Source: China Wood Merchants Network
The Comprehensive and Progressive Trans-Pacific Partnership Agreement entered into force in Vietnam on January 14, 2019. This is a new market in which Vietnam has opened up high tariffs on imported timber from Vietnam, such as Canada, Mexico and Peru. However, in the context of the complex evolution of trade frictions, some companies may use loopholes in rules of origin to evade tariffs from partner countries.
According to the Vietnam Wood and Forest Products Association, the concerns of domestic timber companies in Vietnam are not worrying. According to statistics, there are 700 foreign-funded enterprises engaged in timber production and processing in Vietnam, 60% of which are Chinese enterprises.
The Ministry of Agriculture and Rural Development of Vietnam recently submitted documents to local governments. It also recommended that the government strictly control foreign companies investing in timber production. It is clearly recommended that investment licenses should only be issued to authoritative enterprises with modern technology.
In 2018, Vietnam’s exports of timber and forest products reached 9.3 billion. In the context of the entry into force of the FTA, forestry will see tremendous development opportunities in 2019 and subsequent years.
Editor in charge: Cao Yu
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