease. Compared to the same period last year, the price of pellets exported to Korea was estimated at x USD/ton, fluctuating x%, while the price of pellets exported to Japan was estimated at x USD/ton, fluctuating x% compared to the same period last year in the same period last year.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
Learn about forecasting the wood pellet situation
Vietnam’s timber industry report 2023: Overview of the situation of interior wood products
Regarding the supply of furniture wood
In the first 9 months of 2023, the output of most wooden furniture products showed signs of decreasing, in which the product lines of wooden tables and wooden chairs fluctuated strongly in output, at x% and x% respectively.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
Learn the reason why wood furniture production did not meet expectations.
Regarding the demand for interior wood
Wooden furniture export turnover in the first 9 months of 2023 reached about x billion USD, fluctuating x% over the same period last year, in which wooden chairs and furniture are the main export items in the face structure of wooden goods and wooden products.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
The export turnover of wood and wood products to the Australian market in the first 9 months of 2023 reached x million USD, fluctuating strongly over the same period. Wooden furniture is the main export item to the Australian market in the first 9 months of 2023, accounting for x% of the total export value of wood and wood products to the Australian market.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
The export turnover of wood and wood products to the Japanese market in the first 9 months of 2023 reached x million USD, fluctuating x% compared to the same period in 2022. Of these, wood chips and wood pellets are the two main products exported to Japan in the first 9 months of 2023.
Source: Vietnam’s timber industry report Q3/2023 – VIRAC
Inflation in the US affects the demand for export wood in Vietnam. However, the opening of the Chinese market will cause the Vietnamese wood industry to face a lot of competitive pressure in the US market.
Learn about the inflation situation in the US and the Chinese market fully opening the economy affecting Vietnam’s wood industry.
Forecasting the outlook for the wood industry according to Vietnam’s timber industry report 2023
Regarding wood industry inputs according to Vietnam’s timber industry report 2023
Domestic wood supply
The amount of annual timber exploitation from planted forests in the country is at a stable level. However, wood from the household’s planted forests is mainly small wood, used as input material for wood chips and pellets.
Imported raw materials for the wood industry
Wood import prices will greatly affect wood production enterprises. Imported wood businesses have high levels of inventory.
Regarding wood industry output according to Vietnam’s timber industry report 2023
US output market
Consumption demand in the US is affected by inflation
Chinese output market
Open markets facilitate trade activities between Vietnam and China. Import and export activities of Vietnamese wood in the Chinese market are promoted and developed.
About competitors according to Vietnam’s timber industry report 2023
About China
As China gradually relaxes Covid-19 epidemic prevention measures, trade between countries with China is expected to boost in 2023.
About Mexico
Mexico has many advantages due to its geographical location, which helps with fast delivery times, little disruption, along with abundant supply for the US market. Besides, the products Mexico provides also have similarities with Vietnamese products exported to the US
Find out the details forecasting prospects for the wood industry and competitors, potential competitors, and substitute goods
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The information is compiled in “Vietnam’s timber industry report Q3/2023”. The report not only provides complete information on the macroeconomics and value chain of the wood industry but also general information on the situation of raw materials in the wood and furniture industry. In addition, the report also includes forecasts on prospects as well as competitors, news, and typical businesses of the industry.
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