Foreign capital injected in wood industry down 36 percent in 2020
Vietnam’s wood industry secured 63 new foreign direct investment (FDI) projects worth 372.68 million USD in 2020, down 36 percent and 49 percent on-year, respectively.
Hanoi (VNA) – Vietnam’s wood industry secured 63new foreign direct investment (FDI) projects worth 372.68 million USD in 2020, down36 percent and 49 percent on-year, respectively.
According to a research by a number of organisations,including the non-profit organisation Forest Trends and the Vietnam Timber andForest Product Association (VIFOREST), these foreign projects came from 14countries and territories such as China and the Republic of Korea.
Wood processing drew most of the foreign investments, with274.81 million USD in 41 projects.
Meanwhile, a total of 193.64 million USD were added toexisting foreign-funded projects, decreasing 3 percent on-year.
Regarding export, FDI enterprises continued to show theirsuperiority compared to domestic ones, with 653 firms or 18 percent of theindustry’s total exporters. They posted a turnover of 6 billion USD, accountingfor 51 percent of the industry’s total. Meanwhile, 2,676 domestic companiesrecorded just 5.9 billion USD in export value.
According to To Xuan Phuc from the Forest Trends, the superioritycan be the results of differences in production and capital scale, as well astechnology and management./.
Wood and wooden product exports in the southern province of Binh Duong fetched 5.6 billion USD in 2020, accounting for 47.3 percent of the nation’s total wood export value, according to the Binh Duong Furniture Association (BIFA).
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Business in the wood industry will have a chance to seek buyers and boost export during the Vietnam Furniture Matching Week 2021, scheduled to take place in Ho Chi Minh City from April 12 to 19.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Processing goods for exports (Photo: VNA) 
