Running from August 3 to 7, the negotiation session aims to finalize the Emission Reductions Payment Agreement (ERPA), paving the way for its signing on the sidelines of COP31.
On August 3 in Hanoi, Deputy Minister of Agriculture and Environment Nguyen Quoc Tri met with a delegation from Emergent, the coordinator of the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition, to discuss progress in preparing the Emission Reductions Purchase Agreement (ERPA) for Viet Nam's South Central Coast and Central Highlands region.
Deputy Minister Nguyen Quoc Tri meets with Emergent delegation in Hanoi. Photo: Phuong Linh.In his opening remarks, Deputy Minister Nguyen Quoc Tri reaffirmed Viet Nam's strong commitment to its partnership with the LEAF Coalition, Emergent, and the governments of the United Kingdom, Norway, the Republic of Korea, and the United States in advancing forest protection, emissions reductions, and green growth.
"The signing of the Letter of Intent between Viet Nam and Emergent at COP26 in 2021 marked an important milestone, laying the foundation for the development of the forest carbon market and ERPA negotiations. After nearly four years of preparation and close cooperation, the key prerequisites for the negotiations have now been completed. According to the agreed schedule, ERPA negotiations between the two sides will take place from August 3 to 7, 2026," the Deputy Minister said.
Deputy Minister Nguyen Quoc Tri commended the close cooperation between Emergent and Department of Forestry and Forest Protection in preparing for the ERPA negotiations. Photo: Phuong Linh.Providing an update on the progress, representatives of the Department of Forestry and Forest Protection said the Ministry of Agriculture and Environment had worked closely with Emergent to finalize the draft agreement, consult relevant ministries, agencies and local authorities, and submit the proposal to the Prime Minister.
Based on this, the Prime Minister assigned the Ministry to lead the ERPA negotiations and signing process. The Ministry also established the negotiation team under Decision No. 2686/QD-BNNMT dated July 10, 2026.
Following the negotiation session, the two sides are expected to further refine the draft ERPA, seek feedback from relevant stakeholders, and complete internal procedures. The Emission Reductions Purchase Agreement is scheduled to be signed on the sidelines of COP31 in Türkiye in November 2026.
British Ambassador to Viet Nam Iain Frew speaks at the meeting. Photo: Phuong Linh.International partners noted that Viet Nam is well positioned to conclude negotiations soon, paving the way for it to become one of the pioneering countries in developing a high-quality forest carbon market.
According to British Ambassador to Viet Nam Iain Frew, the increasing frequency of extreme weather events underscores the urgent need for international cooperation to address climate change. The United Kingdom therefore welcomed Viet Nam's progress in launching the ERPA negotiations and reaffirmed its commitment to working closely with the country to address technical issues and help accelerate the process.
Erlend Skutlaberg, Chargé d'Affaires a.i. of the Royal Norwegian Embassy in Viet Nam said forest protection is not only a climate solution but also an investment in sustainable development. Photo: Phuong Linh.Erlend Skutlaberg said the launch of the ERPA negotiations reflects years of cooperation among the Government of Viet Nam, international partners, and the forestry support community.
"The ERPA could unlock a new source of finance for Viet Nam's forestry sector while creating more economic opportunities in forested areas, bringing direct benefits to local communities and ethnic minority people.
As one of the pioneering countries in this field, Viet Nam should maintain the momentum to conclude the ERPA negotiations this year. This will provide an important foundation for mobilizing results-based finance for forest protection, strengthening investor confidence, and contributing to the country's Net Zero commitment," he said.
Preparations for the ERPA negotiations have been largely completed, from establishing the legal framework to finalizing technical work, laying the groundwork for the formal negotiations. Photo: Tung Dinh.This week, Emergent will work with the Government of Viet Nam to finalize the key terms of ERPA, with the aim of signing the LEAF-Viet Nam agreement on the sidelines of the UNFCCC COP in November.
At the same time, Emergent and its technical partners will advance the issuance of the first forest carbon credits under the ART TREES standard in the first quarter of 2027. If this timeline is achieved, Viet Nam will become one of the first countries in the world to bring these credits to market, creating a significant advantage in attracting international finance for forest protection.
Concluding the meeting, Deputy Minister Nguyen Quoc Tri said that preparations for the ERPA negotiations had been largely completed, including both the legal framework and technical arrangements, providing a solid foundation for the negotiations.
"The agreement with Emergent differs in many respects from the ERPA previously implemented in the North Central region. While the earlier legal framework was developed for a single contract covering a specific region, Viet Nam has now established a comprehensive legal framework that can support cooperation with multiple partners in the future. This will serve as an important foundation for the long-term and sustainable development of the country's forest carbon market," the Deputy Minister said.