FPT IS accompanies the green transformation while building resilience for the sustainable development of the wood sector

On the afternoon of March 7, FPT IS representative, Mr. Tran Duc Tri Quang – Chief Data Officer (CDO) of FPT IS participated in the discussion “Carbon finance and opportunities for Vietnam’s wood industry” within the framework of the Hawa Expo 2024 Wood and Furniture Export Fair in Ho Chi Minh City. The event, which was organized by the Green Development Press Club towards NetZero Carbon (GREEN MEDIA HUB) in collaboration with the Organizing Committee of HAWA EXPO2024, gathered more than 700 businesses.

Speakers at the discussion included: Associate Professor, Dr. Dr. Nguyen Dinh Tho – Director, Institute of Strategy and Policy on Natural Resources and Environment (Ministry of Natural Resources and Environment), PhD. Vu Tan Phuong – Director of the Vietnam Forest Certification Office (VFCO) – Vietnam Academy of Forest Sciences; Mr. Nguyen Ngoc Tung – Director of VinaCarbon Fund, VinaCapital Group; Mr. Tran Duc Tri Quang – CDO of FPT IS.

CDO of FPT IS participated in the discussion “Carbon finance and opportunities for Vietnam’s wood industry” within the framework of the Hawa Expo 2024 Wood and Furniture Export Fair.

The Vice Chairman of HAWA, Mr. Phung Quoc Man spoke at the opening of the event and stated that Vietnam’s wooden furniture export turnover only reached USD 14.5 billion in 2023 as compared to USD 15.8 billion in 2022. Going through the first two months of this year, Vietnam’s wooden furniture export turnover has grown positively and it is expected that this year the country’s wood sector would aim to surpass USD 16 billion in export turnover. However, to reach the aforementioned goal, the wood businesses need to clearly understand, meet and expand export markets, and seize numerous chances from various directions to boost industry competitiveness, including carbon finance and carbon markets.

According to the speakers, as one of the leading countries in wood and forest product processing, Vietnam’s policies are moving towards a sustainable forestry that meets market requirements, including green finance and carbon markets. These are financial mechanisms that help reduce the impacts of climate change and solve environmental challenges.

In line with Vietnam’s sustainable green development orientations, businesses must get ready now to be able to participate in the carbon market in the near future, according to Associate Professor Dr. Nguyen Dinh Tho, Director of the Institute for Strategy and Policy on Natural Resources and Environment. “Businesses need to stick with green digital transformation, improve management capacity, and social and environmental responsibility to equip themselves with a capacity framework for carbon credits. Businesses can only take part in the compliant carbon market by meeting the necessary requirements.”

According to Mr. Tran Duc Tri Quang, CDO of FPT IS: “Emissions inventory and reporting will be the necessary starting point to access opportunities from the carbon credit market. And this depends on the level of data readiness in the enterprise. It will save a great deal of time for businesses to conduct an emissions inventory or complete an ESG report if they are prepared for digital transformation and have established core data systems. Especially in the wood industry, when businesses consider setting up emission reduction projects, it is necessary to carry out a greenhouse gas inventory and accumulate data for three years as a basis for calculation and closely follow the set of three standards: ISO 14064; GHG Protocol; and IPCC”.

Mr. Tran Duc Tri Quang – CDO of FPT IS shared that emissions inventory and reporting will be the necessary starting point to access opportunities from the carbon credit market.

“To support businesses in the wood industry in promoting green transformation, we actively invest in research and collaborate with experts and leading industry advisors to develop green transformation solutions, such as ESG reporting and Greenhouse Gas Inventory Solutions (VertZéro), based on extensive experience gained through implementing the project of management system for the industry. Thereby, we are ready to join the wood industry in implementing effective greening solutions, promoting sustainable growth, and seizing opportunities in the large carbon credit market”, CDO of FPT IS shared.

Experts agree that mechanisms and policies need to be improved further to encourage businesses to participate in sustainable forest management, use certified materials, and develop low-carbon production. Policies and mechanisms should be centered on providing financial and investment incentives for environmentally friendly production and the production of goods that do not contribute to deforestation; encouraging the use of certified wood and wood products; monitoring mechanisms; and establishing fairness in the production and consumption of certified wood materials and wood products. In addition, supporting stakeholder capacity building is essential for implementing sustainable forest management and greenhouse gas emission reduction initiatives.

The seminar “Carbon finance and opportunities for Vietnam’s wood industry”, which was organized by the Green Development Press Club towards NetZero Carbon (GREEN MEDIA HUB) in collaboration with the Organizing Committee of HAWA EXPO2024, attracted more than 700 businesses.