Gov't Targets to Raise Timber Exports to US$25 Billion by 2030

The Government targets to raise the value of timber exports to US$20 billion by 2025 and US$25 billion by 2030, according to its latest master plan for national forestry development through 2030, with a vision toward 2050.

Specifically, the Government sets goal to maintain national forest coverage between 42-43 percent while significantly enhancing the quality of existing natural forests. The annual forestry production growth rate is expected to hover around 5-5.5 percent.

The consumption of wood and wood products is projected to reach US$5 billion by 2025 and US$6 billion by 2030.

By 2030, 100 percent of forest areas managed by forest owners being organizations will be controlled sustainably to promote the conservation of biodiversity, ensure the protection function of forests, and minimize violations in forest protection regulations.

The Government aims to plant an average of 235,700 ha of production forests each year during 2021-2025 and 257,800 ha during 2026-2030. 

The Government plans to establish an international trade center for wood products and develop programs and plans for trade promotion and market development.

Achieving these goals will require over VND217.3 trillion (US$8.7 billion) in capital, with about VND107 trillion (US$4.3 billion) needed for 2021-2025 phase.

Viet Nam is the world's fifth-largest exporter of wood and wooden products, second in Asia and leading in Southeast Asia.

The export value of timber and wood products hit US$7.95 billion in the first half of 2024, up 21.2 percent year-on-year, and representing 52.3 percent of the plan set for the year, the Forestry Department under the Ministry of Agriculture and Rural Development has reported.

That resulted in a trade surplus of US$6.67 billion, 21.6 percent higher than that of the same period last year, statistics show.

The U.S. and China were the top importers, respectively purchasing US$4.38 billion and nearly US$1.06 billion worth of forestry products from Viet Nam in the period, up 27.6 percent and 46.6 percent compared to the same period in 2023.

Source: VGP