Vietnam exported over 2.4 billion U.S. dollars worth of wood and wood products in the first two months of this year, surging 51 percent year on year, according to the country's General Statistics Office.
In February alone, the country earned 1.1 billion U.S. dollars from exporting wood and wood products, posting an increase of 42.1 percent year on year.
In 2020, Vietnam raked in over 12.3 billion U.S. dollars from exporting wood and wood products, up 15.7 percent from 2019 and accounting for 4.4 percent of the total export revenue, with China, Japan and the United States among the major markets.
The positive development of Vietnam's wood industry in recent years, even after the COVID-19 outbreak, was mainly attributable to the openness of domestic business regulations, as well as the effect of newly-signed trade pacts including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the EU-Vietnam Free Trade Agreement and the Regional Comprehensive Economic Partnership, said the office.
In January and February, Vietnam also spent 448 million U.S. dollars in importing wood and wood products, up 34.8 percent year on year. Insufficient domestic wood material forced the country to import it from overseas, said the office.
Vietnam introduced a national logging ban in natural forests in 2016 and has since intensified forestation as well as timber import.