Veneer sheets market in Vietnam

Earlier Report Observations

From 2018 to 2019, the veneer sheets market in Vietnam expanded from 2.11 million m³ to 2.23 million m³, driven by the diversification of veneer types like Birch and Oak that substituted solid wood in furniture and construction. The entry of new manufacturers offering both natural and engineered veneer further stimulated demand. However, in 2020, market volume contracted to 1.75 million m³ despite rising domestic production, as imports halved following the tightening of formaldehyde emission standards such as CARB P2 and E0, which affected incoming products.

In 2021, stricter raw material governance and quality control policies, coupled with significant investments by state-owned and private companies in plant expansion, pushed production above 2 million m³ for the first time and restored market size to 2.05 million m³. The following year, stringent labeling and traceability rules for exports to the EU and U.S., along with trade defense measures, boosted overseas shipments. This surge in exports reduced domestic availability, pulling market volume down to 1.8 million m³ in 2022.

By 2023, market volume reached 1.83 million m³, supported by a buoyant industrial furniture sector with new brands focusing on high-quality veneer sheets and preparations for Circular 04/2023/BXD that would enforce formaldehyde limits from 2024. In 2024, market dynamics were influenced by strong demand from construction and furniture, the adoption of AI and robotics for quality control, the implementation of the national quality standard TCVN 4358:2021, and an 8% preferential VAT rate.

Production veneer sheets in Vietnam

In kind, 2017-2020, K m³

From 2017 to 2020, Vietnam held the fifth position globally in veneer sheets production.

Top producers of veneer sheets, 2017-2020

World map of production of veneer sheets, 2017-2020

Veneer sheets production in Vietnam grew for the second consecutive year. In 2020, Vietnam produced 1 415 K m³ of veneer sheets, representing a 17.7% increase compared to the previous year. Over the 2017-2020 period, production rose by 34.5%, with a compound annual growth rate (CAGR) of 10.4%. The largest decline occurred in 2018, with a 0.0% change.

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

Exports veneer sheets from Vietnam

Exports in kind, K m³

Cross-border shipments of veneer sheets from Vietnam expanded for the second consecutive year. In 2020, export volume reached 21 264 K m³, marking a sharp increase of 45.2% compared to 2019. Between 2017 and 2020, exports grew by 35.4%, translating to an annualized rate of 10.6%. The lowest value was recorded in 2018 at 10 464 K m³, with the largest decline that year at 33.3%.

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

From 2017 to 2020, the country structure of exports in kind was heavily concentrated on China, which accounted for 73.7% of total flows, while other partners made up the remainder.

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

Veneer sheets deliveries from Vietnam increased for the second consecutive year. In 2020, Vietnam exported 88.8 M $ US worth of veneer sheets, showing a significant advance of 65.6% year-over-year. Over the 2017-2020 period, exports surged by 116.4%, with a compound annual growth rate (CAGR) of 29.3%. The minimum value was recorded in 2018 at 40.5 M $ US, with the largest decline that year at 1.3%.

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

Throughout 2017 to 2020, China dominated total exports in value terms, capturing 76.1% of the share, while the rest was distributed among numerous countries with smaller individual contributions.

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

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

Imports veneer sheets to Vietnam

Imports in kind, K m³

The market exhibited volatility during these years. Volumes peaked in 2018 and reached their lowest point in 2017, representing a 14.8-fold difference. In 2020, foreign veneer sheets supplies to Vietnam totaled 61 627 K m³, down by 80.8% compared to the previous year. The maximum value was recorded in 2018 at 370 410 K m³, with the largest increase that year at 1 381.2%.

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

From 2017 to 2020, China remained the primary source for veneer sheets imports to Vietnam, accounting for 83.6% of total imports in kind, with the remaining volume spread across other countries.

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

Veneer sheets imports to Vietnam rose for the third consecutive year. In 2020, imports stood at 205.8 M $ US, indicating an increase of 18.7% compared to 2019. Between 2017 and 2020, imports grew by 119.8%, equating to an annualized rate of 30.0%.

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

Throughout 2017 to 2020, China concentrated 82.9% of total imports in value terms, while the rest was shared by many countries with smaller individual shares.

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

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