Vietnam to Soon Perfect Legal Framework for Carbon Credit Sales

Vietnam will soon perfect its legal framework for the future sale of carbon credits, the local newswire Saigon Giai Phong (Liberated Saigon) reported.

Director of the Ministry of Finance’s Department of Legal Affairs Hoang Thai Son recently told Saigon Giai Phong that the policy-makers are perfecting the draft project on the domestic carbon market and set to submit it to the government for consideration and promulgation in the first quarter.

Although there have been voluntary transactions, the carbon credit market is only effective and brings real benefits when it is applied synchronously, widely, and fairly globally.

Last year saw the first time that Vietnam successfully sold 10.3 million forest carbon credits through the World Bank (WB) for $51.5 million. The amount will be used to pay forest owners, local People’s Committees and organizations assigned to manage natural forests.

Besides, the Biodigesters program for a low-carbon livestock sector in Vietnam has been implemented in 53 provinces with approximately 181,683 biogas plants. Through the program, Vietnam has sold over 3.07 million carbon credits for $8.1 million.

(SGGP)