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The Forestry Department, Ministry of Agriculture and Rural Development, stated that the value of forestry product exports in the first two months of 2024 reached 2.68 billion USD, an increase of 47.4% over the same period in 2023. The value of forestry product trade surplus for the first two months of the year is estimated at 2.465 billion USD.

In 2024, the agricultural sector aims to achieve forestry product export value of 15.2 billion USD, of which timber and timber products are expected to reach over 14.2 billion USD, representing an increase of about 6% compared to 2023. To meet this target, the sector will closely control and manage imported timber, ensuring its legal origin before processing, and promoting the use of domestically sourced timber from plantation forests for production. Simultaneously, efforts will be made to boost trade promotion activities, develop markets in new potential areas, and organize international trade fairs to attract attention and foster the growth of international markets.

The sector encourages wood processing and exporting enterprises to establish linkages with forest growers along the production chain, emphasizing investment in the development of large-scale plantation forests to proactively secure raw materials for processing and export.

The Forestry Department also proposes that the General Department of Taxation continue to support timber industry enterprises in promptly and effectively refunding value-added tax.

The Vietnam Timber and Forest Product Association stated that it actively monitors, synthesizes, and collects information on the domestic and global timber processing and forestry product market situation, timely providing information to organizations, individuals, wood processing enterprises, and exporters for implementation.

The Association collaborates with the Forestry Department to timely disseminate legal documents related to the processing and export of forestry products that are newly issued; regulations on legal timber in Vietnam, geographical areas with risks of timber origin, and trends in environmentally responsible product usage, technical barriers, as well as new EU regulations on the import and export of products that do not cause deforestation, to organizations, individuals, wood processing enterprises, and forestry product exporters.