Vietnam has earned 56.5 million USD from selling 11.3 million tonnes of forest-based carbon emission reductions to the World Bank at 5 USD per tonne. The latest transfer of 1 million tonnes brought in an additional 5 million USD. Proceeds have been distributed to nearly 80,000 beneficiaries, half of whom are ethnic minorities, in central provinces including Thanh Hoa, Nghe An, Ha Tinh, Quang Tri, and Hue city. The transactions fall under a pilot emissions reduction purchase agreement signed in 2022, where Vietnam retains 95% of verified reductions to meet its Paris Agreement NDCs. A new decree (No. 180) now provides a legal framework for forest carbon projects, with national standards expected by mid-July. Vietnam also launched a domestic carbon exchange pilot this week. The article notes that 5 USD per tonne is the current price, which is low compared to voluntary market averages, but the scale and government backing are notable for a developing country carbon program.
