The country only exports finished or semi-finished wood products in order to develop manufacturing technology and create business opportunities for locals, , Vietnam News Agency (VNA) quoted the ministry as saying.
Around 60,000 tonnes of teak and 67,000 tonnes of timber are expected to be produced in the 2014-2015 period -- down from 200,000 tonnes of teak and 1.2 million timber in 2012-2013.
Myanmar exported 485,600 tonnes of teak logs and 724,200 hardwood in 2012-2013, earning more than US$327 million and US$209 million respectively.
Forest coverage made up 57 percent of the country's total area between 1980 and 1990 but has shrunk to 47 percent today.
Licence validity for saw and plywood mills was extended from one year to five years last year.