Carbon dioxide emission reduction

Vietnam's initial 10.3 million carbon credits received 80% of the total funding, amounting over 41 million USD. This information was announced at a workshop on initiatives to reduce emissions through enhanced forestry finance held in Hanoi on Wednesday.

The 41 million USD was collected as a result of the Emission Reduction Payment Agreement (ERPA), signed in October 2020 between the World Bank and six provinces in the North Central region. This amount is fully transferred to participating localities to compensate forest owners and support forest protection efforts.

Vietnam is currently in the process of negotiating, signing, and implementing a trading agreement to reduce emissions from forests in 11 provinces in the South Central region and Central Highlands. The minimum price set for this agreement is 10 USD per ton.