Minister of Agriculture and Rural Development Nguyen Xuan Cuong has said that Viet Nam is focusing on four measures to bolster wood and wooden product export growth this year.

Illustrative image (Photo: VNA)

At a conference held by the Ministry in Hanoi on May 15, Cuong said support in credit, welfare, taxation, and land use payments has been provided to 4,600 manufacturers.

Exporters are also tapping into markets that have controlled COVID-19.

He suggested all associations and enterprises review their business strategies to ensure the best conditions possible are in place for excellent performance in the third and fourth quarters.

Cuong highlighted the need to continue restructuring the sector in a modern and sustainable manner and to form major corporations and industrial zones specialised in wooden product manufacturing on a regional and global scale that could join global supply chains.

Director General of the Viet Nam Administration of Forestry Nguyen Quoc Tri said wood and wooden product exports are forecast to reach nearly 11.75 billion USD this year, up 3.9 percent against 2019 but down 6.6 percent compared to the yearly target.

The figure for the second quarter is predicted to near 2.18 billion USD, down 20 percent year-on-year.

In the third and fourth quarters it is expected to reach about 3.12 billion USD and 3.82 billion USD, up 10 percent and 15 percent, respectively.

Tri said all enterprises are eligible for extensions on value-added and corporate income tax payments.

Associations proposed further support for businesses such as extensions and exemptions on social insurance payments and unemployment insurance and additional preferential credit packages.

Minister Cuong pledged to collect suggestions from the conference for submission to the Prime Minister and sectors to adjust policies to suit actual circumstances.

Source: VNA