Update: 09:34 | 21/08/2020
Over VND50 trillion (US$2.1 billion) has been mobilised for investment in the forestry sector during the 2016-2020 period, equivalent to 84.3% of the set plan, according to the Vietnam Administration of Forestry.
The information was revealed at a conference on evaluating policies on protecting and developing forests and producing forestry products held by the Ministry of Agriculture and Rural Development in Hanoi on August 20.
The export revenue of wood and forestry products is estimated to surpass US$12 billion in 2020.
The national forest coverage rate increased from 40.84% in 2015 to 41.89% in 2019 and it is expected to rise to 42% in 2020.
The value of forestry production has increased by an average of 5.73% per year and the export revenue of wood and forestry products jumped from US$7.1 billion in 2015 to US$11.3 billion in 2019. Revenue is estimated to surpass US$12 billion in 2020.
Deputy Minister of Agriculture and Rural Development Ha Cong Tuan emphasised that the forestry sector will enter a new stage with the goal of promoting the strong development of the wood processing industry and raise the forest coverage rate to 42%.
The sector also aims to ensure stable livelihoods for local people living in forest areas and turn the wood processing industry into an economic spearhead with projected export revenue of US$20 billion in 2025.
According to Deputy Minister Ha Cong Tuan, the policies and mechanisms regarding the forestry sector have been gradually implemented over recent years, contributing to fueling the growth rate of the forestry sector, particularly the export revenue of forestry products which has recorded a growth rate of over 15% per year.
In the future, the forestry sector will focus on enhancing the quality of forests and promoting chain linkages to improve the value of forestry products, Tuan noted.