Revenue from carbon credits distributed to localities
Vietnam has received a 51.5 million USD payment from the World Bank for verified emissions reductions – commonly referred to as carbon credits – for reducing 10.3 million tonnes of CO2 in the 2018-2024 period. According to Director of the Department of Forestry under the Ministry of Agriculture and Rural Development (MARD) Tran Quang Bao, 80% of the sum has been distributed to six north central provinces and the remaining 20% will be distributed to the localities in the next 1-2 months.
According to the Forestry Department, Vietnam has not had a mandatory market for carbon credits. The transfer of emission reduction results is carried out through bilateral agreements between relevant parties.
