Vietnam earns 51.5 million USD from first forest carbon credit sale
2023 marked a significant milestone for the forestry sector as Vietnam successfully sold 10.3 million forest carbon credits (10.3 million tonnes of CO2) for the first time through the World Bank (WB) for 51.5 million USD, said Deputy Minister of Agriculture and Rural Development Nguyen Quoc Tri.
Vietnam successfully sells 10.3 million forest carbon credits (10.3 million tonnes of CO2) in 2023. (Photo:vneconomy.vn)
Hanoi (VNA) - 2023 marked a significant m🀅ilestone for the forestry sector as Vietnam successfully sold 10.3 million forest carbon credits (10.3 million tonnes of CO2) for the first time through the World Bank (WB) for 51.5 million USD, said Deputy Minister of Agriculture and Rural Development Nguyen Quoc Tri.
The sale was part of the Emission Reductions Payment Agreements (ERPA) in the north central region signed on October 22, 2020 between the International Bank for Reconstruction and Development (IBRD) of the WB and the Ministry of Agriculture and Rural Development (MARD).
In early August 2023, the WB paid the first ERPA instalment of 41.2 million USD to the Vietnamese ministry, or 80% of the contract.
The remaining 10.3 million USD will be paid after the transfer of 10.3 million tonnes of CO2 is completed.
The Vietnam Forest Protection and Development Fund has received and disbursed all the first payment so that six north central provinces can urgently make payment plans for forest owners.
Illustrative image (Source: vtv.vn)
In addition to the number of credits sold, the WB has confirmed the emission reduction results of the entire north central region in the first period (January 1, 2018 - December 31, 2019), reaching 16.21 million tonnes of CO2 (equivalent to 16.21 million credits).
Deputy Minister Tri also said that 2023 was a struggling year for the forestry industry, including supply and demand chain disruptions affecting trade, logistics problems, and climate change.
However, he acknowledged the sector's efforts to overcome difficulties in the past year to achieve remarkable results.
In 2024, he suggested that the forestry industry promptly issue appropriate policies and mechanisms to facitiate its development.
According to the Vietnam Administration of Forestry, the country planted about 250,000 hectares of forest last year, surpassing the yearly plan by 2%. The forest coverage rate was 42.02%, matching the target. Total revenue from all forest environment services reached more than 4.1 trillion VND (169 million USD)./.
Vietnam will be the fifth partner in the Forest Carbon Partnership Facility (FCPF) and the first in the Asia-Pacific region to sign an Emissions Reduction Purchase Agreement (ERPA), according to Standing Deputy Minister of Agriculture and Rural Development Ha Cong Tuan.
Vietnam’s carbon market is expected to thrive in the near future, given that the country has large forest reserves and many corporations stand ready to pour billions of US dollar to purchase forest carbon credits from Vietnam.
The central province of Quang Binh got more than 82 billion VND (3.38 million USD) for its efforts to reduce greenhouse emissions in 2023, becoming the first locality in Vietnam to receive payment under the Emissions Reduction Purchase Agreement (ERPA).
Mariam Sherman, World Bank Country Director for Vietnam, Laos, and Cambodia, said the World Bank remains committed to working with the Vietnamese government to develop the next phase of climate resilience and transformation for the Mekong Delta.
Under the directive, the PM instructed relevant agencies to regularly inspect, supervise and proactively implement disaster prevention, response and rescue measures in line with their assigned roles and mandates, ensuring readiness, avoiding passivity or delays, and maintaining operational continuity amid ongoing political and administrative restructuring at levels.
According to Dr. Vu Anh Tuan, Deputy Director General of the Vietnam Space Centre and head of the project, this is the first study in Vietnam to simultaneously employ Sentinel-2 satellite data, advanced machine learning algorithms, and the Google Earth Engine (GEE) cloud computing platform to model and monitor key seawater quality parameters.
The Deposit Return System is seen as a potential instrument for effectively advancing Vietnam’s vision of a circular economy, as outlined in Article 142 of the 2020 Law on Environmental Protection.
The figures were highlighted in a Pre-Feasibility Study on a DRS tailored for single-use beverage packaging in Vietnam, conducted by Eunomia Research & Consulting.
Young people should not view AI as salvation but rather as a tool under human control. Young creators should focus on learning and accumulating practical knowledge, using AI as a tool to carry out artistic projects in the most effective and cost-efficient manner.
Saigon Hi-Tech Park’s ambitious 50% renewable energy goal far exceeds the city’s 15% target, positioning the park as a trailblazing “living lab” for sustainable energy solutions.
Vietnam's economic losses from natural disasters are estimated to account for 1 to 1.5% of GDP annually - a steep price that will continue to rise unless the country takes strong action.
Wutip, the first storm in the East Sea so far this year, has wreaked havoc across central Vietnam, claiming lives, displacing residents, and causing widespread damage to houses, crops, and infrastructure, the Department of Dyke Management and Disaster Prevention and Control reported as of 6:30 pm on June 13.
The tremor occurred at 7:39:46 am (Hanoi time), with the epicentre located at latitude 14.924°N and longitude 108.236°E, at a depth of approximately 8.1 kilometres. The natural disaster risk level was classified as 0 – the lowest on the scale.
Addressing a session on “Accelerating Financing for Resilience: Tailored Solutions for Disaster Risk Reduction,” Deputy Minister Hiep emphasised Vietnam's proposal in building sustainable financing in response to natural disasters, which aligns with the Sendai Framework for Disaster Risk Reduction's goals.
Vietnam has demonstrated its strong commitments by participating in global sustainable development forums, signing multiple free trade agreements, and attracting support from international partners for the implementation of the SDGs.
The fight against plastic pollution could not succeed through isolated efforts, but it must be a collective endeavour involving the entire political system, businesses, citizens, and the international community, said Minister of Agriculture and Environment Do Duc Duy.
Lang Son Global Geopark, with its outstanding geological values, cultural heritage, and unique natural landscapes, represents a valuable addition to UNESCO’s global geoparks system.
In 2019, Quang Ninh became one of the first localities in Vietnam to launch a province-wide campaign against plastic waste, mobilising the participation of the political system, the business sector, and the general public. Other localities—such as Hai Phong, Da Nang, Binh Duong, and Ho Chi Minh City—have also effectively implemented waste-sorting initiatives at source, along with models for plastic-free markets and urban areas.
This year’s World Oceans Day on June 8 is themed 'Wonderful Oceans: Sustaining What Sustains Us', while World Environment Day is on June 5 with the theme: 'Beat Plastic Pollution'.
According to Director of the provincial Department of Agriculture and Environment Le Huu Toan, a fire prevention and control plan has been in place since the dry season began, including round-the-clock patrols and rapid-response teams to snuff out fires before they could spread.
Renowned artists including Ha Anh Tuan, Den Vau, and Phan Manh Quynh, along with many directors and attendees, took part in planting hundreds of rare tree species such as mun (Diospyros mun) and cho chi (Parashorea chinensis) in the Thung Bong area of the Cuc Phuong National Park, contributing to forest ecosystem restoration.
Vietnam successfully sells 10.3 million forest carbon credits (10.3 million tonnes of CO2) in 2023. (Photo:vneconomy.vn)
Illustrative image (Source: vtv.vn)
