Vietnam secures $51.5m carbon credit payment from World Bank

Vietnam received a $51.5 million payment from the World Bank for reducing 10.3 million tonnes of CO2 between 2018 and 2024, earning them carbon credits, Xinhua reported on Wednesday.

Vietnam’s Ministry of Agriculture and Rural Development has already distributed 80 per cent of these funds to six provinces, with the remaining 20 per cent to be allocated in the coming months.

These funds will support local projects aimed at forest conservation.

Vietnam, which boasts 14.79 million hectares of forests covering 42 per cent of its land, has a steadily growing forestry sector.

Last year, the country sold over 10 million carbon credits, earning over $50 million and placing it among the top 60 nations for carbon trading capacity.