Vietnam has identified 800 species of seaweed, of which 90 species have economic value. Currently, in our country there are large-scale seaweed farming areas, combined with other seafood such as oysters, pearls, abalone...

Farmed seaweed is exploited for food, raw materials for the pharmaceutical and cosmetic industries. Businesses have even produced bioplastic cups from seaweed.

Many compounds can be extracted from seaweed for use in dentistry or for use in the food industry. For example, in the dairy industry, seaweed extracts are used to create viscosity and blendability in milk, said Ms. Nguyen Thi Sam, General Director of Wineco Vietnam Joint Stock Company.

Therefore, in large-scale seafood farming areas such as Quang Ninh, Khanh Hoa, Ninh Thuan, Kien Giang ... fishermen growing seaweed can earn billions of dong each year, a livelihood that helps many households escape poverty.

seaweed
The potential for seaweed farming in our country can be expanded to about 1 million hectares. Photo: Pham Cong

In addition to being used as food and raw materials for pharmaceutical and cosmetic production, Mr. Dinh Xuan Lap, Deputy Director of the Center for International Cooperation in Sustainable Aquaculture and Fisheries (Vietnam Fisheries Association), said that domestic and international scientists have conducted research to prove that seaweed has the ability to absorb CO2 about 2-5 times more than forest trees on the same area.

Some broad-canopy algae, such as kelp, have about 20 times the CO2 absorption capacity of forest trees. One square kilometer of seaweed farming can store 1,500 tons of CO2. Therefore, expanding seaweed farming areas will create huge carbon sinks for the aquaculture industry.

“We are working with businesses to build the Blue Ocean-Blue Foods program to develop Vietnam's seaweed areas, creating a CO2 absorption basin,” said Mr. Dinh Xuan Lap.

Blue Ocean aims to increase the ability to absorb CO2 from the ocean; Blue Foods aims to reduce greenhouse gases in food production, conduct business responsibly, and create sustainable livelihoods for fishermen in coastal areas.

The report of the Department of Fisheries (Ministry of Agriculture and Rural Development) shows that the potential area for seaweed cultivation in our country can reach about 1 million hectares, equivalent to 600,000-700,000 tons of dry seaweed/year. Notably, there are seaweed varieties that absorb 20 times more CO2 than plants on land; there are seaweed varieties that, after being extracted to make cosmetics and pharmaceuticals, the residue is used as animal feed, helping to reduce the methane-producing burping of buffaloes and cows.

Accordingly, the agricultural sector identifies seaweed as a green material, helping to clean the sea and atmosphere and can bring people a good source of income when the investment cost is not much.

seaweed
With its rapid growth rate, seaweed can absorb many times more CO2 than forest trees. Photo: Pham Cong

Currently, the seaweed output in our country is only about 150,000 tons/year. Mr. Tran Dinh Luan - Director of the Department of Fisheries, said that when we develop a certain area of ​​seaweed, we will work with international organizations so that seaweed growers can sell carbon credits.

“In the world, selling carbon credits from seaweed farms in other countries has been mentioned. In our country, selling carbon credits from seaweed is also very feasible,” said Mr. Luan.

With countries' commitments to reduce greenhouse gas emissions, carbon credits are an extremely potential market, expected to reach 50-100 billion USD by 2030. According to PTI news agency, the global demand for carbon credits is currently around 58 billion credits per year.

In Vietnam, forest carbon credits have been successfully transferred at a price of 5 USD/credit. The World Bank has also committed to pay 10 USD/credit for rice carbon credits. Meanwhile, some international organizations have expressed their intention to buy carbon credits at a price of 20-30 USD/credit.

According to the latest draft of the Carbon Market Development Project in Vietnam, in the period of 2025-2028, the carbon market will be piloted nationwide; from 2029, the carbon market will be officially operated nationwide.

Legal and infrastructure issues continue to be developed and improved to serve the connection of the domestic carbon market with the region and the world.

If the aquaculture industry expands the seaweed farming area to its potential of about 1 million hectares, it will create a huge source of blue carbon credits. When the carbon market is operational, the seaweed carbon reservoir under the sea will be a new resource to help our country's fishermen increase their income.

Vietnam has 57 million forest carbon credits, what is a reasonable price to sell them? In the forestry sector alone, Vietnam has 57 million carbon credits, equivalent to 52 million tons of CO2, that can be sold to international organizations. If we optimistically count the “golden forests and silver seas”, Vietnam has about 5 billion carbon credits.