Coronavirus
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Vietnamese wood industry paralyzed due to new coronavirus outbreaks
The ongoing coronavirus outbreaks are now threatening to bring the Vietnamese timber industry to its knees, with businesses and associations hoping for preferential vaccine treatment and financial support for test kits and other pandemic-related expenses. At more than half of the companies in the four furniture production centres of Vietnam that contribute over 70 per cent to the nation’s export value of timber products, production has been suspended as several cases of COVID-19 infections appeared, further extending delivery schedules for overseas buyers. Long Viet Co., Ltd., a wood supplier in the southern province of Binh Duong, halted production last week when its 248 workers were found positive for coronavirus. Bui Nhu Viet, general director of Long Viet, told VIR, “The company suffered great damage from the pandemic. We had to suspend production and could not continue... Continue reading
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April 28, 2021
International wood markets volatility
Over the last six months we have witnessed one of the most volatile periods in forest product markets we've seen in recent times. Log export prices started increasing from the second half of 2020, as did freight rates. This seemed contradictory given the world suffered a major shock to its economic system, not unlike the financial crisis of 2009 to which it is often compared. The response to the coronavirus pandemic interrupted production, forced businesses to close and workers were laid off. Once the threat was established, China quickly took action to control the spread of the virus, then pressured industry to start up their factories. At the same time, in order to support the recovery, the government introduced a number of measures such as supporting loans to smaller businesses, lower interest rates, reduced taxes, reduced utility prices and additional employment support.... Continue reading
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April 28, 2021
International wood markets volatility
Over the last six months we have witnessed one of the most volatile periods in forest product markets we've seen in recent times. Log export prices started increasing from the second half of 2020, as did freight rates. This seemed contradictory given the world suffered a major shock to its economic system, not unlike the financial crisis of 2009 to which it is often compared. The response to the coronavirus pandemic interrupted production, forced businesses to close and workers were laid off. Once the threat was established, China quickly took action to control the spread of the virus, then pressured industry to start up their factories. At the same time, in order to support the recovery, the government introduced a number of measures such as supporting loans to smaller businesses, lower interest rates, reduced taxes, reduced utility prices and additional employment support.... Continue reading
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August 26, 2021
Vietnamese wood industry paralyzed due to new coronavirus outbreaks
The ongoing coronavirus outbreaks are now threatening to bring the Vietnamese timber industry to its knees, with businesses and associations hoping for preferential vaccine treatment and financial support for test kits and other pandemic-related expenses. At more than half of the companies in the four furniture production centres of Vietnam that contribute over 70 per cent to the nation’s export value of timber products, production has been suspended as several cases of COVID-19 infections appeared, further extending delivery schedules for overseas buyers. Long Viet Co., Ltd., a wood supplier in the southern province of Binh Duong, halted production last week when its 248 workers were found positive for coronavirus. Bui Nhu Viet, general director of Long Viet, told VIR, “The company suffered great damage from the pandemic. We had to suspend production and could not continue... Continue reading
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April 28, 2021
International wood markets volatility
Over the last six months we have witnessed one of the most volatile periods in forest product markets we've seen in recent times. Log export prices started increasing from the second half of 2020, as did freight rates. This seemed contradictory given the world suffered a major shock to its economic system, not unlike the financial crisis of 2009 to which it is often compared. The response to the coronavirus pandemic interrupted production, forced businesses to close and workers were laid off. Once the threat was established, China quickly took action to control the spread of the virus, then pressured industry to start up their factories. At the same time, in order to support the recovery, the government introduced a number of measures such as supporting loans to smaller businesses, lower interest rates, reduced taxes, reduced utility prices and additional employment support.... Continue reading
-
April 28, 2021
International wood markets volatility
Over the last six months we have witnessed one of the most volatile periods in forest product markets we've seen in recent times. Log export prices started increasing from the second half of 2020, as did freight rates. This seemed contradictory given the world suffered a major shock to its economic system, not unlike the financial crisis of 2009 to which it is often compared. The response to the coronavirus pandemic interrupted production, forced businesses to close and workers were laid off. Once the threat was established, China quickly took action to control the spread of the virus, then pressured industry to start up their factories. At the same time, in order to support the recovery, the government introduced a number of measures such as supporting loans to smaller businesses, lower interest rates, reduced taxes, reduced utility prices and additional employment support.... Continue reading
-
April 28, 2021
International wood markets volatility
Over the last six months we have witnessed one of the most volatile periods in forest product markets we've seen in recent times. Log export prices started increasing from the second half of 2020, as did freight rates. This seemed contradictory given the world suffered a major shock to its economic system, not unlike the financial crisis of 2009 to which it is often compared. The response to the coronavirus pandemic interrupted production, forced businesses to close and workers were laid off. Once the threat was established, China quickly took action to control the spread of the virus, then pressured industry to start up their factories. At the same time, in order to support the recovery, the government introduced a number of measures such as supporting loans to smaller businesses, lower interest rates, reduced taxes, reduced utility prices and additional employment support.... Continue reading
-
April 28, 2021
International wood markets volatility
Over the last six months we have witnessed one of the most volatile periods in forest product markets we've seen in recent times. Log export prices started increasing from the second half of 2020, as did freight rates. This seemed contradictory given the world suffered a major shock to its economic system, not unlike the financial crisis of 2009 to which it is often compared. The response to the coronavirus pandemic interrupted production, forced businesses to close and workers were laid off. Once the threat was established, China quickly took action to control the spread of the virus, then pressured industry to start up their factories. At the same time, in order to support the recovery, the government introduced a number of measures such as supporting loans to smaller businesses, lower interest rates, reduced taxes, reduced utility prices and additional employment support.... Continue reading
-
April 28, 2021
International wood markets volatility
Over the last six months we have witnessed one of the most volatile periods in forest product markets we've seen in recent times. Log export prices started increasing from the second half of 2020, as did freight rates. This seemed contradictory given the world suffered a major shock to its economic system, not unlike the financial crisis of 2009 to which it is often compared. The response to the coronavirus pandemic interrupted production, forced businesses to close and workers were laid off. Once the threat was established, China quickly took action to control the spread of the virus, then pressured industry to start up their factories. At the same time, in order to support the recovery, the government introduced a number of measures such as supporting loans to smaller businesses, lower interest rates, reduced taxes, reduced utility prices and additional employment support.... Continue reading
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August 26, 2021
Vietnamese wood industry paralyzed due to new coronavirus outbreaks
The ongoing coronavirus outbreaks are now threatening to bring the Vietnamese timber industry to its knees, with businesses and associations hoping for preferential vaccine treatment and financial support for test kits and other pandemic-related expenses. At more than half of the companies in the four furniture production centres of Vietnam that contribute over 70 per cent to the nation’s export value of timber products, production has been suspended as several cases of COVID-19 infections appeared, further extending delivery schedules for overseas buyers. Long Viet Co., Ltd., a wood supplier in the southern province of Binh Duong, halted production last week when its 248 workers were found positive for coronavirus. Bui Nhu Viet, general director of Long Viet, told VIR, “The company suffered great damage from the pandemic. We had to suspend production and could not continue... Continue reading