Vietnam earns VND1,200 billion from carbon credit sales

HCMC – Vietnam has generated VND1,200 billion (around US$51.5 million) by selling around 10.3 million forest carbon credits, or 10.3 million tons of carbon dioxide, for the first time, according to the Ministry of Agriculture and Rural Development. Among these provinces, Nghe An receives the biggest amount, at over VND282 billion, followed by Quang Binh with VND235 billion, Thanh Hoa with VND162 billion, and Ha Tinh with VND122 billion. Thua-Thien Hue and Quang Tri will receive VND107 billion and over VND51 billion, respectively. Vietnam holds significant potential for carbon credit trading, thanks to its vast forested areas covering over 14.7 million hectares, equivalent to more than 42% forest coverage. In February 2020, the Ministry of Agriculture and Rural Development signed an Emission Reduction Payment Agreement (ERPA) with the World Bank for the period from 2018 to 2024.