Vietnam's exports of wood and wood products showed negative growth
From April 2022, Vietnam's exports of both wood and wood products showed signs of slowing, with negative growth as of June and July 2022, down 11 percent and 5.5 percent year-on-year, respectively, after a long period of double-digit annual growth.
From April 2022, Vietnam's exports of both timber and wood products showed signs of slowing, with about 47 of the 52 Vietnamese companies participating in the survey reporting a decline in export orders by June and July 2022. Of these, 14 faced a 70-90 percent drop in orders, while 18 faced a 30-60 percent drop. About 15 companies reported declines of 10-30%, while only five timber companies reported increases of 10-30% in export orders.
Due to the sharp decline in export orders, many wood processing companies have scaled back production, leading to massive layoffs. About 65% of wood-processing firms have cut their workforces by 20-50%, with some having 70% fewer workers than pre-pandemic levels.
