Vietnam’s forestry sector has emerged as the only industry capable of achieving net negative emissions, thanks to policies on forest protection, development, and international cooperation, according to Tran Quang Bao, Director of the Forestry Department. Speaking at a workshop on October 3, Bao highlighted the success of the Emission Reductions Payment Agreement (ERPA), which transferred 10.3 million tonnes of CO2 and generated $51.5 million during 2018-2019.

Vietnam is preparing for another emissions reduction purchase agreement with the Emergent Forest Finance Accelerator, set to cover 11 provinces in the Central Highlands and south-central region. Former Deputy Minister Ha Cong Tuan emphasized the importance of shaping a domestic carbon market by 2028, noting its potential to attract investment, create jobs, and boost local incomes.

While awaiting the official launch of the carbon market, experts stress the need for sustainable development and the collection of feedback from various stakeholders to ensure success.

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