Review of Forest Carbon Credit Projects in Viet Nam
To meet the target of the 2022 NDC, Viet Nam has developed a number of strategies and legal frameworks and has implemented initiatives, plans and programmes to reduce GHG emissions in the following sectors: energy; agriculture; land use, land use change and forestry (LULUCF); industrial processes and waste, of which the contribution of the LULUCF sector under the unconditional scenario of the NDC is set to reach 84.47 million tCO2-eq from 2021 to 2030. These figures increase to 106.31 million tCO2-eq under the condition of sufficient international support. Because it is the only sector with negative GHG emissions, LULUCF plays an important role in implementing the NDC.
Considering the importance of forest carbon sequestration and storage services for GHG emission reduction (ER) and sustainable forest development, the Ministry of Agriculture and Rural Development (MARD) is developing and implementing projects and programmes to transfer and trade forest carbon credits in different ecological-economic zones of Viet Nam. However, regarding forest carbon credit trading in the context of Viet Nam, there are a number of key questions that need to be answered. This report is the result of the abovementioned reviewing process to propose recommendations for implementing forest carbon credit trading in Viet Nam, contributing to the fulfillment of NDC as well as mobilising financial resources for forest protection and development.