Gov't approves Project on multi-use values of forest ecosystem

The project targets to improve the efficiency of management and sustainable use of forest resources; create jobs, increase incomes, stabilize and improve the material and spiritual lives of ethnic minorities, mountainous people.

Specifically, the project targets to raise the output of domestically exploited wood materials to meet at least 80 percent of the raw material demand for this industry by 2030 and 100 percent by 2050.

In addition, 100 percent of wood and wooden products will have legal origins in favor of export markets and domestic consumption.

The project also looks to develop legal sources of wood materials and increase value for the wood processing industry, develop non-timber forest products and medicinal herbs, combined forms of agriculture, forestry and fishery, forest environmental services and eco-tourism, resorts, and entertainment.

It also aims to ensure stable growth of revenue from forest environmental services, at 5 percent a year.

Earlier, the wood product sector posted a turnover of US$13.4 billion in 2023, down 16.5 percent year-on-year, according to the Ministry of Industry and Trade. However, 2023 marked the first year VietNam’s wood exports ranked in the top 5 globally. The industry was affected by a global slowdown, low consumer demand, high protection barriers, and strict monetary policies of many countries.

In the first month of 2024 alone, Viet Nam’s wood and wood product exports reached nearly US$1.5 billion./.