Aug 16, 2006. /Lesprom Network/. Vietnam surpassed the Philippines to rank fourth in woodwork exports in the Association of Southeast Asian Nations (ASEAN), said the Vietnam Association of Timber and Forest Products (VNATFP), Asia Pulse reported. The country currently holds around 0.78% of the world woodwork market compared to 0.54% by the Philippines. Meanwhile, China remains the world's largest woodwork supplier with 11.9% of the market share, the VNATFP said. Vietnam's woodwork exports fetched more than $1.5 billion in 2005 and over $1.2 billion in the first seven months of this year, surpassing the target set for 2010 by $9 million. The wood processing industry recorded an annual average growth of almost 40% over the past five years. The VNATFP forecasts a high growth in woodwork export in the future as the country's products have been able to penetrate demanding markets like Japan, France, Germany and the US.