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gettyimages.com Bank for successfully capturing 10.3 million tonnes of CO2
Recently, Vietnam received US$51.5 million from the World

in six provinces in the North Central region. Currently the
Ministry of Agriculture and Rural Development is completing

the dossier to submit to the Prime Minister for consideration
and negotiation and signing the Emission Reduction Purchase
Agreement for 11 provinces in the Central Highlands and
South Central region with the Forestry Finance Enhancement
Organisation (Emergent).
"The forest carbon market has the potential to generate
large revenues for forestry helping to support forest protection,
create jobs, increase income for local people and at the
When using this wood source businesses face challenges same time protecting and improving environmental quality

in traceability and transparency and accountability especially said Bao, He admitted, however, that financial resources for
the requirement to clearly state the names of all types of forestry activities are still insufficient meeting only a small
wood used in exported products. part of actual needs.
Another factor pointed out by Phuc is evidence related to The Forestry Department also identified seven essential
the legality of raw material sources, including species names tasks to promote market development and commercialisation
and commercial details. Some countries also require other of forest carbon credits:
evidence, such as forest product lists, raw wood purchase (1) Review and update the nationally determined contribution

invoices or logging licenses. in the forestry sector;
(2) Study the potential and allocate quotas for emission
Need to establish forest carbon standards reduction and carbon sequestration from forests to localities;
On the morning of 3 October the Department of Forestry, in (3) Perfect the policy and institutional framework on the
collaboration with the Association of Agricultural and Rural transfer and financial management of revenue from forest
Development Economics, organised a Workshop “Forest carbon credits;
Carbon - Potential to Create New Financial Sources for Forest (4) Develop Vietnam forest carbon standards, methodology
Protection and Development” with sponsorship from Forest for calculating emission reduction results and a system for
Trends and UK PACT. measuring, reporting and appraising the amount of emission

The workshop attracted the participation of about 150 reduction and increased carbon sequestration of forests;
direct delegates and nearly 250 online connections nationwide. guide the development and pilot implementation of several
In his opening speech, Associate Professor Dr. Tran Quang potential projects;
Bao, Director of the Department of Forestry, said that forestry (5) Disseminate and enhance capacity for stakeholders
is currently the only sector with the potential for negative on forest carbon;
net emissions thanks to the process of forest protection and (6) Continue to implement the Emission Reduction Payment
development and the support of international partners. Agreement with the World Bank; advising on negotiations,

However, the forest carbon market in Vietnam is still in its signing and implementing the Emission Reduction Trading
early stages, facing many difficulties and challenges. Agreement for the Central Highlands and South Central regions