It is vital for Vietnam to design a master plan with short- andlong-term targets for the country’s participation in the global carbonmarket, as emphasised at a seminar held in Hanoi on March 5.

The carbon market is an important tool for cutting greenhouse gasemissions and offering substantial economic benefits to participatingcountries.

Speaking at the event, Head of the Agencyfor Hydro-Meteorology and Climate Change Nguyen Van Tue said that todate, Vietnam has not implemented specific projects to strengthen thecapacity of designing and enacting policies and state management toolson the Nationally Appropriate Mitigation Action (NAMA).

During the 10 th meeting of the Partnership for Market Readiness(PMR) Assembly in Santiago, Chile in early November 2014, Vietnamsuccessfully defended its project to prepare a carbon market in Vietnam(VNPMR) with the aim to pilot the implementation of the NAMA to createcarbon credits, also known as certified emission reductions, in steelmanufacturing and solid waste management.

The World Bank has allocated 3 million USD in aid to the VNPMR.

At the seminar, delegates agreed that the VNPMR will contributesignificantly to the Prime Minister’s approved project on greenhouse gasemission management.

It will also help enhancecoordination between the Ministry of Natural Resources and otherrelevant ministries and sectors in controlling carbon credit business.

Results of the project will serve as a foundation forbuilding the domestic carbon market, while supporting the NationalStrategy on Climate Change and improving the efficiency of managementmechanisms involving climate change.-VNA