Nearly half of Vietnam's timber companies see their revenues fall by nearly half
The Vietnam Timber and Forest Products Association, in collaboration with the analysis company Forest Trends, conducted a rapid survey of 52 timber enterprises in Vietnam.
According to the survey, most companies are experiencing declining revenues in the US, EU and UK markets.
Of the 45 companies that export to the United States, 33 said their revenues were down nearly 40 percent compared with the first few months of the year.
A similar trend was seen in the EU and UK markets, with two-thirds of the businesses surveyed reporting revenue declines of more than 41%.
In addition, about 71 percent of the companies surveyed said orders would continue to fall through the end of the year.
Under current market conditions, 44 percent of businesses expect full-year revenue to decline by about 44 percent.
