Eastwood Energy Joint Stock Company (Vietnam)

The subject is known as a wood pellet manufacturer for export. As shared by the sales manager, South Korea and Japan are the two main exporting markets, along with the USA. The equipment and machines for production (wood pellet press roller shell, wood chipper cutting knife,  wood pellet machine, roller shaft, etc.) are imported from China, Russia, Germany, the Netherlands, India, Hong Kong, etc. The Sales Manager also said that the production activities were still stable. Even though the orders were signed, some clients have postponed their pick-up date later than usual since the last months of this year. The reason is that the clients imported more goods than necessary last year, so there are still a lot of inventories. The warehouses of Japanese clients are full, and they don't have enough space to put the remaining imported goods.Vietnam is the second-largest exporter of wood pellets in the world, over 95% of Vietnam's products are exported to Japan and South Korea. According to the Vietnam Wood and Forest Products Association, in 2022, Vietnam's wood pellet exports reached over USD 787 million, an increase of more than 90% compared to 2021. However, in 2023, with factors affecting the Vietnam market, the forecast and export of wood pellets will decrease by about 15–17% compared to 2022. The decrease in the number of Vietnam's pellets exported to the South Korean market is not a decrease in demand in this market but due to South Korean enterprises importing pellets from other sources, including supplies from Russia. Wood pellet exporters believe that it will not be until the second quarter of 2024 that the export market situation can improve