XÁC ĐỊNH CHU KỲ KINH DOANH TỐI ƯU RỪNG TRỒNG KEO LAI THEO QUAN ĐIỂM KINH TẾ TẠI CÔNG TY LÂM NGHIỆP LƯƠNG SƠN, HÒA BÌNH

Abstract

At present, the rotation age for Hybrid acacia plantation is normally fixed at 5 or 6  years by experience without conducting timber productivity evaluation and financial analysis; therefore, the gained profit per area of the plantation was rather low. This study determined per ha productivity, portfolio of different types of timber, and
conducted financial and sensitive analyses for Hybrid acacia plantations at different rotation ages (5,6,7,8, and 9 years) at Luong Son forestry company to provide basics for choosing optimal rotation age in terms of economics. The results showed that age of rotation has great effects on standing volume, productivity, portfolio of different types of timber, and NPV of Hybrid acacia plantation. The timber
productivity and percentage of logs with high diameter classes (could be sold at high prices) were positively increased by length of rotation (from 5 to 9 years). When increasing the rotation age, the revenue and income increased faster and at higher  level compared to the costs because of the increments of timber productivity and percentages of high priced logs at the long rotations. At the low interest rates (8.5%
and 10.0% per year), financial indicators NPV and NPV/ha/year had positive relation with the length of the rotation; of which there is a sharp increment of these indicators from the age of 6 years to the age of 7 years, then gradually increased at longer rotations (8 and 9 years). When the interest rates were set at higher level (12.0% and 14.0% per year), the optimal financial rotation were determined at 7 years. To gain higher net profit in Hybrid acacia plantation establishment, it recommends that the forest owners should extend the age of plantation rotation to at least 7 years instead of 5 or 6 years as usual.