TIMBER EXPORTS TO EARN $7.95B IN HAFT OF 2024

The Department of Forestry said that in the first half of 2024, exports of timber and forest products earned 7.95 billion USD, up 21.2% over the same period in 2023.

The Department of Forestry (Ministry of Agriculture and Rural Development) reported that timber and forest product exports reached an estimated 7.95 billion USD in the first 6 months of 2024. This figure reflects a 21.2% increase compared to the same period in 2023. The exports have achieved 52.3% of the annual target

Some major markets increased sharply such as: the United States reached 4.38 billion USD, up 27.6% over the same period in 2023; China reached 1.059 billion USD, up 46.6%.

Importers have increased the value of wood and wood products in the first six months of 2024. The import value is estimated at 1.29 billion USD, which is up 19% over the same period in 2023. Exporters have increased the trade surplus in the first six months of 2024. The trade surplus is estimated at 6.664 billion USD, up 21.6%. Wood and wood products contributed the most to this trade surplus. They accounted for 6.16 billion USD, which is up 22.5%.

The Forestry Department reported that new concentrated forest planting reached 125.5 thousand hectares, achieving 51.2% of the plan and marking a 1.2% increase from the same period last year. They estimate that by the end of the year, planting will total about 245 thousand hectares, meeting the annual goal. Additionally, scattered tree planting reached 44.6 million trees, a 2.9% increase from the previous year, with an estimated total of 130 million trees for the entire year.

In the first six months of the year, authorities collected VND 1,521.16 billion for forest environmental services. VND 1,281.58 billion of this came from the four types of forest environmental services specified in Decree No. 156/2018/ND-CP. This revenue reached 39.3% of the 2024 plan and was 92.3% of the amount collected in the same period in 2023. Additionally, revenue from ERPA under Decree No. 107/2022/ND-CP totaled VND 239.58 billio

From now until the end of the year, the Department will implement comprehensive strategies. They will focus on developing forms of linkage, cooperation, and benefit-sharing throughout the forestry production and business chain. The Department will continue to enforce policies for forest environmental services effectively. It will also promote carbon sequestration and storage services. Additionally, the Department will advance the forest carbon credit market.

The Department will carry out activities aimed at conserving forest ecosystem biodiversity. It will promote ecotourism, resorts, and the sustainable use of forest environments. The Department will make efforts to develop the wood processing industry. It will also work to ensure the sustainability of forest products exports.

The Department will coordinate actions to prevent trade fraud. It will closely monitor the export and import of timber and forest products. The Department will develop strategies to meet the 2024 plan’s goals. It will also replicate successful affiliate models to enhance these efforts.