UK wants to support Viet Nam access agricultural innovation finance and expand forest carbon market opportunities

This was the key topic discussed between Mr. Le Cong Thanh, Deputy Minister of Agriculture and Environment of Viet Nam, and Ms. Ruth Davis, the UK Prime Minister’s Special Envoy for Nature, on the sidelines of COP30.

At the working session, Deputy Minister Thanh noted that Viet Nam has a forest cover of around 43% and has developed its national biodiversity program. However, the country continues to face challenges in establishing sustainable mechanisms and policies for nature conservation - particularly in securing supplementary financing and mobilizing funds for this sector. Viet Nam highly values the role of the private sector and hopes the United Kingdom will help connect Vietnamese ministries, international organizations and UK businesses to unlock new financial flows for nature protection.

Viet Nam also expressed its intention to align the existing Memorandum of Understanding (MOU) with new nature-focused initiatives, such as biodiversity landscape funds and nature-based projects aimed at ecosystem restoration, climate adaptation and greenhouse gas mitigation.

According to Ms. Ruth Davis, the UK is already working with Viet Nam to prepare for carbon market development under the REDD+ mechanism (Reducing Emissions from Deforestation and Forest Degradation). This includes mobilizing investment for high-quality carbon credits through the LEAF Coalition - an international initiative that finances and purchases jurisdictional REDD+ credits. The UK is aware of Viet Nam’s participation in the Forest Carbon Partnership Facility (FCPF) and hopes to further expand opportunities related to forest carbon credits.

Ms. Davis also highlighted opportunities to scale up financing for agricultural innovation through the Asian Development Bank (ADB), which currently has over USD 40 billion allocated to this sector. The UK is committed to supporting Vietnam’s access to these resources, particularly by encouraging greater private-sector investment in sustainable agricultural models.

The United Kingdom is also strengthening cooperation with the ASEAN Centre for Biodiversity, including in areas such as rice credits and biodiversity credits. These efforts focus on developing regulatory frameworks, sharing knowledge and creating platforms for countries to exchange experience.

The meeting at COP30 provided a valuable opportunity for Viet Nam and the UK to reinforce their commitments on nature and climate, while discussing implementation priorities under the 2025-2030 MOU. Both sides agreed to enhance coordination among government agencies, international organizations and the private sector, and to mobilize resources to advance key areas outlined in the MOU - especially climate resilience, biodiversity conservation, carbon market development and the transition toward a green and inclusive economy.

Chu Huong