Vietnam’s 2021-2030 National Forestry Development Planning aims for sustainable forestry, maintaining 42-43% forest cover, boosting economic contributions, and enhancing forest quality, with estimated investments of $8.73 billion.
Key Points
- Vietnam’s 2021-2030 National Forestry Development Planning aims for sustainable forestry by improving forest quality and maintaining a cover rate of 42-43%. The government plans to increase forestry production value by 5-5.5% annually, promoting economic contributions and social participation.
- Specific Objectives include restoring natural forests, expanding certified forest areas, enhancing the income from production plantations, and boosting environmental service revenues, all supported by substantial investment.
- Investment Opportunities arise from this updated plan, focusing on sustainable forest management and wood processing. Vietnam targets $25 billion in wood exports by 2030, making it an attractive market for investors.
Vietnam’s 2021-2030 National Forestry Development Planning, approved under Decision 895/QD-TTg by the Prime Minister, marks a significant leap towards sustainable forestry management. The plan is pivotal in promoting the economic viability of the forestry sector while ensuring environmental protection, targeting a national forest cover rate between 42-43%. This roadmap not only aims to enhance forest quality but also seeks the active participation of various stakeholders in the sector’s transformation.
A critical component of the plan involves a substantial financial commitment, estimated at approximately US$8.73 billion by 2030, with US$4.29 billion earmarked for the initial five years. The strategic objectives underpinning this initiative include maintaining and improving the existing forest area, achieving an average annual growth rate of 5-5.5% in forestry production value, and significantly boosting wood export values to US$25 billion by 2030. Notably, domestic demand for wood products is also projected to rise, establishing a robust market for the forestry industry.
The plan delineates specific targets such as expanding special-use forest areas with annual restoration of natural forests and achieving sustainable forestry certifications for over one million hectares. Additionally, financial gains from production forest plantations are anticipated to rise significantly, aiming for a 1.5 times increase by 2025 and a doubling effect by 2030.
In a further commitment to responsible forestry, the plan envisions the establishment of an international timber trade center within high-tech forestry zones, enhancing Vietnam’s position in the global timber market. This initiative is supported by investments in modern technologies, workforce development, and infrastructure to bolster forest fire prevention efforts.
In summary, Vietnam’s updated National Forestry Development Planning underscores a strong dedication to sustainable forestry practices while enhancing economic outputs from the sector. This framework not only aims to rectify past challenges associated with forest management but also presents lucrative opportunities for local and international investors, making it a key pillar for Vietnam’s economic and environmental future.
| This article was first published by Vietnam Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
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