The Clean Development Mechanism (CDM) in Vietnam is used way below its full potential. In spite of efforts to further CDM projects in the recent years, Vietnam still lags behind the comparable neighboring countries in term of registered CDM projects. Especially, though 2008 and 2009 have seen a fast growth in the pipeline in the country but only 14 projects were registered as at 2 December 2009. This development progress is low to the country’s greater potential and makes it as a late starter on the global CDM rise when the window of opportunity created by the first Kyoto Protocol period has almost closed. This paper analyzes the barriers explaining this late start and slow catch-up. It suggests strategic policy recommendations which could increase the attractiveness of investment business in the context of climate change protection in Vietnam. a Centre International de Recherche sur l'Environnement et le Développement, CIRED-CNRS. Campus du Jardin Tropical, 45bis ave. de la Belle Gabrielle, Nogent-sur-Marne Cedex, France. Tel: +33 01 43 94 73 65. Fax: +33 1 43 94 73 70. Corresponding email: email@example.com. a Centre International de Recherche sur l'Environnement et le Développement, CIRED-CNRS. b Climate Focus. Minervahuis III, Rodezand 34, 3011 AN Rotterdam, Netherland. c Ecologic Institute, 1630 Connecticut Ave., NW, Suite 300, Washington DC, USA.
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