The wood industry is facing a ‘disaster’ with many businesses left without orders from now until 2021 due to the COVID-19 pandemic, said the Vietnam Timber and Forest Product Association (VTFPA).
Workers make timber products for export at Vu Thinh Company Ltd, in the northern province of Bac Giang (Photo: VNA)
Hanoi (VNS/VNA) - The wood industry isfacing a ‘disaster’ with ma🀅ny businesses left without orders from now until2021 due to the COVID-19 pandemic, said the Vietnam Timber and Forest Produc𝓡tAssociation (VTFPA).
VTFPA said that the US, EU, Japan, theRepublic of Korea and China accounted for over 90 percent of the country’swood export market, and have all been strongly affected by COVID-19. “Many Vietnamese wood processing enterpriseshave had orders cancelled of suspended,” said the association. Since March, 80 percent of exporters to the USand EU markets have received cancellations or delays until thesituation improves. Orders from Japan, the RoK and China also dropped 60-80 percent. “For the remaining orders and small orders,businesses are also having difficulties as input prices have gone up by 10-20USD per cu.m, and freight costs have increased 500-1,000 USD per container,”the statement said. Do Xuan Lap, chairman of VTFPA, said thewood processing industry, one of the country's three main export industries, isfacing the reality that most enterprises would have to stop productionthis month and lay off workers without strong support from the Government. In order to minimise these losses, VTFPAhave asked the Government to include the wood processing industry on thelist of products the Government says can extend tax payments and landrents. VTFPA also said the Governmentshould consider value added tax refunds for eligible exporters, andthe exemption of export taxes./.
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Workers make timber products for export at Vu Thinh Company Ltd, in the northern province of Bac Giang (Photo: VNA) 
