Vietnam Timber Industry Sees Rapid Growth

The timber industry in Vietnam is booming, with import figures climbing to nearly 10 million cubic meters in 2018 as the country moves to meet growing demand, according to the International Tropical Timber Organization (ITTO).

The value of the raw wood material in the country in 2018 was $2.34 billion, a 7% increase compared with 2017.

Vietnam is sourcing wood from more than 100 countries to meet the recent demand, many of them “high risk” in terms of verification of legally harvested timber, ITTO notes. The vast majority of the timber imported to Vietnam hails from Cameroon, according to the report.

Most of the country’s finished wood products are being exported to the U.S., Europe, Japan and South Korea.

Wood flooring industry leaders predicted the shift of wood manufacturing plants to Southeast Asian countries such as Vietnam and Cambodia since the U.S. imposed tariffs on hardwood flooring products from China last year.