Viet Nam will receive nearly $72 million for reducing emissions in the forest sector under the REDD+ results-based payment mechanism approved by the Green Climate Fund (GCF).
The Green Climate Fund (GCF) has approved a funding proposal prepared by the Japan International Cooperation Agency (JICA) in cooperation with the Government of Viet Nam. The project will provide results-based payments under the REDD+ mechanism to recognize the country’s progress in cutting forest-sector emissions.
JICA experts guide forest planting in Muong Phang commune, Dien Bien province. Photo: JICAUnder the program, Viet Nam will receive $71.96 million (about VND 1.9 trillion). The funding corresponds to independently verified reductions in greenhouse gas emissions.
These reductions come from efforts to curb deforestation and forest degradation, while increasing forest carbon stocks through tree planting and the restoration of natural forests.
The funding will support improvements in policies and institutions while strengthening forest protection and management. The project also aims to tackle the main drivers of deforestation and forest degradation, promote sustainable forest management, and improve local livelihoods.
The project is expected to run for six years. It will be implemented by the Ministry of Agriculture and Environment of Viet Nam in cooperation with provincial authorities in the project areas.
The target provinces are located in the Northwest and Northeast regions, including Dien Bien, Lai Chau, Lao Cai, Son La, Phu Tho, and Tuyen Quang.
Earlier, in 2023, Viet Nam successfully sold 10.3 million forest carbon credits (equivalent to 10.3 million tons of CO₂) through the World Bank (WB). With a price of $5 per ton of absorbed carbon, the total contract value reached $51.5 million (about VND 1.25 trillion).
As Viet Nam steps up efforts to meet its net-zero emissions commitment, funding from the GCF is expected to create more resources to protect forest resources. It will also support climate adaptation and mitigation goals while promoting sustainable livelihoods in mountainous areas.
* $1 = VND 26,105 (source: Vietcombank).