On 4 December 2025 in Ha Noi, the Consultation Workshop “Commercial Opportunities for Forest Carbon Credits in Vietnam” was organized within the framework of the Technical Assistance “Analysis of forest carbon credit trading opportunities in Vietnam”, funded by the World Bank and implemented by the Consultant comprising the Energy and Environment Consultancy Joint Stock Company (VNEEC) and South Pole Ltd. The Technical Assistance aims to support the Vietnam Forest Protection and Development Fund (VNFF) and the Ministry of Agriculture and Environment (MAE) in effectively managing surplus emission reductions from the North Central Region Emission Reductions Payment Agreement (ERPA), as well as future forest carbon credits.
The event attracted broad participation from representatives of ministries and central agencies, VNFF at both central and provincial levels in ERPA participating provinces, international organizations, local authorities, and development partners accompanying Vietnam in the process of establishing a forest carbon credit market.
Photo: Participants at the workshop
In her opening remarks, Ms. Nguyen Thi Le Thu, Senior Environmental Specialist and Co-Leader of Vietnam’s North Central Region Emission Reductions Program, representing the World Bank, emphasized that forest carbon credits are becoming an important source of finance to support forest protection and restoration, while delivering tangible benefits for biodiversity conservation and local livelihoods. She noted that Vietnam needs to identify effective pathways for transacting surplus credits and future forest carbon credits at an early stage, in order to maximize economic value and contribute to national emission reduction targets.
Photo: Ms. Nguyen Thi Le Thu, Senior Environmental Specialist, Co-Leader of the North Central Region Emission Reductions Program, World Bank
At the workshop, Ms. Nguyen Thi Thanh Huyen, representing the Vietnam Forest Protection and Development Fund (VNFF), provided an update on the implementation progress of the ERPA, including verified emission reduction results, and presented proposals related to the development of a Decree on forest carbon sequestration and storage services, aimed at strengthening the legal framework for the sector.
Photo: Ms. Nguyen Thi Thanh Huyen, representative of VNFF
Representing the Department of Climate Change, Mr. Dang Xuan Thai presented the roadmap for the establishment of Vietnam’s domestic carbon market and the draft Decree on international transfer of GHG mitigation outcomes, which constitute key legal foundations for Vietnam’s effective participation in mechanisms under Article 6 of the Paris Agreement.
Photo: Mr. Dang Xuan Thai, representative of the Department of Climate Change, Ministry of Agriculture and Environment
Representing the Vietnam Forest Certification Office (VFCO), Mr. Vu Tan Phuong introduced the process of developing national standards for forest carbon credits. This technical framework is considered a prerequisite for Vietnam to issue, trade, and verify forest carbon credits in line with international standards. Key requirements related to project eligibility, silvicultural measures, MRV processes, risk management, and environmental and social safeguards were highlighted as the technical foundation of the forest carbon market.
Photo: Presentation by Mr. Vu Tan Phuong, Vietnam Forest Certification Office
As a co-consultant, representatives of VNEEC – Ms. Dang Thi Hong Hanh, Co-Team Leader/Carbon Market Expert, and Ms. Nguyen Hong Loan, Project Coordinator – presented the assessment results and recommendations on transaction pathways for surplus emission reductions from the ERPA Program and future forest carbon credits. Survey results from ERPA provinces and market trend analysis indicate that Vietnam has significant potential for credit commercialization, while also facing challenges related to legal frameworks, ownership arrangements, and credit standards. Accordingly, VNEEC proposed solutions to enhance the effectiveness and feasibility of commercialization activities in the coming period.
Photo: Ms. Dang Thi Hong Hanh, Co-founder and Chief Executive Officer of VNEEC
Representing the South Pole, Ms. Roxanne Tan, Climate Policy Specialist, shared insights into the global carbon market through an analysis of demand for forestry credits, potential buyer segments, and international best practices in carbon credit transactions. These insights provide valuable references for Vietnam in selecting appropriate transaction models and designing effective climate finance mobilization mechanisms.
Photo: Ms. Roxanne Tan, representative of South Pole
The discussion session was lively and focused on key issues of the carbon market, including concerns over emission quota allocation, requirements for transferring ownership of mitigation outcomes, and price formation mechanisms once the market becomes operational. Many participants called for clarification on beneficiaries of PFES revenues and forest carbon credit revenues, as well as the linkage between PFES payment obligations and benefit-sharing mechanisms. Questions were also raised regarding the international acceptance of Vietnam’s national forest carbon credit standards and the roadmap for harmonization with international standards. In addition, information on Emergent’s interest in purchasing Vietnam’s surplus FCPF credits was considered a positive signal for future commercialization prospects.
Photo: Participants during the discussion session
Concluding the workshop, Ms. Nguyen Thi Le Thu reaffirmed that the World Bank will continue to accompany Vietnam in strengthening mechanisms, standards, and operational models for the forest carbon credit market. She emphasized that timely action is critical, as global demand for carbon credits is increasing rapidly, opening up significant opportunities for Vietnam to unlock its potential in this field.
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