​Carbon credit trade could bring Vietnam $200M per year

By VNA   March 3, 2024 | 11:18 pm PT
​Carbon credit trade could bring Vietnam $200M per year
A protective forest in Ham Thuan Bac District in Binh Thuan Province, July 2023. Photo by VnExpress/Viet Quoc
Vietnam is capable of selling some 40 million carbon credits for a revenue of US$200 million annually, the Department of Forestry has calculated.

It said the country has freshly signed an emissions reduction purchase agreement with Emergent, a non-profit intermediary engaging between tropical forest countries and the private sector to mobilize finance to support emissions reductions in deforestation. Accordingly, Vietnam is set to transfer to the forest financing organization 5.15 million tonnes of carbon dioxide that cost at least $10 per ton in the 2022-2026 period.

The Ministry of Agriculture and Rural Development has already put forth seven targets and 11 solutions for forestry work this year, with a focus on completing the national forestry planning and supporting firms involved in transition from forestry production to forestry business.

Vietnam currently houses 14.79 million ha of forest, a coverage rate of 42%. The forestry production value grows stably at a rate of 4.6% and revenue from environmental protection services nears VND11 trillion ($445.56 million).

Last year, the nation, for the first time, sold more than 10 million carbon credits for over $50 million, ranking among the 60 countries worldwide with the highest capacity for the carbon trade.

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