VNFOREST sets ambitious revenue target for forest environment services

March 08, 2021 | 19:00
The Vietnam Administration of Forestry (VNFOREST) set the target to acquire VND2.8 trillion ($121.74 million) from forest environment services this year
vnforest sets ambitious revenue target for forest environment services
VNFOREST believes its target is well within reach

According to Prof. Pham Van Dien, deputy director general of VNFOREST, the target is achievable because last year Vietnam made VND2.566 trillion ($111.57 million)from these services, accounting for 91 per cent of the initial expectation. Besides, the forestry sector will earn an average VND300-500 billion ($13.04-21.73 million) from decreasing emissions and increasing absorption of CO2.

VNFOREST plans to expand revenue sources for forest environment services to ecotourism, industrial manufacturing facilities, and aquaculture facilities. In addition, it will also implement project to increase carbon absorption (for example by changing the type of tree and expanding the area of mangrove forests).

VNFOREST is completing The National Forestry Development Master Plan for 2021-2030 with a Vision to 2045 to submit to the government for approval, along with the public investment programme on sustainable forestry development for 2021-2025.

Besides that, the country will develop forest environment services, diversifying income sources, with the expectation of acquiring VND3.5 trillion ($152.17 million) a year from the field by 2030.

Statistics from the Vietnam Forest Protection and Development Fund under the Ministry of Agriculture and Rural Development shows that the revenue from forest environment service creates a livelihood for households and people joining the forest protection and development work in the country's mountainous regions. Besides, these services would provide an alternative revenue source for forest companies when they cannot exploit natural forests.

By Kim Oanh

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