Vietnamese localities expand efforts to develop carbon credit market

Coconut forest in Vietnam. (Photo: iStock)

Localities throughout Vietnam are undertaking activities to develop the carbon credit market.

The advancement of the carbon credit market is seen as a tangible stride towards policies aimed at reducing greenhouse gas emissions, allocating emission quotas, trading carbon credits, and fostering green financial resources for Vietnam.

Nguyen Van Duan, deputy director of the Forest Protection Department in Quang Binh province, said that in addition to harnessing the advantages of natural forests, the province plans to broaden its scope, assess suitable areas, and gauge the potential for greenhouse gas emission reduction via the implementation of new forest planting initiatives adhering to international standards. This includes upgrading small wood plantations to larger ones to bolster forest carbon reserves for the future.