China’s investment in Vietnam’s wood products industry has soared!

China’s investment in Vietnam’s wood products industry has soared!

The number of foreign direct investment projects entering Vietnam’s wood processing industry continues to surge. The investment mainly focuses on plywood production, processing industry services, wood pallet production and composite plate products.

Vietnam exports about 3-4 billion US dollars of wood products to the United States every year, which is the second largest supplier of wood in the United States, second only to China. Tran Quoc Khanh said it was an opportunity for Vietnamese companies to fill the US import gap, but it would require them to address their productivity, marketing and procurement policies.

Dien Quang Hiep, chairman of Vietnam Binyang wood processing Association (bifa), pointed out that one of the biggest disadvantages at present is that there is no production cluster and network between Vietnamese companies, which gives the new entrants of the industry an advantage.

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