MDF market in Vietnam

Earlier Report Observations

The MDF market in Vietnam expanded from $162.8 million in 2018 to $226.3 million in 2021. This growth was supported by the establishment of the Market Management Department in 2018, which strengthened state control and law enforcement against counterfeit and smuggled goods, improving market conditions. Continuous foreign direct investment into manufacturing and services also contributed to domestic market development and export capacity throughout the period.

Market size then declined to $192.6 million in 2022 and fell sharply to $143.8 million in 2023. The contraction was driven by weakened global demand, slower economic growth in major countries, and increased trade protectionism affecting Vietnam's market. Many businesses suspended operations or exited the market due to intense competition and economic difficulties.

Throughout 2019-2023, a trend toward sustainable development influenced the market, with businesses adopting waste reduction, eco-friendly packaging, and energy-saving measures. In 2024, new regulations on trade promotion and market management took effect, alongside the creation of the Domestic Market Management and Development Department, reflecting ongoing structural changes in Vietnam's market governance.

Production MDF in Vietnam

In kind, 2017-2020, K m³

Top producers of MDF, 2017-2020

World map of production of MDF, 2017-2020

In 2020, Vietnam produced 160.0 K m³ of MDF, which remained virtually unchanged from 2019. The largest increase and decline were both recorded in 2018, at 0.0% each.

Annual dynamics of production in Vietnam in kind, 2017-2020, K m³

In value, 2017-2020, K $ US

In 2020, Vietnam's MDF output was valued at 77 779 K $ US, marking a 6.3% year-over-year increase. Between 2017 and 2020, production grew by 15.4%, equating to an annualized rate of 4.9%. The largest decline occurred in 2019 at 5.1%, while the largest increase was in 2018 at 14.4%.

Annual dynamics of production in Vietnam in value, 2017-2020, K $ US

Exports MDF from Vietnam

Exports in kind, K m³

In 2020, Vietnam's MDF exports amounted to 80.8 K m³, representing a 12.1% drop compared to the previous year. From 2017 to 2020, exports decreased by 27.3%, with an annualized rate of 10.1%. The largest decline was in 2018 at 23.7%, and the largest increase was in 2019 at 8.5%.

Annual dynamics of product's exports from Vietnam in kind, 2017-2020, K m³

From 2017 to 2020, India (43.3% of exports in kind), the United States (24.4% of exports in kind), and Saudi Arabia (10.7% of exports in kind) were the key destinations for Vietnam's MDF exports, collectively accounting for 78.3% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Vietnam in kind, 2017-2020

Exports in value, M $ US

In 2020, Vietnam's cross-border shipments of MDF totaled 39.3 M $ US, reflecting a 6.6% reduction compared to 2019. Between 2017 and 2020, exports decreased by 16.1%, with an annualized rate of 5.7%. The largest decline was recorded in 2018 at 12.7%, while the largest increase was in 2019 at 2.9%.

Annual dynamics of product's exports from Vietnam in value, 2017-2020, M $ US

From 2017 to 2020, India (42.8% of exports in value terms), the United States (25.5% of exports in value terms), and Saudi Arabia (11.2% of exports in value terms) continued to lead as the top buyers of MDF from Vietnam, jointly comprising 79.5% of total exports in value terms.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Vietnam in value, 2017-2020

Imports MDF to Vietnam

Imports in kind, K m³

In 2020, Vietnam's volume of MDF imports totaled 149.8 K m³, down by 61.8% compared to 2019. Over the period 2017-2020, imports decreased by 58.6%, with a compound annual growth rate (CAGR) of 25.5%. The maximum value was recorded in 2019 at 392.8 K m³, which also saw the largest increase at 33.8%.

Annual dynamics of product's imports to Vietnam in kind, 2017-2020, K m³

From 2017 to 2020, Thailand (45.9% of imports in kind), China (17.5% of imports in kind), and New Zealand (15.8% of imports in kind) accounted for the largest share of Vietnam's MDF imports, together comprising 79.1% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Vietnam in kind, 2017-2020

Imports in value, M $ US

Vietnam's MDF imports increased for the second consecutive year in 2020, reaching 162.7 M $ US, which reflects a controlled advance of 5.9% compared to 2019. Over the period 2017-2020, imports grew by 10.9%, with a CAGR of 3.5%. The minimum value was recorded in 2018 at 126.6 M $ US, which also saw the largest decline at 13.7%, while the largest increase was in 2019 at 21.3%.

Annual dynamics of product's imports to Vietnam in value, 2017-2020, M $ US

Throughout 2017 to 2020, Thailand (50.6% of imports in value terms), China (18.9% of imports in value terms), and New Zealand (12.8% of imports in value terms) remained the main sources for MDF imports to Vietnam, jointly accounting for 82.2% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Vietnam in value, 2017-2020