According to the Ministry of Agriculture and Rural Development, the development of the forest carbon credit market in Vietnam is not only in line with the world trend, but will also contribute to promoting the development of a green economy, in accordance with the spirit of the Resolution of the 13th Party Congress.

In 2021, Vietnam had 14.7 million hectares of forest, accounting for 42% of the coverage. In which, special-use forests are 2.2 million hectares (15%), protection forests are 4.6 million hectares (32%), and production forests are 7.8 million hectares (53%). According to forest managers, 60% is managed by the Goverment and 40% is assigned to households, individuals and organizations. 

In the period 2010-2020, annual emissions in Vietnam are 30.5 million tons of CO2e, and forests absorb 69.8 million tons of CO2e/year. In 2020, there were 612 million tons of CO2e stored in forests, of which natural forests accounted for 80%.

The Forestry Development Strategy and the Environmental Protection Law 2020 stipulate emission reduction in all sectors and the development of the domestic carbon market.

According to Mr. Vu Tan Phuong - Office of Sustainable Forest Management Certificate, Vietnam committed at COP26 to the goal of achieving net “0” emissions by 2050; participating in the Glasgow Declaration and committing to reduce methane emissions; The 2022 Climate Change Strategy, Nationally Determined Contribution (NDC) 2022 aims to achieve net “0” emissions and climate change adaptation. Plans to implement the Glasgow Declaration are being considered for approval to reverse deforestation. In Vietnam, the carbon market is divided into two types - the mandatory market and the voluntary market.

To implement a forestry carbon trading program in Vietnam, we need to develop a legal framework to promote the domestic and international carbon market. It is necessary to develop a set of standards to reduce greenhouse gas emissions; build a carbon trading projects and implement MRV (Greenhouse Gas Emission Reduction Assessment Tools).