Vietnam’s forestry sector enjoyed a trade surplus of 5.72 billion USD in the first 10 months of 2018. (Photo: VNA)

Hanoi (VNA) – Vietnam’s forestry sector enjoyed a trade surplus of 5.72 billion USD in the first 10 months of 2018, according to the Vietnam Administration of Forestry (VNForest) under the Ministry of Agriculture and Rural Development.

The country earned more than 7.61 billion USD from exports of forestry products between January and October, 84 percent of the yearly target. The figure is 16.12 percent higher from the same period last year and accounted for 23.37 percent of total agro-forestry-fishery shipments.

Timber and wood products contributed 7.23 billion USD to the exports. The US, Japan, China, the Republic of Korea and the European Union remained the largest importers of Vietnamese wood and timber products, purchasing 87 percent of total exports.

VNForest estimated Vietnam has planted 161,207 hectares of forest so far this year, up 7.5 percent year on year and 75.1 percent of the yearly plan.

As of September 20, the country had collected 1.79 trillion VND (76.97 million USD) from forest environment service fees, 77.2 percent of the yearly plan and up 76 percent from the same time last year.

Wood and timber products are Vietnam’s sixth export item. The country is the largest exporter of those products among ASEAN member nations, the second largest in Asia and fifth in the world.

It expects to earned 9 billion from exports of timber and wood products this year, up 1 billion USD from last year. –VNA