Top 10 projects in Vietnam that have successfully issued carbon credits

Vietnam is emerging as a dynamic player in the global carbon-credit market, hosting projects that span renewable energy, forestry, and waste management. As part of its pathway to net-zero emissions by 2050, the country has developed numerous initiatives that generate tradable credits, each representing one tonne of CO₂ abated. These projects not only curb greenhouse-gas emissions but also channel climate finance and deliver tangible sustainable-development benefits at the local level.

According to the latest data, Vietnam currently has 116 carbon projects at various stages of validation and verification, of which 40 are fully certified, issuing roughly 10.7 million credits per year. Forestry dominates with about 10.3 million credits (already sold to the World Bank), followed by wind power (~3.2 million) and biogas (~928,000). In the past two years, new sectors—such as waste-to-energy and electric vehicles—have also begun seeking certification (e.g., the Sóc Sơn WTE plant and Selex electric motorbikes).

Thị trường Carbon presents a detailed overview of the ten most notable Vietnamese projects that have successfully issued carbon credits to international markets.

1. Verra Project 1: “Project for Methane Gas Reduction by Introducing AWD in Rice Paddies” (An Giang)

• Project Name & ID: Project for Methane Gas Reduction by Introducing AWD in Rice Paddies, Verra ID VCS 5469 (linked to methodology VM0051).
• Standard / Registry: Verra – Verified Carbon Standard (VCS).
• Project Developer: Green Carbon Inc.
• Exact Location: An Giang province, southern Vietnam. Green Carbon is running similar AWD projects in six northern provinces (Nghe An, Nam Dinh, Vinh Phuc, Thanh Hoa, Hung Yen, Hai Duong) and three Mekong-Delta areas (Can Tho, Bac Lieu, Soc Trang).
• Type & Sector: Agriculture – methane (CH₄) reduction in rice cultivation through Alternate Wetting and Drying (AWD) irrigation.
• Applied Methodology: VM0051 “Improved Management in Rice Production Systems,” the world’s first project listed under this methodology.
• Registration / Status: Listed on the Verra Registry 24 Apr 2025. Northern projects began in Jan 2024 (Nghe An) and expanded in Jun 2024.
• Crediting Period: Seven-year expansion to 2032 (An Giang).
• Emission-Reduction Estimate: ~4 million VCUs over seven years. In Nghe An, methane emissions fall ~11 t CH₄ eq per ha per year (≈ 55 % reduction versus traditional practice).
• Validation / Verification Body: Not specified in available documents.
• Current Status: Under development on Verra Registry.
• Co-Benefits:
  • CH₄ mitigation
  • Water savings
  • Average rice-yield increase (e.g., +0.66 t/ha, ~5.5 % in Nghe An)
  • 9 % higher annual farm income (Nghe An)
  • Supports Vietnam’s “1 million ha low-emission, high-quality rice” program for the Mekong Delta
  • Technical and market support from VNUA, ASINCV and Loc Troi Group
• Buyers & Pricing: No public data; Green Carbon is liaising with partners to meet export standards.

2. Verra Project 2: “Water Purifiers for Schools and Institutions in Vietnam” (linked to World Bank Emission-Reduction Bond)

• Project Name & Possible IDs: “Water Purifiers for Schools and Institutions in Vietnam.” Linked to the World Bank’s US $50 million Emission-Reduction-Linked Bond. Likely corresponds to grouped project VCS 3599 “Safe Drinking Water for Schools in Viet Nam” (INTRACO JSC) or VCS 2557 “Water Purifiers for Climate and Community Action.”
• Standard: Verra (VCS).
• Project Developer: Private-sector developer financed via the World Bank bond managed by Citi. SIPCO is named as the implementing entity; INTRACO JSC develops VCS 3599/2557.
• Location: Nationwide distribution to schools and community facilities (≈ 8 000 institutions; VCS 3599 distributes 216 893 purifiers).
• Type & Sector: Community / energy efficiency – GHG reduction by eliminating the need to boil water with biomass or fossil fuels.
• Methodology: Not specified in bond literature; grouped water-purifier projects normally use CDM methodologies.
• Registration / Status: Bond priced 14 Feb 2023. VCS 3599 publicly listed 6 Sep 2023; VCS 2557 on 20 Jan 2022.
• Crediting Period: Bond term five years, maturing 31 Mar 2028; VCS 3599 likely a 10-year crediting period.
• Emission-Reduction Estimate: Nearly 3 million t CO₂ over five years (≈ 582 900 t CO₂e y⁻¹). VCS 3599: 313 985 t CO₂e y⁻¹.
• Validation / Verification Body: Not specified.
• Current Status: Operational.
• Co-Benefits:
  • Safe drinking water for ~2 million children
  • Reduced household air pollution
  • Lower respiratory and gastrointestinal illness
  • Fuel-cost and time savings
  • Reduced deforestation
  • Ecozen-25 purifiers manufactured domestically
• Buyers & Pricing: Bond investors (Impax, Velliv, Nuveen) receive semi-annual coupons linked to VCUs. No specific VCU price disclosed.

3. Gold Standard Project 1: “Biogas Program for the Animal Husbandry Sector of Vietnam”

• Project Name & IDs: Biogas Program for the Animal Husbandry Sector of Vietnam (Gold Standard ID GS 1090; MyClimate project 7229).
• Standard: Gold Standard.
• Developer: Ministry of Agriculture & Rural Development (DLP/PMU) with SNV Netherlands; Nexus for Development manages carbon assets.
• Location: Nationwide (53–58 provinces).
• Type & Sector: Renewable energy & waste management – household biogas digesters for livestock manure.
• Methodology: Gold Standard requirements (CDM small-scale methodologies).
• Registration / Status: Launched 2003; ~145 000–180 000 digesters installed. Multiple monitoring periods (MP1 2012, MP2 2015, MP3 2018, MP4 2020).
• Crediting Period: Multi-year, staggered issuances.
• Emission-Reduction & Issuance: > 480 000 t CO₂e y⁻¹; over 3 million GS-VERs issued (MP1 510 952; MP2 779 924; MP3 1 072 197; MP4 709 192).
• Validation / Verification Body: Not listed.
• Current Status: Ongoing with credits available.
• Co-Benefits:
  • Better livelihoods for > 725 000 beneficiaries
  • Clean, affordable cooking fuel
  • Indoor-air-quality and health gains (women & children)
  • High-quality organic fertilizer; higher crop yields

• 2 700 local jobs (masons, technicians)

• • Reduced fuel-wood pressure and deforestation
  • Contributes to 10 SDGs; winner of Energy Globe, Ashden, Humanitarian awards
• Buyers & Pricing: Carbon-credit revenue ≈ 50 % of program budget. Price not public; MARD mentions US $5/credit for voluntary forestry. Digester cost ≈ US $550; household energy savings ≈ US $120 y⁻¹.

4. Gold Standard Project 2: “Bac Lieu Wind Power Plant”

• Project Name & IDs: Bac Lieu Wind Power Plant (Gold Standard IDs GS 1890 or GS 2874; listed by Climate Impact Partners).
• Standard: Gold Standard.
• Developer: Cong Ly Construction-Trading-Tourism Co. Ltd.; Swiss Carbon Assets Ltd.; South Pole (credit sales).
• Location: Bac Lieu province, Mekong Delta (near-shore wind farm along the eastern dyke).
• Type & Sector: Renewable energy – 99.2 MW wind farm (Stage 1 16 MW; Stage 2 83.2 MW; 62 turbines).
• Methodology: ACM0002 (grid-connected renewable electricity).
• Registration / Status: Project start 3 Jun 2011; commercial operation May 2013; Gold Standard-registered.
• Crediting Period: For GS 1890, 20 Jun 2020 – 19 Jun 2025.
• Emission-Reduction & Issuance: 143 761 t CO₂e y⁻¹; annual generation 320 000 MWh. By end-2023, three wind projects (Hoa Binh & Bac Lieu) sold 900 000 credits (390 000 for 2021-22; expected 600 000 for 2023-24).
• Validation / Verification Body: Not specified.
• Current Status: Operational with credits issued.
• Co-Benefits:
  • Supports SDGs 7, 8, 13

• 200 new jobs in local SMEs

• • Accelerates wind-power technology in Vietnam, replacing fossil generation
  • Mitigates power shortages and grid-stability risks
• Buyers & Pricing: South Pole (Switzerland) purchased credits; recorded price ≈ €1.8 per credit.

5. CDM Project 1: “Wastewater Treatment with Anaerobic Digester at Truong Thinh Starch Plant, Tay Ninh”

• Project Name & ID: Wastewater Treatment with Anaerobic Digester at Truong Thinh Starch Processing Plant, Tay Ninh (CDM 2571).
• Standard: UNFCCC Clean Development Mechanism (CDM).
• Developer: Truong Thinh Co. Ltd.
• Other Participants: Toshiba Corporation (Japan).
• Location: Tay Ninh province.
• Type & Sector: Energy industries & waste – anaerobic digester treats cassava-starch wastewater, captures biogas for heat.
• Methodologies: AMS-III.H (v9) & AMS-I.C (v13).
• Registration: 20 Oct 2009.
• Crediting Period: 15 Oct 2010 – 14 Oct 2020 (fixed).
• Emission-Reduction & Issuance: 42 389 t CO₂e y⁻¹; 40 048 CERs issued (18 891 + 21 157).
• DOE: Japan Quality Assurance Organization (JQA).
• Status: Completed; crediting period ended.
• Co-Benefits: CH₄ capture, fossil-fuel displacement, improved effluent quality, odor reduction, advanced wastewater technology.
• Buyers / Pricing: Not disclosed.

6. CDM Project 2: “Wastewater Treatment with Anaerobic Digester at Viet Ma Starch Plant, Tay Ninh”

• Project Name & ID: Wastewater Treatment with Anaerobic Digester at Viet Ma Starch Processing Plant, Tay Ninh (CDM 2572).
• Developer: Viet Ma Co. Ltd.; Toshiba Corp. partner.
• Details: Same sector, methodologies, registration date, and co-benefits as Truong Thinh.
• Crediting Period: 15 Jul 2010 – 14 Jul 2020 (fixed).
• Emission-Reduction & Issuance: 39 814 t CO₂e y⁻¹; 30 157 CERs issued (7 408 + 22 749).
• DOE: JQA.
• Status: Completed; crediting ended.
• Buyers / Pricing: Not disclosed.

7. CDM Project 3: “Dak RTih Hydropower Project, Vietnam”

• Project Name & ID: Dak RTih Hydropower Project (CDM 4537).
• Standard: CDM.
• Developer: Construction Corporation No. 1 Co. Ltd.
• Location: Gia Nghia town & Dak R’Lap district, Dak Nong province.
• Type & Sector: Grid-connected renewable hydropower.
• Methodology: ACM0002 (v19).
• Crediting Periods: 31 Aug 2011 – 30 Aug 2018 (1st); renewed 31 Aug 2018 – 30 Aug 2025.
• Emission-Reduction & Issuance: 555 166 t CO₂e y⁻¹; 1 175 794 CERs issued (2013-2016); 1 371 906 CERs requested up to 31 Dec 2020.
• Status: Operational, credits issued, period extended.
• Co-Benefits: Clean power, reduced fossil reliance, energy security.
• Buyers / Pricing: Not disclosed.

8. Plan Vivo Project 1: “Hieu Commune REDD+”

• Project Name & ID: Hieu Commune REDD+ (RECCO ID 684).
• Standard: Plan Vivo.
• Coordinator: Fauna & Flora International (FFI).
• Location: Hieu commune, Kon Plong district, Kon Tum province; 1 238 ha customary forest in three M’nâm villages.
• Type & Sector: Forestry – REDD+ (avoided deforestation & degradation, improved forest management, assisted natural regeneration, ~100 ha multi-purpose tree planting on degraded land).
• Methodology: PV Climate Standard v4.
• Registration / Status: Started 2021; suspended 6 Jun 2024 for missing annual reports; corrective plan accepted 10 Dec 2024; next milestone 28 Feb 2025.
• Crediting Period: 2019 – 2048 (30 years).
• Emission-Reduction Estimate: 43 361.54 t CO₂e total; no PVC issuance yet.
• Validation / Verification Body: Not specified.
• Co-Benefits:
  • Biodiversity protection (grey-shanked douc, northern yellow-cheeked gibbon)
  • Sustainable M’nâm livelihoods via PES and multi-purpose crops
  • 11 community patrol teams; customary land-title security
  • Illegal-logging & slash-and-burn prevention
• Buyers / Pricing: PES payments anticipated from PVC sales; no buyer/price disclosed (high-quality REDD+ often US $15–35 / credit; Plan Vivo issuance fee US $0.35–0.40).

9. CDM Project 4: “Bagasse Cogeneration at Lam Son Sugar JSC”

• Project Name & ID: Bagasse Cogeneration Project at Lam Son Sugar JSC (CDM 7070).
• Standard: CDM.
• Developer: Lam Son Sugar Corp. (LASUCO); Energy & Environment Consultancy JSC.
• Partners: Nordic Environment Finance Corporation (NEFCO) – withdrew 14 Jun 2021.
• Location: Lam Son sugar mill, Thanh Hoa province.
• Type & Sector: Energy industries – bagasse-fired cogeneration.
• Methodology: AMS-I.C (v19).
• Registration: 5 Sep 2012 (action date 30 Nov 2012).
• Crediting Period: 5 Sep 2012 – 4 Sep 2022 (renewable).
• Emission-Reduction & Issuance: 31 706 t CO₂e y⁻¹; > 190 884 CERs issued up to 31 Aug 2020 (annual breakdown provided).
• DOE: TÜV NORD CERT GmbH.
• Status: Completed; crediting may be renewed.
• Co-Benefits: Valorises bagasse waste, displaces fossil fuels, boosts mill energy efficiency.
• Buyers / Pricing: Not disclosed; NEFCO formerly involved.

10. Verra Project 3 (Pipeline): “Lam Son Sugarcane Project for Improved Agricultural Land Management”

• Project Name: Carbon Emission Reduction Project for Sugarcane Raw Materials (working title).
• Standard: Verra (VCS) – planned.
• Developers: Lam Son Sugar JSC (LASUCO), Idemitsu Kosan Co. Ltd., Sagri Co. Ltd.
• Location: Lam Son sugarcane region, Thanh Hoa province.
• Type & Sector: Agriculture – regenerative sugarcane farming using satellite analytics to cut N₂O emissions, optimise fertilizer use, and enhance soil-carbon sequestration.
• Methodology: VM0042 “Improved Agricultural Land Management.”
• Timeline / Status: 500 ha pilot in 2025; commercial rollout to 8 000 ha from 2026. First Verra-certified credits expected Q3 2025. This would be Vietnam’s first VM0042 project.
• Crediting Period: To be defined; expansion beyond 2026.
• Emission-Reduction Estimate: Properly managed sugarcane sequesters 3–5 t CO₂ ha⁻¹ y⁻¹; at 8 000 ha, tens of thousands of credits per year.
• Validation / Verification Body: Not selected.
• Co-Benefits:
  • Decarbonises Vietnamese agriculture
  • Cuts synthetic-fertiliser use; boosts organics
  • Healthier soils, higher carbon stocks
  • Enhanced productivity and farmer incomes
  • Supports Vietnam’s 2050 net-zero target
• Buyer / Pricing: Idemitsu Kosan intends to buy the project’s credits; price not yet public.