Vietnam accounts for 6 pct of world’s timber, wooden furniture marketVietnam’s exports account just 6 percent of the global timber and wooden furniture market which is estimated at 120 billion USD, said a local official. A wood processing firm in Binh Duong provincePham Hong Luong, Head of the Planning-Finance under the Ministry of Agriculture and Rural Development’s Vietnam Administration of Forestry, said Vietnam holds huge potential for wood processing and production. Currently, there are nearly 4,000 timber processing firms, with 1,500 wood export companies. With these favourable conditions, Vietnam’s exports of forestry products are expected to bring home some 9 billion USD this year. Last year, forestry exports hit a record growth of 10 percent in recent five years to reach more than 8 billion USD, which surpasses the target of 7.8 billion USD set for 2020.-VNA