Deputy Minister Trần Thanh Nam noted that the initial results from pilot models in several localities showed a 30% reduction in the cost of seeds and agricultural inputs, while the price of rice and farmers’ income both increased, with production volumes being purchased by businesses.

Deputy Minister Trần Thanh Nam also emphasized that some organizations and individuals have misunderstood the purpose of the project. The project is not aimed at selling carbon credits but at enhancing the sustainable value of Vietnamese rice. It focuses on reorganizing production, supporting farmers to increase income, reducing emissions in rice production, and contributing to the government’s commitment to reducing greenhouse gas emissions.

He mentioned that many areas and people have voluntarily joined the program after witnessing the project’s effectiveness. In the recent pilot production season, rice prices and farmers’ income increased steadily. Many businesses have registered to buy low-emission-produced rice. In the upcoming Winter-Spring and Summer-Autumn seasons, the Ministry of Agriculture and Rural Development will introduce a carbon emission reduction coefficient for rice production.

During the meeting, both sides clarified the decision to approve cooperation on the TCAF fund and agreed on the methodology for measuring, reporting, and verifying (MRV) greenhouse gas emissions from rice production to generate transferable carbon emission reduction credits to the TCAF and for use in the national NDC commitment.