2024 expected to be challenging for Vietnam’s wood sector

The year 2024 is forecast to remain a challenging year for the Vietnamese wood industry, given several issues affecting the sustainability of production and export. Statistics of the Ministry of Agriculture and Rural Development show that the sector’s export turnover reached 14.39 billion USD last year, down 15.8% year-on-year. Major export markets have increasingly stricter regulations on product legality and sustainability. Specifically, the EU Deforestation Regulation (EUDR), which took effect in late June 2023, requires products imported into this market to ensure legality and not cause deforestation. Along with the EU, many ...