Korea Forest Service Takes First Step Toward Implementing 'REDD+' in Vietnam

The Korea Forest Service has taken the first step toward implementing the overseas forest carbon stock enhancement project (Reducing Emissions from Deforestation and forest Degradation plus, hereinafter referred to as REDD+) in Vietnam.

On August 28, the Korea Forest Service announced that it had discussed the feasibility study of REDD+ and ways to participate in public-private cooperation with the Ministry of Agriculture and Rural Development of Vietnam.

On the 28th, the Korea Forest Service discussed the feasibility study of REDD+ and ways to participate in public-private cooperation with the Ministry of Agriculture and Rural Development of Vietnam. Photo by Korea Forest Service

This meeting was organized as a follow-up to the Letter of Agreement (LoA) signed when Tran Duc Thang, the Minister of Agriculture and Rural Development of Vietnam, visited Korea on August 8. At the meeting, both sides discussed plans for feasibility studies in four local provinces in Vietnam and the participation of Korean companies in REDD+ projects.

Additionally, UNID BT Plus, a domestic company that produces wood-based boards and related products, has been conducting a feasibility study since April in the Son La region to implement a REDD+ project. If the feasibility study confirms the economic viability of emission reductions, the company plans to participate in the REDD+ project.

REDD+ refers to activities aimed at reducing greenhouse gas emissions by preventing deforestation and forest degradation in developing countries. The greenhouse gas reduction results secured through REDD+ can be transferred between countries, allowing donor countries to reflect these results in their Nationally Determined Contributions (NDCs) for greenhouse gas reduction. Therefore, if carbon reduction achievements are made in Vietnam, they can be reflected in Korea's NDC.

Accordingly, the Korea Forest Service is focusing on establishing a domestic legal and institutional framework and developing support measures for participating companies to vitalize REDD+ projects.

Provided by Korea Forest Service

Since 2023, the Korea Forest Service has been implementing a sub-national level REDD+ project covering 1.5 million hectares in Laos, and from next year, it will officially launch a national-level project covering 6.3 million hectares in Honduras.

For the Vietnam REDD+ project, based on the recently signed cooperation agreement, a project site of 2 million hectares has been secured, and it is expected to contribute to achieving 5 million tons of greenhouse gas reductions, which is 13% of Korea's 2030 international reduction target (37.5 million tons).

Nam Songhee, Director General for International Forest Cooperation at the Korea Forest Service, stated, "We will continue to pave the way for domestic companies to participate in REDD+ projects. To this end, the government will actively pursue a two-track approach by handling negotiations and providing technical support, such as securing project sites, while companies focus on investment, thereby developing a public-private partnership business model."

This content was produced with the assistance of AI translation services.