Developing the Forest Carbon Credit Market in Vietnam: Current Situation and Policy Recommendations

Abstract

For decades, carbon markets have been seen as an important tool of the solution to climate change. This study evaluates the legal and policy framework of Vietnam’s carbon credit market in general and forest one in particular and its practical development issues in the country; moreover, it sheds light on the pilot implementation of the forest carbon credit market in practice at the local level, identifying main challenges for and difficulties in upcoming market development. Based on current circumstances and the policy agenda of the market development, the paper provides policy recommendations to overcome the aforementioned challenges and promote the development of the Vietnam’s carbon credit market in the next decade.