Wood and forestry product export value expected at $20 bln by 2025

The export value of wood and forestry products is expected to reach $20 billion by 2025, under the draft national forestry planning for the 2021-2030 periods with a vision towards 2050.

The figure is targeted to increase to $25 billion by 2030.

Under the plan, revenue from forest environmental services is expected to surge 5% annually, with total earnings estimated at VND3.5 trillion ($145.8 million) annually from 2021-2025, and VND4 trillion ($157 million) from 2026-2030.

Vietnam targets to increase the total area of forests and forestry land to nearly 15.85 million ha by 2030.

An annual forestry production growth is expected at 5-5.5%.

The country will plant an average of 238,000 ha of production forests each year, and restore 22,500 ha of natural forests annually.

The plan aims to maintain the national forest coverage between 42-43%.

Total capital needed to implement the plan is estimated at over VND217.3 trillion ($8.53 billion).