Developing forests in line with carbon credit market

3/23/2025 - 11:16:09 AM

The northern province of Hoa Binh, with over 467,000 hectares of natural forest and more than 100,000 hectares of production forest, holds significant potential for carbon credit market development.

Residents of Thach Yen commune, Cao Phong district focus on expanding production forests.

The province has been restructuring its production forests by widely cultivating fast-growing, high-yield tree species such as acacia, eucalyptus, chukrasia, beechwood, bamboo, and styrax.

Forest carbon credits are generated through initiatives aimed at reducing greenhouse gas emissions, including measures to curb deforestation and forest degradation, and to boost afforestation, reforestation, vegetation restoration, and forest management.

Forest owners can quantify the amount of CO2 absorbed by their managed and protected forests, convert it into carbon credits, and trade these credits on the carbon market under emission reduction mechanisms.

The development of a forest carbon market aligns with national targets such as planting one billion trees from 2021 to 2025 and achieving net-zero emissions by 2050. Moreover, it encourages local communities to shift away from activities harmful to forests and take a more active role in conservation efforts, thereby promoting sustainable economic development.

In recent years, the province has been implementing synchronised policies from both central and local levels. The province has provided incentives and support for enterprises investing in processed timber production, established forestry cooperatives, and encouraged joint ventures, land consolidation, and capital contributions using forest land-use rights to create large-scale production areas.

Provincial policies have also been formulated and introduced to facilitate implementation. Through these efforts, concentrated forest areas have been established, serving both domestic and external markets, thereby supporting the forestry development strategy, improving livelihoods, and enhancing forest productivity while ensuring sustainable forest management.

Additionally, the province has promoted integrated agroforestry models that leverage regional advantages and indigenous knowledge to increase the economic value of forests and create diverse products and services, boosting land-use efficiency.

With Vietnam's carbon credit market set to undergo trial operations in 2025 before its official launch in 2028, the province stands to benefit from new opportunities for sustainable forest development.

The province aims to maintain a forest coverage rate of 51.61%, contributing to ecological protection, upstream watershed conservation, disaster mitigation, emission reduction, and climate change adaptation. At the same time, strict monitoring of emissions from local enterprises, particularly in high-emission sectors such as cement, paper, and energy, is being implemented to ensure comprehensive emissions accounting.

However, it is important to recognise that the ability to sell forest carbon credits depends on meeting established certification standards rather than merely possessing forests. Compliance with commitments, including verified emission reductions, is required.

Activities such as illegal forest burning or degradation that do not adhere to commitments may result in disqualification from the carbon credit system.

Beyond financial benefits, carbon credits provide critical resources for reinvestment in forest conservation and development, offering new opportunities for the forestry sector while alleviating financial burdens.

Moreover, they contribute to sustainable livelihoods for local communities, ensuring socio-economic stability closely linked to forest ecosystems.

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