20 January 2024, Vietnam: 2023 marked a significant milestone for the forestry sector as Vietnam successfully sold 10.3 million forest carbon credits (equivalent to 10.3 million tonnes of CO2) for the first time through the World Bank for 51.5 million USD.
The forest carbon credit sale was part of the Emission Reductions Payment Agreements in the north central region signed on October 22, 2020 between the International Bank for Reconstruction and Development of the World Bank and the Ministry of Agriculture and Rural Development.
In early August 2023, the World Bank paid the first the International Bank for Reconstruction and Development installation of 41.2 million USD to the Vietnamese ministry, or 80% of the contract.
The remaining 10.3 million USD will be paid after the transfer of 10.3 million tonnes of CO2 is completed.
The Vietnam Forest Protection and Development Fund has received and disbursed all the first payment so that six north central provinces can urgently make payment plans for forest owners.
According to the Vietnam Administration of Forestry, the country planted about 250,000 hectares of forest last year, surpassing the yearly plan by 2%.
The forest coverage rate was 42.02%, matching the target. Total revenue from all forest environment services reached more than 169 million USD.
