The US spent nearly 9 billion USD buying Vietnamese wood.

It is forecasted that by 2024, wood and wood product exports to the US will account for 56% of the industry's total export turnover, reaching nearly 9 billion USD.

Trade surplus of 8.8 billion USD to the US

At the seminar "Vietnam's wood industry facing changes in the export market" on the afternoon of December 6 in Hanoi , Chairman of the Vietnam Timber and Forest Products Association Do Xuan Lap said that it is forecasted that in 2024, Vietnam's wood and wood product exports will reach over 16.2 billion USD.

It is forecasted that by 2024, Vietnam's wood and wood product exports will reach over 16.2 billion USD.

PHOTO: DAN THANH

Of which, exports to the US accounted for 56% of total export turnover, reaching nearly 9 billion USD and imports from this market reached over 230 million USD. Thus, in the US market alone, the Vietnamese wood industry had a trade surplus of about 8.8 billion USD. "This shows that the US is the main and most important market for the Vietnamese wood industry," Mr. Lap emphasized.

It is worth noting that the US market may have very big changes in the near future. These changes may be caused by the new tax policy that the US Government will apply to imported goods in the future.

China, Mexico and Vietnam are the three countries with the largest trade surpluses with the US. The US government plans to impose a 60% tariff on all goods imported from China and 15-20% on goods imported from other countries.

Mr. Lap assessed that with the upcoming policy change of the US market under the administration of President Donald Trump, Vietnam in general and the wood industry in particular can benefit from the high US tax rate applied to goods from China.

However, if import and investment from China to Vietnam are not well controlled, Vietnam may suffer negative impacts.

In addition, the US may also apply new tariffs on goods from Vietnam, including wood products. Mr. Lap worries that this will cause difficulties in exports and impact production.

Vietnamese businesses need to increase direct investment in the US.

Mr. Huynh The Du, lecturer and manager of the Public Policy and Environment Program at Indiana University (USA), believes that in the coming time, the potential for the Vietnamese wood industry to increase exports to the US is still quite large.

Vietnam mainly exports wooden furniture to the US.

PHOTO: DAN THANH

"The opportunity to increase exports to the US thanks to the US-China trade war is very high. US imports of goods from China will decrease and the US will have to import alternative sources of goods from other markets.

However, Vietnam needs to especially avoid being taxed higher than other countries, especially China. The wood industry needs to pay attention to ensuring issues of legal wood origin and environmental protection," said Mr. Du.

The expert noted that export enterprises need to adapt to new requirements from US policies, increase investment in technology, innovate, improve product quality and comply with international laws.

By 2024, wood and wood product exports to the US will reach nearly 9 billion USD but imports will only be 230 million USD. According to Mr. Du, the wood industry must also pay attention to researching related policies to promote increased imports from the US, avoiding too high a gap between imports and exports.

Recommending solutions to help wood industry enterprises reduce the trade balance gap when the wood industry's trade surplus in the US market reached 8.8 billion USD, some delegates said that Vietnamese enterprises need to increase direct investment in the US market, increase trade, links and cooperation with US enterprises. This is also an opportunity for wood industry enterprises to expand their direct distribution market in the US.

Besides, Vietnam needs to create more favorable conditions for American investors in the Vietnamese market.

Mr. Lap emphasized that in the coming time, the Vietnamese wood industry recommends that state management agencies continue to provide information on policy warnings, trade barriers, and trade defense measures; provide information and support businesses when they seek investment opportunities in the US market.

The association also recommended that state management agencies need to have open policies on investment but still be able to manage foreign investment projects in the wood industry...

Thanhnien.vn

Source: https://thanhnien.vn/my-chi-gan-9-ti-usd-mua-go-viet-185241206193155431.htm