Highlighting the country's commitment to developing green and sustainable agriculture, PM Chinh requested IFAD to increase preferential loans and promote non-refundable aid for projects applying scientific and technological innovations in agriculture, while helping Vietnam successfully carry out the one million hectares of low-emission, high-quality rice project.
Vietnam has received a payment of 51.5 million USD for verified emission reduction results achieved by reducing deforestation, forest degradation, and enhancing carbon storage through afforestation and reforestation.
The establishment of a carbon credit market will help enterprises gain a competitive edge when selling products to foreign countries, particularly those with strict requirements on sustainability, according to insiders.
A delegation from the Ministry of Finance (MoF), led by Minister Ho Duc Phoc, is paying a working trip to Australia from July 31 to August 3, aiming at further deepening and concretising the Vietnam - Australia comprehensive strategic partnership.
Ecotree Group, a sustainable forestry company focusing on carbon removal and biodiversity preservation, will team up with Germany's NGUYEN GmbH Chau Au to implement a carbon dioxide reduction project in Vietnam under an agreement signed on May 31.
Ho Chi Minh City needs to adopt policies and channel financial resources to develop a carbon credit market in an effort to cut greenhouse gas emissions and respond to global warming, experts said.
Deputy Prime Minister Tran Hong Ha on January 8 requested the comprehensive development of a carbon credit market when chairing a meeting on the establishment of the market in Vietnam.
A meeting was held in Hanoi on June 26 to review the project on support for preparing the readiness to carry out the international framework “Reducing Emissions from Deforestation and Forest Degradation” (REDD+) in Vietnam Phase 2 (FCPF-2).