That is the statement of Prof. Phạm Văn Điển, deputy general director of Vietnam Administration of Forestry, in an interview with the Magazine of Natural Resources and Environment.
He clarified the factors that emission reduction from forests is the appropriate solution to the condition of Vietnam including (1) emission reduction from forests is among five areas in the Greenhouse Gases (GHG) reduction defined in the country’s National Determined Contribution (NDC) under the Paris Agreement, (2) Law on Forestry (2017) stipulates that forest carbon sequestration, GHG reduction from forests, and green growth belong to forest environmental services, (3) carbon storage of Vietnam has remarkably increased from 2010 to 2018 compared to 1995 – 2010 and contributed significantly to the NDC.
Presently, Vietnam only trades carbon credit in the international carbon market and it needs to meet some requirements to establish domestic carbon trading. Forest carbon trading is an inevitable trend. Vietnam has a huge opportunity to join the international carbon market because the Paris Agreement has been enacted with strong global commitments. However, the major challenge is Vietnam lacks a sufficient legal framework that guides carbon trading.
To utilize the potential of forest carbon sequestration and extend the carbon credit trading, Vietnam needs to (1) manage forests sustainably and develop urban forestry, (2) develop carbon pricing and verification system, (3) develop science and technology, education innovation, (3) develop measures to ensure safety to join the international and volunteer carbon market, (4) develop international and domestic carbon market via refining policy on payment for forest environmental service, (5) develop policy on forest carbon sequestration and storage services and national masterplan defining specific regions for different international carbon markets.
Source & further information: “Cơ hội lớn cho thương mại các-bon rừng của Việt Nam” at https://baotainguyenmoitruong.vn, accessed on 14 Apr 2021