Vietnam’s Wood Exports Aim for $18 Billion in 2025: Confidence Amid Challenges

Despite a volatile global economic outlook, the Vietnam Timber & Forest Products Association (VIFOREST) remains confident that Vietnam can achieve $18 billion in wood and wood product exports in 2025—driven by solid growth, expanding markets, and bold strategic shifts from local enterprises. 

2024 in Review: A Strong Growth Year

In 2024, Vietnam’s wood and wood product exports reached $15.89 billion, a 20.1% increase year-over-year. Five key product categories contributed to this success:

• Furniture (excluding seats): $6.44 billion, accounting for 40.5% of total exports. Top markets: the US, Japan, Canada, the UK, the EU, and South Korea.

• Seats: $3.5 billion, exported to 143 countries, with 89% concentrated in the US, Japan, Canada, South Korea, and the UK.

• Wood chips: 18.3 million tons, worth $2.66 billion, with China as the largest importer.

• Plywood: 3.35 million m³ valued at $1.03 billion, mainly exported to South Korea, Japan, the US, and Malaysia.

• Wood pellets: 6 million tons, worth $805 million, with 93% going to Japan and South Korea.

  
  

  In the first two months of 2025 alone, export value hit $2.52 billion, up 12.4% year-on-year. The United States remains Vietnam’s largest market, accounting for 55% of exports, followed by Japan (11.7%) and China (9.8%).

  
  

  Monthly Export Turnover of Wood and Wood Products from Vietnam in 2023 and 2024 

Opportunities & Risks in 2025

According to The Conference Board (Feb 2025), the US economy is projected to grow by 2.3%, with consumer spending up 2.8%. The US furniture market is expected to hit $274 billion this year. In the EU, real GDP growth will remain modest (0.9%), but furniture sales are forecast to reach $239 billion.

Still, challenges persist: the Russia–Ukraine conflict, rising logistics costs, unpredictable US trade policies, and intense price competition remain key concerns. Vietnam’s timber sector also faces limitations in technological capacity and brand competitiveness.

Strategic Recommendations for Exporters

To hit the $18 billion target, VIFOREST urges Vietnamese wood processors and exporters to:

• Modernize production lines and innovate in product design to boost value and cut costs.

• Leverage trade agreements like the EVFTA to strengthen their presence in Europe.

• Embrace digital transformation to enhance customer experience and streamline B2B interactions.

  
  

Despite shifting market dynamics, Vietnam’s wood industry is on track to consolidate its global position—backed by resilient demand, strategic upgrades, and a shared vision for sustainable export growth in 2025.

Source: VnEconomy