HANOI, Jan. 18 (Xinhua) -- Vietnam expected to set a record high of 18 billion U.S. dollars from exporting wood and wood products this year, with wood pellets and woodchips forecast to enter the 1-billion dollar club, local media reported on Wednesday.
To achieve the goal which represents a growth rate of 7 percent and 9 percent, the country would focus on raising the competitiveness of enterprises by reducing the use of imported wood, Vietnam News Agency reported.
The industry would also apply scientific and technological advances in improving labor productivity and stepping up digital transformation to cut production costs, the news agency cited Chairman of the Vietnam Timber & Forest Products Association Do Xuan Lap.
Importers, especially those from major markets like the United States and Europe, have intensified their technical barriers and product origin tracing, the ministry said, suggesting businesses satisfy requirements of partners to make better use of the advantages generated by free trade agreements in order to achieve the 2023 targets.
The country reaped 16.92 billion dollars from exporting wood and wood products last year, surpassing the set target by 3.8 percent, and up 6.1 percent year-on-year, according to the media report. ■