Vietnamese timber industry among those most affected by pandemic

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According to VIFOREST, the timber sector is expected to resume its growth momentum from the third quarter of 2020.

At a recent meeting to decide on support for the timber sector, Dr. Nguyen Xuan Cuong, Minister of Agriculture and Rural Development, highlighted 4 measures to boost post-covid recovery in the timber industry.

Policy interventions to support over 5,000 sector enterprises in accessing the government’s US$10.8 billion credit support package, lower interest rates, delay in the collection of taxes and land fees and financial assistance for employers and employees.

As Vietnam has emerged as one of a few countries effectively managing the impact of the virus support will be provided to capture market opportunities in those consumer countries that are resuming business activities. Encouragement will be given to initiatives such as trade fairs and other forms of off-line trade development as well as online marketing of wood products.

The industries in the sector will be assisted to review and revise their business strategy to adapt to the “new normal” as preparation for the anticipated economic ‘take off’ beginning in the third quarter of this year.

Support for restructuring of the sector toward sustainable development through promoting large timber plantation establishment, diversification of export markets and intensifying value adding of made-in-Vietnam wood products and developing Vietnam as a world leader in wooden products.

Vietnam intends to deepen integration into the global wood product supply chain with well-developed brands and highly ethical corporations. The Minister also mention the opportunities in the domestic market of almost 100 million wage earners.

COVID 19 update

As of 25 May Vietnam’s Ministry of Health confirmed a total of 325 cases of the corona virus of which 267 have recovered and been discharged from hospital. No deaths have yet been reported.

Between 16 April and 25 May no new cases caused by community transmission have been recorded. The government is maintaining its suspension on entry into Vietnam by non-nationals, including people with a Vietnamese visa exemption certificates.

Only Vietnamese nationals, diplomats and designated highly skilled workers are allowed to enter the country. All persons entering Vietnam must undergo medical checks and 14-day quarantine upon arrival. 

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