Vietnam earns $51.5mn from first forest carbon credit sale

Vietnam sold over 10 million forest carbon credits in 2023, bringing in a total revenue of US$51.5 million, according to the Vietnamese agriculture ministry. Authorities in each of the six localities will distribute revenues from the sale to forest owners, considering their contributions to the locality's carbon credit quantities, the deputy minister said. The WB highly appreciated Vietnam’s first-ever sale of forest carbon credits and wants to “share and spread this story of Vietnam to other countries around the world,” said Pham Hong Luong, chief of office of the VAF. Carbon credits are tradable certificates that give holders the right to emit a certain amount of CO 2 or another amount of greenhouse gas converted to CO 2 equivalents. Currently, 58 countries are developing carbon markets, 27 others are collecting carbon taxes, and several more are applying both.