PM seeks IFAD’s support for Vietnam’s carbon credit market development

Prime Minister Pham Minh Chinh has called on the International Fund for Agricultural Development's (IFAD) assistance for Vietnam to develop the carbon credit market and support farmers in remote areas.

He made the call while hosting a reception in Hanoi on Thursday for associate vice-president of IFAD’s department for country operations Donal Brown, who is in Vietnam to attend the 4th Partnership for Green Growth and the Global Goals 2030 (P4G) Summit.

The PM expressed appreciation for IFAD's effective cooperation in Vietnam's socio-economic development, particularly in the agricultural sector over the recent past.

Highlighting the country's commitment to developing green and sustainable agriculture, PM Chinh asked IFAD to increase preferential loans and promote non-refundable aid for projects applying scientific and technological innovations in agriculture, while helping Vietnam successfully carry out the one million hectares of low-emission, high-quality rice project.

In response, the IFAD vice president affirmed the organization’s commitment as a good friend of Vietnam and highlighted his admiration for Vietnam's socio-economic achievements.

He also welcomed Vietnam's bold steps towards streamlining its political apparatus and administrative reform, which, he noted, facilitate international partners’ operation in the country.

Additionally, Brown praised Vietnam's social development policies, particularly efforts to support ethnic minorities and ensure gender equality, acknowledging the effective cooperation between Vietnam and IFAD. He noted that that IFAD's priorities align with Vietnam's socio-economic development strategy.

He affirmed continued close cooperation with the Vietnamese ministries, sectors, and localities in sharing information and experience in agricultural technology applications, as well as pledged to promote South-South cooperation and public-private partnerships.

Beyond providing loans, Brown affirmed that IFAD will continue to encourage financial institutions and international partners to provide non-refundable aid in sustainable agriculture, assisting farmers, building early warning capability and adapting to climate change.

IFAD, established in 1977 with headquarters in Rome, Italy, is a UN specialized agency and international financial institution that provides loans in agriculture, supports farmers, and ensures food security. Vietnam has been a member of IFAD since 1977.