Vietnam is forecast to collect approximately VND2.5 trillion (US$106.4 million) from payments of forest environmental services in 2018, Deputy Minister of Agriculture and Rural Development Ha Cong Tuan has said.
Tuan made the statement at a conference to review the 10-year operation of the Vietnam Forest Protection and Development Fund (VNFF), which was jointly held by the Vietnam Administration of Forestry, the VNFF, and the German Development Cooperation Agency (GIZ) in Hanoi on October 19.VNA
Tuan said that during the reviewed period, the fund mobilizes an average of over VND1.3 trillion (US$55.3 million) a year from forest environment service fees.
The money has helped to manage and protect more than 5 million ha of forest each year, accounting for 42% of the total, he stated, adding that it also makes up 16-18% of investment in the entire forestry sector.
In addition, the fund also supports forestry companies to stop exploiting natural wood and provides assistance for over 410,000 households, mainly belonging to ethnic minority groups, to help them improve their living conditions, Tuan said.
On January 14, 2008, the Government issued a decree on the establishment of the Vietnam Forest Protection and Development Fund with the aim to mobilise and receive non-budget resources to manage, protect, and develop forested land.