The sale is from the first forest proceeds from six north central provinces from the emission reduction agreement with the World Bank. It is transferred to localities to pay forest owners, local people and communities to manage, protect and develop forests.

The first agreement on emission reduction to be successfully implemented in Vietnam brought US $41 million in carbon credit sales with the World Bank (Photo: Getty Image).

As the first agreement on emission reduction to be successfully implemented in Vietnam, the sale marks an important initial transition to advanced forest management and protection and improving people's lives.

The six provinces participating in the agreement included Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, and Thua Thien-Hue. In total, they have more than 3.1 million hectares of land covered with forests, equivalent to 58 percent.

Director of the Department of Forestry under the Ministry of Agriculture and Rural Development Nguyen Quang Bao believed that it is necessary to protect special-use, protective and natural forests to increase carbon reserves.

"In addition to increasing wood productivity and carbon content, the forests will create added value and improve livelihoods for vulnerable communities," said Bao.

For example, in Tra Mang Village (Thua Thien - Hue Province), 90% of the population are Co Tu ethnic people. For the past 10 years, they have protected 560ha of forest.

Each year, on average, each household receives VND 2.4 million (US $98) from forest environmental services. Thanks to the sales, each household now receives an additional income source from selling carbon credits.

In the future, the additional payment from the sale of carbon credits for the Tra Mang Village community can reach VND 190 million (US $7,800).

Also, many other localities with large areas of well-protected natural forests are following the success of these six provinces in implementing the program. For example, about 70 households in Lao Cai province have received forest protection contracts from the Forest Protection and Development Fund. According to VNS, each household will receive about VND 2 million (US $80) annually.

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