Preliminary statistics from the General Department of Customs show that as of mid-July 2024, the export value of wood and wood products of our country reached over 8.1 billion USD, a sharp increase of 23.3% over the same period last year. The main factor driving the positive growth of wood and wood product exports in the first half of this year was due to increased demand in many major markets, especially the US market. As of the end of June 2024, the US still maintained its position as the largest customer, accounting for 55% of the total export turnover of the entire wood and wood products industry of our country. Americans are very fond of Vietnamese wooden products, so importers spent 4.38 billion USD to buy them to serve domestic consumption needs. Compared to the same period last year, export turnover to the US market increased by 27.6%. In the first half of this year, wood and wood products ranked 5th among the items Vietnam exported to the US market.

Vietnam's export turnover of wood and wood products increased sharply. Illustration photo: Dong Gia

Notably, this Vietnamese strength received more good news when the US Department of Commerce (DOC) just issued the final conclusion of the investigation examining the product scope and anti-evasion of wooden cabinets imported from Vietnam.

Accordingly, DOC maintains its preliminary adjustment conclusion in September 2023. Only three cases of wooden cabinets imported from Vietnam with components manufactured in China were determined to be within the scope of the current duty order against China.

Specifically, one is a product with door components, drawer panels and wooden frames manufactured in China, then assembled in Vietnam and combined with cabinet boards and drawer boxes manufactured in Vietnam.

Second, the product has doors, drawer fronts and wooden frames that are semi-finished products manufactured in China, then further processed in Vietnam and combined with cabinet wood boxes and drawer boxes manufactured in Vietnam.

Third, the product has semi-finished details of doors, drawer panels and wooden frames (including belts, pillars, boards) manufactured in China, then further processed in Vietnam and combined with cabinet panels and drawer boxes manufactured in Vietnam.

DOC said it will send a notice to the US Customs and Border Protection to guide the application of the self-certification mechanism for wooden cabinets imported from Vietnam.

Thus, this mechanism allows Vietnamese wooden cabinet exporting enterprises that do not fall into the three cases mentioned above to be exempted from paying anti-dumping and anti-subsidy taxes when exporting to the US market.

In the latest announcement, DOC also canceled the entire investigation case against anti-dumping and anti-subsidy tax evasion on wooden cabinets imported from Vietnam.

The investigation into product scope and anti-circumvention was initiated by DOC from May to June 2022. Previously, from April 2020 to present, the US has imposed anti-dumping and anti-subsidy duties on wooden cabinets originating from China, with the highest tax rate reaching nearly 300%.

Chairman of the Ho Chi Minh City Handicraft and Wood Processing Association Nguyen Quoc Khanh said that it is important for Vietnamese wood enterprises to keep up with new trends in the US market so that Vietnamese wooden products can meet consumer preferences.

According to him, although it is not yet the peak season, in recent months, our country's wood and wood product exports have still reached 1.2-1.4 billion USD/month. Therefore, he believes that when the world enters the peak shopping season at the end of the year, our country's export turnover of this industry could reach 1.6-1.8 billion USD/month.

Leaders of the Ho Chi Minh City Handicraft and Wood Processing Association also forecast that total export turnover this year is estimated to reach 17.5 billion USD - higher than the historical record of 16 billion USD set in 2022.

Source: https://vietnamnet.vn/thu-ve-8-1-ty-usd-the-manh-viet-don-them-tin-vui-tu-my-2304259.html