Forestry product exports target 17.5 billion USD by 2024

In 2024, the forestry sector aims to export forest products to reach 17.5 billion USD, exceeding 21% compared to the estimated results of 2023 and exceeding 3% of the results of 2022. Notably, for the first time in Vietnam, the forestry sector has completed procedures to successfully transfer the amount of 10.3 million tons of carbon emissions reduction to the Forestry Carbon Partnership Fund through the World Bank (WB) at a unit price of 5 USD/ton of CO2, equivalent to 51.5 million USD.

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Forestry exports aim for 17.5 billion USD

The information was shared at the Forestry Industry Review Conference in 2023 and Task Deployment Conference in 2024 organized by the Department of Forestry, Ministry of Agriculture and Rural Development on the afternoon of December 27.

Deputy Director of the Forestry Department Trieu Van Luc said that in 2023, Vietnam's forestation area will reach about 250,000 hectares, reaching 102% of the annual plan; scattered tree planting will reach 127 million trees, reaching 91% of the annual plan. The forest coverage rate in 2023 will be 42.02%, reaching the planned target.

This year, the forestry sector detected 3,327 cases of deforestation, affecting 1,047.8 hectares of forest. In 2023, there were 310 forest fires affecting 674.5 hectares, of which the recoverable forest area was about 487.5 hectares. Forest product exploitation reached about 22.37 million m3, meeting the annual plan target.

Regarding forest use, to date, the total number of forest owners who are organizations that have developed and approved sustainable forest management plans nationwide has reached 70% in terms of number of forest owners and 80% in terms of area. The forest area granted sustainable forest management certificates is 465,000 hectares , reaching 93% of the target for the period 2021 - 2025.

Mr. Trieu Van Luc assessed that 2023 marked an important milestone, for the first time in Vietnam in the forestry sector, completing procedures to successfully transfer the amount of 10.3 million tons of carbon emissions reduction to the Forestry Carbon Partnership Fund through the World Bank (WB) at a unit price of 5 USD/ton of CO2, equivalent to 51.5 million USD.

To date, the Vietnam Forest Protection and Development Fund has received the first payment from the World Bank of 41.2 million USD and has disbursed the entire amount so that the provinces can urgently make payment plans for forest owners in 6 provinces in the North Central region.

Vietnam's forestry product imports in 2023 are estimated at 2.191 billion USD, forestry product exports are estimated at 14.39 billion USD, down 15.8% compared to the previous year. The reason for the decline in exports is due to many unstable market fluctuations, affected by the Russia-Ukraine political conflict, consumers in the US and EU markets are tightening spending on non-essential products, including wood products.

According to Mr. Trieu Van Luc, in 2024, the forestry sector aims to export 17.5 billion USD worth of forest products. If this result is achieved, next year's forestry export turnover will exceed 21% compared to the estimated implementation in 2023 and 3% compared to 2022 (according to the forestry sector's summary report in 2023 and 2022). In particular, the national forest coverage rate remains stable at 42.02%. The growth rate of forestry production value is 5 - 5.5%. Concentrated forest planting reaches 245,000 hectares. Scattered tree planting reaches 140 million trees. The output of exploited forest wood reaches 23 million m3. Forest environmental service revenue reaches 3,200 billion VND.

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