FORESTRY SECTOR TARGETS US$17.5 BILLION IN EXPORT REVENUE IN 2024

The forestry sector targets to raise export value to US$17.5 billion in 2024, said Trieu Van Luc, Deputy Director of the Forestry Department under the Ministry of Agriculture and Rural Development.

The sector's export turnover is estimated at US$14.39 billion this year, down 15.8 percent from the previous year. This decline was attributed to market instability caused by the Russia-Ukraine conflict, coupled with tightened consumer spending on non-essential products, including wood, in the U.S. and the EU.

In 2023, Viet Nam's forestry sector saw an important milestone as procedures were successfully completed to transfer a reduced carbon emission volume of 10.3 million tons to the Forest Carbon Partnership Facility (FCPF) through the World Bank (WB). The deal, valued at US$5 per ton of CO2, amounts to US$51.5 million.

The Viet Nam Forest Protection and Development Fund has already received an initial payment of US$41.2 million from the WB and promptly disbursed the entire amount serving the urgent payment planning for forest owners in the six north-central provinces of Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, and Thua Thien-Hue.

Source: VCCI