Vietnam earned $11.65 billion from exporting wood and forestry products in the first ten months of this year, a 19.3 per cent decline year-on-year, according to the Vietnam Timber and Forest Product Association.

Export revenue was $1.28 billion in October, down 0.2 per cent year-on-year, of which wood and wooden products fetched $1.2 billion.

The decline in aggregate demand due to inflation and tightened monetary policies in many major wood product markets has resulted in a reduction in export turnover since the beginning of the year, according to the Association.

However, many wood enterprises have begun to receive orders to serve the year-end festive season in global markets.

The export of wood and forestry products for 2023 as a whole is estimated to reach $15 billion, according to the Association.