There are currently about 73 carbon credit trading mechanisms in both voluntary and mandatory markets operating around the world, covering about 23 per cent of total global greenhouse gas emissions. These mechanisms mobilized about $100 billion worldwide in 2022. With a total area of 14.7 million ha, Vietnam has the potential to mobilize financial sources from forestry carbon projects to protect and develop its forests. The government should consider issuing policy mechanisms soon to activate forestry carbon projects to satisfy both mandatory and voluntary markets. The effectiveness of mechanisms and policies depends not only on the mobilization of funds but also on how this funding source is used to maximize the effectiveness of forest protection and development.