The Industrial Production Index (IPI) for wood processing and the production of products from wood, bamboo, rattan, straw, stubble, and plaiting materials increased by 1.81 percent in November compared to October, demonstrating steady month-on-month growth, according to Vietnam’s General Statistics Office. This sustained performance highlights the importance of these industries to Vietnam’s industrial output.
Year-on-year, the sector recorded a notable growth of 13.28 percent in November 2024 compared to the same period in 2023. Over the first 11 months of 2024, cumulative growth reached 9.70 percent compared to the same timeframe last year, underlining the sector’s critical role in supporting the nation’s economic stability.
The expansion is attributed to strong export demand, particularly for furniture and handicrafts, alongside increasing domestic consumption. Vietnam’s abundant natural resources, skilled artisans, and competitive labour costs have bolstered the global appeal of its wood and related products.
Wood processing and associated industries play a pivotal role in Vietnam’s manufacturing sector, contributing to exports, employment, and rural development. Continued investment in sustainable forestry practices and modern production methods will be vital for the sector’s future growth.
See also: Wood Manufacturing in Vietnam