Wood in the rough market in Vietnam

Earlier Report Observations

The market for wood in the rough in Vietnam underwent a significant shift between 2018 and 2024. In 2018, the market volume reached 88.9 million tonnes, supported by high imports of 51.6 million tonnes. This was driven by substantial roundwood supplies from the United States and the relocation of numerous Chinese wood processing companies to Vietnam, which expanded local production capacity. However, in 2019, imports collapsed to 1.9 million tonnes, causing the total market volume to contract sharply to 39.1 million tonnes, even as domestic production held steady at 37.3 million tonnes.

From 2020 to 2023, domestic production gradually increased, peaking at 43.1 million tonnes in 2021 before stabilizing around 42.5 million tonnes. The market volume followed a similar trajectory, recovering to 44.6 million tonnes in 2021. By 2023, the market stabilized at 43.3 million tonnes. During this period, economic downturns in key export markets and geopolitical conflicts, including the Russia-Ukraine war and an energy crisis in the EU, dampened global demand for wood products. This contributed to a further reduction in timber imports, which fell to 886 thousand tonnes in 2023.

In 2024, imports of rough wood rebounded to 1.5 million tonnes. This increase was facilitated by a marked rise in shipments from the United States and a broader industry shift toward sourcing timber from legal and verified suppliers. This strategic move aimed to comply with stringent international regulations, such as the EU's Deforestation Regulation, which demands proof of legal and sustainable origin for wood imports.

Production wood in the rough in Vietnam

In kind, 2017-2020, K t

From 2017 to 2020, Vietnam ranked 14th globally in the production of wood in the rough.

Top producers of wood in the rough, 2017-2020

World map of production of wood in the rough, 2017-2020

In 2020, Vietnam produced 39 868 K t of wood in the rough, representing a 7.0% increase from the previous year. Over the 2017-2020 period, production grew by 13.9%, with a compound annual growth rate of 4.4%. The smallest change occurred in 2019, with production remaining nearly stable.

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

In value, 2017-2020, M $ US

In 2020, the output of wood in the rough in Vietnam was valued at 6 869 M $ US, a 9.9% decrease from the previous year. Between 2017 and 2020, production value fell by 6.9%, corresponding to an annualized decline of 2.4%. The highest value was recorded in 2019 at 7 623 M $ US, which also saw the largest increase of 6.4%.

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

Exports wood in the rough from Vietnam

Exports in kind, K t

Vietnam's exports of wood in the rough declined for the third consecutive year. In 2020, exports amounted to 1 K t, a sharp drop of 47.0% compared to 2019. Over the 2017-2020 period, exports decreased by 98.7%, with a compound annual decline rate of 76.5%.

Annual dynamics of product's exports from Vietnam in kind, 2017-2020, K t

From 2017 to 2020, China and India together accounted for 90.0% of Vietnam's total exports of wood in the rough by volume, while the remaining flows were distributed across various other markets.

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

Vietnam's exports of wood in the rough in value terms declined for the third year in a row. In 2020, exports reached 0.2 M $ US, down 55.3% from 2019. Between 2017 and 2020, export value fell by 98.9%, equating to an annualized decrease of 78.0%.

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

Throughout 2017-2020, China and India were the primary markets for Vietnam's exports of wood in the rough in value terms, jointly making up 89.9% of total flows, with other destinations holding smaller shares.

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

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

Imports wood in the rough to Vietnam

Imports in kind, K t

Vietnam's imports of wood in the rough declined for the third consecutive year. In 2020, import volume stood at 1 223 K t, a 34.6% decrease compared to 2019. Over the 2017-2020 period, imports dropped by 98.3%, with a compound annual decline rate of 74.5%.

Annual dynamics of product's imports to Vietnam in kind, 2017-2020, K t

From 2017 to 2020, the leading sources for Vietnam's imports of wood in the rough by volume were the United States (21.1% of imports), Cameroon (19.4% of imports), and France (10.2% of imports), which together accounted for 50.7% 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 imports of wood in the rough in value terms declined for the third year in a row. In 2020, imports totaled 396.5 M $ US, marking a 14.5% decrease from the previous year. Between 2017 and 2020, import value fell by 40.1%, corresponding to an annualized decline of 15.7%.

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

The market base for Vietnam's imports of wood in the rough in value terms from 2017 to 2020 was diverse, with Cameroon (24.1% of imports), the United States (12.6% of imports), and Congo (11.7% of imports) jointly accounting for 48.4% of total flows, while the remaining 51.6% was shared among numerous other countries.

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

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