The United States remains Vietnam's largest export market for wood and wood products and serves as a driving force for the growth of the wood industry.

In October 2024, Vietnam's export turnover of wood and wood products to the U.S. reached USD 849.76 million, up 14.7% compared to the previous month and up 20.6% compared to October 2023.

For the first 10 months of 2024, the export turnover of wood and wood products to the U.S. amounted to USD 7.3 billion, marking a 25.3% increase over the same period in 2023. Exports of wood and wood products to the U.S. have grown significantly and are expected to continue increasing in the near future.

According to the International Monetary Fund (IMF), the U.S. economy will continue to be a driving force for global growth for the remainder of 2024 and into 2025, thanks to robust consumer spending.

China is Vietnam's second-largest export market for wood and wood products, with a turnover of USD 188.4 million in October 2024, up 30.8% from September 2024 and 3.1% from October 2023. In the first 10 months of 2024, export turnover to China reached USD 1.7 billion, a 22.3% increase compared to the same period in 2023.

Vietnam's exports of wood and wood products to the next major market, Japan, showed signs of recovery with a significant increase in October 2024, reaching USD 170.5 million, up 37.9% from September 2024 and 27.5% from October 2023. For the first 10 months of 2024, export turnover to Japan was USD 1.4 billion, up 2.5% over the same period in 2023.

Meanwhile, exports to South Korea in October 2024 showed slow recovery, increasing by only 5.2% compared to October 2023, reaching USD 73.8 million. For the first 10 months of 2024, export turnover to South Korea was USD 648.58 million, down 0.7% compared to the same period in 2023.

Vietnam's wood product exports to several markets in the European Union, such as France, the Netherlands, Germany, Belgium, and Spain, also experienced impressive growth, with double-digit increases during the first 10 months of 2024.

However, the wood industry is currently facing significant challenges due to protective measures from major export markets: In the U.S. market, Vietnam's wood products sector has recently encountered three legal cases, in addition to similar actions from South Korea and Canada.

The U.S. Department of Commerce's decision not to recognize Vietnam as a free market economy means that Vietnamese exporters continue to face discrimination in U.S. anti-dumping and countervailing duty investigations.

In the South Korean market, the Korea Trade Commission recently concluded its investigation and decided to maintain anti-dumping duties on Vietnamese plywood manufacturers and exporters. These companies will be subject to these duties for an additional five years, with rates ranging from 9.78% to 32.28%

Vietnam's Export Market for Wood and Wood Products in October and the First 10 Months of 2024

According to the General Department of Customs, in October 2024, the export value of wood and wood products reached 1.54 billion USD, an increase of 22.9% compared to the previous month and a rise of 19.4% compared to October 2023. For the first 10 months of 2024, the export value of wood and wood products reached 13.22 billion USD, an increase of 21.2% compared to the same period in 2023.

List of 20 Biggest Vietnamese Wood and Wood Product Exporters Achieving High Export Value in the First 9 Months of 2024

Source: Vietnam Customs, the data is preliminary calculation and for reference only.