First Successful Implementation of Emission Reduction Agreement in Vietnam

Vietnam has achieved a significant milestone in environmental conservation. According to VNS, the country has successfully implemented its first agreement on emission reduction, generating a remarkable $41 million in carbon credit sales with the World Bank. This achievement showcases Vietnam's commitment to sustainable development and sets a positive example for other nations to follow.

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The sale is the result of the first forest proceeds from six provinces in the north central region under the emission reduction agreement with the World Bank. It is transferred to localities to compensate forest owners, local communities, and people for their efforts in managing, protecting, and developing forests.

The emission reduction agreement, successfully implemented in Vietnam, has brought in US $41 million in carbon credit sales with the World Bank (Photo: Getty Image).

As the first emission reduction agreement successfully implemented in Vietnam, the sale represents an important step towards advanced forest management, protection, and improving people’s lives.

The six provinces participating in the agreement are Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, and Thua Thien-Hue. They collectively have over 3.1 million hectares of forested land, accounting for 58 percent of the total area.

Nguyen Quang Bao, Director of the Department of Forestry under the Ministry of Agriculture and Rural Development, emphasized the importance of preserving special-use, protective, and natural forests to increase carbon reserves.

“In addition to increasing timber productivity and carbon content, these forests will bring added value and improve the livelihoods of vulnerable communities,” said Bao.

For example, in Tra Mang Village (Thua Thien-Hue Province), 90% of the population belongs to the Co Tu ethnic group. Over the past decade, they have protected 560 hectares of forest.

Each year, on average, each household receives VND 2.4 million (US $98) from forest environmental services. Thanks to the carbon credit sales, each household now has an additional income source.

In the future, the additional income from the carbon credit sales for the Tra Mang Village community can reach VND 190 million (US $7,800).

Moreover, many other areas with well-protected natural forests are following the success of these six provinces in implementing similar programs. For instance, about 70 households in Lao Cai Province have received forest protection contracts from the Forest Protection and Development Fund. Each household is expected to receive around VND 2 million (US $80) annually, according to VNS.

Fanasy Nguyen Le