According to a report from the Government News, Deputy Prime Minister Tran Luu Quang has signed, on behalf of the Prime Minister, Decision No. 208/QD-TTg, approving a project on developing multi-use values of the forest ecosystem to 2030, with a vision to 2050.

The project targets to improve the efficiency of management and sustainable use of forest resources; create jobs, increase incomes, stabilize and improve the material and spiritual lives of ethnic minorities, mountainous people.

Specifically, the project targets to raise the output of domestically exploited wood materials to meet at least 80 per cent of the raw material demand for this industry by 2030 and 100 per cent by 2050.

In addition, 100 per cent of wood and wooden products will have legal origins in favor of export markets and domestic consumption.

The project also looks to develop legal sources of wood materials and increase value for the wood processing industry, develop non-timber forest products and medicinal herbs, combined forms of agriculture, forestry and fishery, forest environmental services and eco-tourism, resorts, and entertainment.

It also aims to ensure stable growth of revenue from forest environmental services, at 5 per cent a year.

Last year, the wood product sector posted a turnover of $13.4 billion, down 16.5 per cent year-on-year, according to the Ministry of Industry and Trade. However, 2023 marked the first year Vietnam’s wood exports ranked among the top 5 globally. The industry was affected by a global slowdown, low consumer demand, high protection barriers, and strict monetary policies of many countries.

In January this year alone, the country’s wood and wood product exports reached nearly $1.5 billion.