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EU-Vietnam Free Trade Agreement (EVFTA) takes effect from 1st August 2020. The agreement is a new generation FTA, with high level of liberalization and the elimination of most tariff barriers will bring more opportunities for Vietnam's exports to the markets of EU countries, especially the agricultural, forestry and fishery products that have many competitive advantages, in which including timber products. Statistics in 2021 showing that Vietnam's export value of timber and forest products reached over USD 15.6 billion, an increase of 18% compared to that of 2020, becoming the second among 5 the world's largest timber exporters. The export value of timber and forest products to traditional markets keeps high growth, specifically: China 23.7%; USA 21.4%; EU 14.4 %; Japan 6.7%; South Korea 5.7%. This partly reflects that domestic timber processing enterprises have taken advantage of market opportunities from the signing of new generation FTA agreements that Vietnam is a signatory.

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