- Despite the great potential REDD+ shows for generating and contributing finance to support forestry in Vietnam, a reduction in both funds and funder commitment to REDD+, challenges in meeting funder requirements, and the significant finance required to implement the national REDD+ program in Vietnam, all imply that in reality REDD+s contribution as a major financial source for the forestry sector is limited.
- Although the government has identified various public and private funding sources to cover the different phases of REDD+, the international public sector remains the primary funding source; limited contributions come from the private sector and state.
- To date the spending of REDD+ finance has been uncoordinated and fragmented, due to a lack of clarity on what Vietnams REDD+ priorities are.
- Effective and efficient implementation of REDD+ activities in Vietnam is being impeded by: limited and inaccurate data regarding REDD+ finance in Vietnam; an unclear definition of what REDD+ finance is; the absence of a national REDD+ financial tracking system; and limited technical capacity (within both government and civil society organizations) when it comes to monitoring REDD+ finance.
- To increase the potential for REDD+ to financially contribute to forestry in Vietnam, the following is required: better coordination across sectors and amongst donors and government agencies; enhanced capacity building on the tracking and management of REDD+ finance; development and effective implementation of REDD+ policies and measures, so that the government can access result-based payments from different international funding sources.
Authors: Pham, T.T.; Bui Thi, M.N.; Pham, H.L.; Nguyen, V.D.