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HCM CITY — Vietnamese wood product exporters must be prepared with solutions and various possible scenarios to adapt to imminent US trade policy changes, reduce their risks and optimise opportunities, a forum heard in HCM City on Wednesday.

Speaking at the Việt Nam Furniture Industry Outlook 2025, Đỗ Ngọc Hưng, trade counselor and head of the Việt Nam Trade Office in the US, said last week American President Donald Trump signed a memo ordering the US Department of Commerce (DOC) to initiate an investigation into lumber imports under a 1962 trade law which he recently used to impose tariffs on steel and aluminium imports.

The DOC would review the demand for wood products, both current and future, domestic production and the role of foreign suppliers in the US supply chain. The US is Việt Nam’s largest export market for wooden products, Hưng said.

“So, if the US increases tariffs, it will have a negative impact on Việt Nam's wood industry."

Ngô Sỹ Hoài, vice-chairman and general secretary of the Việt Nam Timber and Forest Products Association, said export of wood products fetched Việt Nam US$16.3 billion last year, a 20.3 per cent increase from 2023, with the US accounting for $9.1 billion.

More than two-thirds of the wood products exported to the US were furniture items, which are high-value products and requiring intensive processing, while export of plywood, veneered panels and similar laminated wood with HS code 44 were worth around $1 billion, he said.

“Việt Nam’s wood industry has set a growth target of 10-15 per cent in 2025 and reach $18-18.5 billion.

“Under normal trade conditions, this is a rather modest target that we can certainly achieve. However, given the current global trade fluctuations, it is difficult to say if the industry will be able to realise this goal.”

Vietnamese enterprises in the sector are concerned over the possibility of the US tariff policy changes that would impact their operations and exports, he said.

He also spoke about the mutual benefit arising from the wood trade between the two countries, noting that Việt Nam is the second largest importer of US timber.

A wide range of US woods such as oak, ash, beech, yellow maple, and walnut are imported into Việt Nam and processed into high-value products to serve the domestic market but mostly exports to various markets, including the US, he said.

So he hoped the US would consider the mutual benefits when deciding tariff policies.

Source: vietnamnews.vn