It said the country has signed a Letter of Intent with the Organisation for Forest Financial Enhancement (EMERGENT), with the aim to engaging the private sector to finance emissions reductions in deforestation.

Accordingly, Việt Nam is set to transfer to the forest financing organisation 5.15 million tonnes of carbon dioxide that cost at least $10 per tonne in the 2022-2026 period.

The Ministry of Agriculture and Rural Development has already put forth seven targets and 11 solutions for forestry work this year, with a focus on completing the national forestry planning and supporting firms involved in transition from forestry production to forestry business.

Việt Nam currently houses 14.79 million ha of forest, a coverage rate of 42 per cent. The forestry production value grows stably at a rate of 4.6 per cent and revenue from environmental protection services nears VNĐ11 trillion ($445.56 million).

Last year, the nation, for the first time, sold more than 10 million carbon credits for over $50 million, ranking among the 60 countries worldwide with the highest capacity for the carbon trade. — VNS