Capitalizing on the opportunity of carbon finance for green growth in Viet Nam

On 12 July 2022, the Viet Nam Ministry of Planning and Investment (MPI) and GGGI successfully kicked off the workshop “Mobilizing resources for green growth in Viet Nam through carbon credit exchange” with support from the Government of Norway.

The event was honored by the presence of the Ambassador of Norway to Viet Nam, Ms. Løchen Grete and welcomed 80 delegates from the Ministry of Investment and Planning, Ministry of Natural Resources and Environment, Ministry of Finance, Ministry of Agriculture and Rural Development, Ministry of Foreign Affairs, the Norwegian Embassy, Australian Embassy, New Zealand Embassy, State Bank of Viet Nam, business community, relevant public institutions as well as development organizations in Viet Nam.

Mr.Le Viet Anh, Director General of Department for Science, Education, Natural Resources and Environment at MPI gave opening remarks at the event.

In his opening remarks, Dr. Le Viet Anh, Director General of Department for Science, Education, Natural Resources and Environment at MPI shared: “The development of a carbon credit trading market will be the necessary boost to promote good practices in environmental protection and ensure the rapid and sustainable development of the economy. This will play an important role in attracting green finance and investment capital flows for green growth in Viet Nam.”

“Through this funding to GGGI, the Government of Norway wants to explore options to build a mutually beneficial partnership with the Government of Viet Nam to support accelerated action and reduce larger volumes of GHG to jointly fight climate change, support the implementation of the Government-led initiatives to combat climate change, and unlock access to result-based finance to promote tangible low-carbon investment in Viet Nam” said Ambassador Løchen Grete.

Representing GGGI Viet Nam, Mr. Srinath Komarina said: “We believe results-based carbon finance through international carbon trading can be a powerful tool in implementing the Government of Viet Nam’s Green Growth Strategy 2021-2030, with a Vision to 2050, the most ambitious parts of its Nationally Determined Contribution, and set the country on a clear path to reach NetZero Emissions by 2050.”

The workshop was accompanied by a technical training event on “Mitigation Outcome Purchase Agreement (MOPAs) In Viet Nam” on 15th July which brought together international expertise and provided the participants with the latest key concepts around Article 6 and MOPAs relevant to the context of Viet Nam.

The events were part of the “Designing Article 6 Policy Approaches” (DAPA) program, a global carbon finance program implemented by GGGI in Indonesia, Morocco, Senegal, and Viet Nam, and funded by the Norwegian Ministry of Climate and Environment.