HCMC – Vietnam has launched the National Blue Carbon Action Partnership (NBCAP), a multi-stakeholder platform aimed at mobilizing financial resources and unlocking investment flows for the sustainable management of marine resources.

The initiative is designed to strengthen governance of blue carbon resources and translate climate commitments into concrete local investment. The launch ceremony and the first meeting of the NBCAP Vietnam implementation working group were held in Hanoi on May 28. The event was jointly organized by the Ministry of Agriculture and Environment, the United Nations Development Programme (UNDP), the British Embassy and the World Economic Forum (WEF). The mechanism is based on a letter of intent signed between the ministry and the WEF in October 2025, along with Decision No. 1706/QD-BNNMT issued on May 12, establishing a 25-member working group. The program is funded by the UK Government through the WEF, while the UNDP serves as secretariat coordinator. The partnership’s multi-stakeholder structure is reflected in its implementation working group. In addition to government agencies, the group includes three major commercial banks – BIDV, Vietcombank and SeABank – to help shape financing channels for blue carbon projects. The working group also includes representatives from seven ministries and agencies, three international development partners – the British Embassy in Vietnam, UNDP and the WEF – two non-governmental organizations, WWF-Vietnam and Save the Children, as well as three research organizations. Ramla Khalidi, UNDP resident representative in Vietnam, said one of the biggest challenges facing many countries is converting blue carbon potential into effective governance systems capable of generating tangible investment resources. As coordinator of the NBCAP secretariat, UNDP is committed to supporting Vietnam in addressing that challenge, she said. British Ambassador Iain Frew and Alfredo Giron, head of the WEF’s Ocean Action Agenda, also said the partnership would help connect governments with the private sector, promote public-private cooperation and facilitate investment mobilization, turning climate goals into practical actions with long-term impacts on livelihoods and ecosystems. To date, the initiative has attracted participation from more than 350 organizations and experts.