Deputy Minister Nguyen Quoc Tri met with founding members of the LEAF Coalition and Emergent on October 30, 2025, highlighting Vietnam’s efforts to advance ERPA negotiations and join the global forest carbon market

During the meeting, the Deputy Minister provided updates on Vietnam’s progress: the country has completed registration and submitted its first Forest Carbon Credit Issuance Report (for 2021–2022), which is currently under independent verification. The Ministry of Agriculture and Environment submitted to the Prime Minister in August 2025 a proposal seeking authorization to negotiate and sign the ERPA. The Deputy Prime Minister has tasked relevant ministries with clarifying legal aspects and several technical issues. The Department of Forestry and the Forest Protection Department are incorporating feedback from line ministries to resubmit the proposal for the Prime Minister’s approval.

Deputy Minister Nguyen Quoc Tri said the Ministry had completed the draft decree on forest carbon and incorporated Emergent’s recommendations to prepare for ERPA implementation

Deputy Minister Nguyen Quoc Tri added that the Ministry is finalizing a draft Decree on forest carbon, expected to be submitted to the Government in December 2025. The Vietnam Forest Protection and Development Fund (VNFF) has been designated as the entity to manage the proceeds from the ERPA and is implementing Emergent’s recommendations to meet eligibility requirements. At the same time, the Ministry is developing an investment framework and a benefit-sharing plan to ensure immediate implementation once the ERPA becomes effective.

Representatives from the founding countries of the LEAF coalition—Norway, the United Kingdom, and the United States—as well as from Emergent, commended Vietnam’s progress and reaffirmed their commitment to providing technical and financial support during implementation.
Norwegian Ambassador Hilde Solbakken congratulated Vietnam on its advancements in developing a carbon market and reaffirmed Norway’s commitment to contributing USD 300 million annually to protect tropical forests worldwide. She emphasized that once negotiations are finalized, Vietnam could potentially earn about USD 250 million over the next five years from international carbon finance.

Deputy Head of Mission of the British Embassy in Hà Nội Alex Strugnell reaffirmed the UK’s commitment to working with Vietnam on nature conservation, clean energy, and green growth

Deputy Head of Mission of the British Embassy in Hanoi Alex Strugnell stated that following the elevation of bilateral relations to a Strategic Partnership, the United Kingdom wishes to deepen cooperation with Vietnam in nature conservation, clean energy, and green growth. The UK Government has allocated USD 5.1 billion in ODA for climate programs over the past five years and recognizes Viet Nam’s strong potential to operate an effective carbon market, contributing to its goal of achieving high-income status by 2045.

Ms. Zoé Bienvenu, Director of Origination at Emergent, highlighted Vietnam as one of the pioneering countries in forest protection and development, with a broad range of environmental strategies and programs underway. She noted that Emergent has signed four carbon credit purchase agreements worldwide worth over USD 250 million and estimated that Vietnam could generate up to 10 million emission reduction credits over the next five years.

Deputy Minister Nguyen Quoc Tri expressed appreciation for the support of international partners and requested that Emergent extend the LoI to ensure the continuation of the negotiation process. He affirmed that the technical and financial assistance from partners such as Norway, the United Kingdom, the United States, and Emergent provides essential momentum for Vietnam to complete its legal framework, implement the agreements effectively, and position its forest carbon credits in the international market.
With strong support from international partners and the commitment of domestic stakeholders, Vietnam is making steady progress toward establishing its forest carbon credit market. These efforts not only reaffirm the country’s leadership in global climate action but also contribute to building a greener future that harmonizes economic growth with environmental sustainability.
 

The LEAF Coalition (Lowering Emissions by Accelerating Forest Finance) is a global initiative supported by the governments of the United Kingdom, the United States, Norway, South Korea, and more than 25 major corporations, including Amazon, PwC, and Unilever, all sharing a strong commitment to reducing deforestation and promoting sustainable forest finance.

Vietnam joined the LEAF Coalition in October 2021 and signed a Letter of Intent (LoI) with Emergent, the administrative body of LEAF, on October 31, 2021, during the 26th UN Climate Change Conference of the Parties (COP26). The document serves as the foundation for negotiating and signing an Emission Reductions Purchase Agreement (ERPA), marking an important step toward Viet Nam’s participation in the international forest carbon credit market.

Khanh Linh - Ngoc Huyen