Vietnam sold 10.3 million forest carbon credits to the World Bank for the first time in 2023, earning $51.5 million, according to the Ministry of Agriculture and Rural Development (MARD).

It was equivalent to a reduction of 10.3 million tons of carbon emissions from forests.

The sale of the carbon credits in the north-central region was part of the Emissions Reduction Purchase Agreement (ERPA) signed between MARD and the World Bank’s International Bank for Reconstruction and Development in 2020.

The money received will be paid to forest owners, local authorities, and organizations responsible for managing natural forests. Part of the funds will also be used for forest development and protection and to support the development of local livelihoods.

Vietnam grew 250,000 ha of forest in 2023, equivalent to 102 per cent of the annual target. Its forest coverage rate increased to 42.02 per cent.