Vietnam has collected nearly 1.1 trillion VND (48.4 million USD) from forest environment service fees from water suppliers, hydropower companies and tourist agencies, accounting for 66.3 percent of the yearly plan, the Ministry of Agriculture and Rural Development (MARD) said.

Locals and rangers in the Chu Yang Sin forest, Dak Lak

The figure is expected to increase from the estimated 1.2 trillion VND (52.8 million USD) in 2017 to 2 trillion VND (88 million USD) in 2018 as forest service fees will be raised for hydroelectricity companies.

MARD Minister Nguyen Xuan Cuong has directed the Vietnam Administration of Forestry (VAF) to review collection from forest service fees and have rational investment, especially in Muong Nhe (Dien Bien), Central Highlands and mangrove forest.

The Prime Minister has decided to allocate over 1.2 trillion VND (52.8 million USD) for the forestry sector, fostering sustainable forest development and protection.

To increase incomes from forests and protect forests sustainably, the VAF has completed documents of the North Central Region Emission Reduction Programme to be sent to the World Bank’s Forest Carbon Partnership Facility (FCPF).

Earlier, the FCPF pledged to pay for emission reduction efforts with 60 million USD for 10.3 million tonnes of carbon dioxide equivalent from 2018 to 2024.

The North Central Region Emission Reduction Programme, the first regional-level REDD programme implemented in Vietnam, aims to reduce emissions and absorb about 33.06 million tonnes of carbon dioxide equivalent.

The country has benefited from forest products and forest environment service fees. It exploited 13.2 million cubic metres of forest in the first nine months of the year, up 10 percent from the same time last year, and earned 5.76 billion USD from export of forest products, a year-on-year surge of 10.6 percent.

VNA