Wood and forestry product exports reach 17.3 billion USD

Minister of Agriculture and Rural Development Le Minh Hoan has just signed a Directive on organizing the movement "Tet tree planting to forever remember Uncle Ho" on the occasion of the Spring of At Ty, strengthening the work of forest management, protection and development in 2025.

The Directive clearly states that in 2024, due to the impact of climate change, extreme weather patterns will occur abnormally and complicatedly; especially storm No. 3 (Yagi) will have a great and direct impact on agricultural and forestry production and people's lives.

In addition, geopolitical conflicts in the world have disrupted global production and consumption supply chains, including agricultural and forestry products.

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In 2024, the export turnover of wood and wood products will reach 17.3 billion USD. Photo: Dong Gia

However, with the efforts of localities, the whole country has planted 245,000 hectares of concentrated forests and 130 million scattered trees.

In addition, it also ensures a stable supply of raw materials for the processing industry with an output of nearly 23 million m3 of wood; the forest coverage rate is stable at 42.02%; forest protection work has positive changes, violations of forestry laws and forest fires have significantly decreased in both the number of cases and damaged forest area.

In 2024, revenue from forest environmental services will reach over VND3,400 billion, up 10% over the previous year. The export value of wood and forest products will reach nearly 17.3 billion USD, exceeding the 2024 plan by 13% and increasing by 19% over 2023, making an important contribution to the overall achievements of the entire agricultural sector.

However, the forestry sector still faces many difficulties and challenges as climate change becomes increasingly severe and unpredictable. Furthermore, investment capital for forestry is limited, and the lives and incomes of people working in the forest sector are still low.

2025 is the final year to implement the agricultural development plan for the 2021-2025 period, the Project to plant 1 billion trees and the Sustainable Forestry Development Program for the 2021-2025 period, Minister Le Minh Hoan emphasized.

Creating conditions for the development of the forest carbon credit market

In the directive, the Ministry of Agriculture and Rural Development requested the Chairmen of the People's Committees of provinces and cities to strengthen propaganda and raise awareness of all classes of people about the role, effects and value of forests; about the significance of planting trees, afforestation, etc. It is recommended to organize a practical and effective "Tree Planting Festival".

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Vietnam has great potential in selling forest carbon credits. Photo: Quynh Huong

Launching an emulation movement to strive to complete and exceed the tree planting target according to the local plan in implementing the Project to plant 1 billion trees in the period of 2021-2025.

The Minister also requested provinces and cities to develop plans for tree planting and forestation associated with the implementation of forestry development targets and tasks in 2025 according to the Sustainable Forestry Development Program for the 2021-2025 period and the National Forestry Planning for the 2021-2030 period approved by the Prime Minister.

In addition, it is necessary to innovate, reorganize production and replicate effective models; promote the implementation of forms of cooperation, linkage in production, consumption of forest products, and benefit sharing in the forestry production and business chain.

Continue to promote restructuring of forestry production towards developing ecological, modern, circular economy agriculture and forestry; develop sustainable forestry economy towards promoting the multi-purpose value of forest ecosystems, diversifying types of forestry production and business organizations.

Create favorable conditions for organizations and individuals to invest in planting production forests and processing forest products, developing eco-tourism; processing and exporting forest products to meet international requirements and standards; implementing the policy of payment for forest environmental services; promoting the deployment of carbon absorption and storage services and developing the forest carbon credit market.

Vietnam has 57 million forest carbon credits, what is a reasonable price to sell them? In the forestry sector alone, Vietnam has 57 million carbon credits, equivalent to 52 million tons of CO2, that can be sold to international organizations. If we optimistically count the “golden forests and silver seas”, Vietnam has about 5 billion carbon credits.