Oct. 10, 2020 - In the first nine months of 2020, Vietnam's total exports of timber and forest products were about 8.97 billion USD, up 12% year on year. In August, for the first time, total exports of timber and forest products exceeded 1 billion USD. Among them, cabinets and bathroom cabinets occupy most of the export share, and the main export market is the United States, with the export share as high as 90%.
VIFORES published an article on its official website that cabinets, bathroom cabinets and other home furnishings are the foundation for the next development of Vietnam's wood industry. At the same time, the association said it might set up a branch of cabinets, bathroom cabinets and decorative panels to expand the comprehensive competitiveness of enterprises invested by Vietnamese local people.
According to Vietnamese media reports, in the first seven months of this year, the growth of cabinets reached almost 100%, and the total export volume of cabinets and bathroom cabinets in Binh Dinh Province exceeded 100 million US dollars. The outdoor furniture only exceeds 230 million US dollars. However, the Office of the United States Trade Representative announced on the evening of October 2 that it launched a "301 investigation" on Vietnam's timber and exchange rate policies. This move may escalate the US-Vietnam economic and trade frictions and cause the US to impose punitive tariffs on products imported from Vietnam.
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