My Dogwood is missing the bark around the trunk. Can it be saved?

The short and unfortunate answer is no. This small tree looks like it was hit by a weed eater which girdled the tree. Tree nutrients move up and down right under the bark, and when that is interrupted, or removed, the tree will die.

Related Videos:
Weed Eater Damage
Why does my pink dogwood only have one healthy branch?

Related Resources:
Mechanical Damage to Trees
Growing Flowering Dogwood Trees