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On July 12, 2022, Deputy Prime Minister Le Van Thanh of Vietnam signed Resolution No. 809/QD-TTg on the approval of the sustainable forestry development plan for the period 2021-2025.

The plan aims to protect and sustainably develop the entire existing forest area and newly-built forest area during the period 2021-2025; help to keep Vietnam’s national forest coverage stable at around 42%; continuously improve forest productivity and quality to meet production and consumption Raw material supply requirements, protection and protection of the environment, conservation of biodiversity, minimization of negative impacts caused by natural disasters, and enhancement of the ability to adapt to climate change.

The growth rate of forestry output value is 5.0-5.5%/year. By 2025, the export value of wood and non-timber forest products will reach about 20 billion US dollars, of which the export value of non-timber forest products will reach more than 1.5 billion US dollars, and the proportion of wood products deep processing and high value-added forest products will be further increased. Contribute to job creation and income generation for people involved in forest conservation and development activities. By 2025, the income of artificial production forests will increase by an average of 1.5 times per unit area compared to 2020.

In the first half of the year, Vietnam's wood products exports plunged 4.6% to 40.3 billion! And set a target of $20 billion in exports of wood and forest products by 2025.

Citing a report by the Vietnam News Agency on July 12, according to the Ministry of Industry and Trade of Vietnam, the total export value of wood and wood products in Vietnam has declined due to the impact of high inflation in the export market.

According to the Vietnam General Administration of Customs, in June, Vietnam’s exports of wood and wood products fell by 4.9 percent year-on-year to just US$1.5 billion. Among them, timber exports are estimated to exceed US$1.03 billion, down 18.1% year-on-year.

In the first six months of 2022, Vietnam’s exports of wood and wood products increased by 2.8% year-on-year to US$8.5 billion (about 57.16 billion yuan). However, the export value of wood products plummeted 4.6% year-on-year to US$6 billion (about 40.3 billion yuan).

It is understood that the wood products exported by Vietnam are mainly wooden furniture, and it is the largest supplier of wooden furniture to the United States. However, the export value of wood products declined due to the slowdown in global demand, especially in the US market.

In the first half of the year, Vietnam's wood products exports plunged 4.6% to 40.3 billion! And set a target of $20 billion in exports of wood and forest products by 2025.

Nguyen Chanh Phuong, vice-chairman of the Ho Chi Minh City Handicraft and Wood Industry Association (HAWA), said the US market accounts for 60 percent of Vietnam's export value of wood and wood products. Vietnam's wooden furniture exports to the US market are mainly low-priced products. "High inflation in the U.S. has caused low- and middle-income groups to cut back on spending, which has had a big impact on Vietnam's wood products exports," he said.

Not only the United States, but also major export markets such as the European Union and South Korea have experienced inflation, causing consumers to reduce their demand for non-essential products such as wood products. These factors have caused the value of wood products exports to plummet in the first half of this year.