HA NOI (VNS)—The Asian Development Bank (ADB) has agreed to provide Viet Nam with non-refundable aid of US$1.5 million to implement a forest-based environmental service project under which local people will be paid to protect the forest.
The agreement was made between the ADB and the Viet Nam Trust Fund for Forests yesterday in Ha Noi.
The project will be implemented across three localities from 2014 to 2016.
At the signing ceremony, Deputy Minister of Agriculture and Rural Development Ha Cong Tuan said the money would help to extend the project which had shown positive results since it started in 2010, especially among ethic minorities in rural areas.
The average income of these households is estimated at VND1.8 million ($84.3) annually.
Viet Nam has established 31 provincial Funds for Forest Protection and Development.
Pham Hong Luong, deputy director of the Viet Nam Trust Fund for Forests, said the policy would create sustainable funding for forest preservation and development.
The funds would also help improve the management and distribution of forest environmental services for staff at provincial levels, he said. — VNS