Vietnam has become the first country in the East Asia-Pacific region to receive a payment of $51.5 million from the World Bank based on emission reduction results. This success brings Vietnam closer to the carbon credit market, fulfilling climate commitments Vietnam has made, including its Net Zero target by 2050.
However, Vietnamese businesses still face significant obstacles in forming and trading carbon credits. On this issue, Dr. Nguyen Phuong Nam said:
“The greatest challenge is the verification of carbon credit formation. After a business submits an application for registration under a carbon credit trading mechanism, it will need a third party for verification. However, the verification cost for these carbon credits is not cheap, and it is difficult in terms of methodology. Technical limitations lead to a very low number of carbon credits being formed in Vietnam, especially for projects related to forest carbon credits.”
Watch the full reportage here: https://vtv.vn/video/phong-su-viet-nam-tien-gan-hon-toi-thi-truong-tin-chi-carbon-675069.htm
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