Vietnam will likely pilot carbon credit market by 2025: ministry

With its large forest reserves, Vietnam has great potential for developing a forest carbon credit market, and a “draft project to develop the carbon market in Vietnam” with a view to piloting a carbon credit exchange by 2025 was already submitted to the prime minister for approval, according to the Ministry of Natural Resources and Environment.

The main beneficiaries of the carbon credit market project are forest owners, organizations, households, individuals, and communities.

Currently, Vietnam is testing three major carbon credit trade agreements, including the Emission Reductions Payment Agreement (ERPA) signed with the World Bank’s Forest Carbon Partnership Facility (FCPF) in October 2020. Under the deal, Vietnam will reduce 10.3 million tons of carbon dioxide emissions from six north-central provinces until 2025 to receive up to $51.5 million, the VNA reported

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Vinh Tho - Quang The - Le