This information was released on November 30 by the auction organizer, PetroVietnam Finance Corporation (PVFC), which said this is the first Clean Development Mechanism (CDM) project that has received such certificates.

By the deadline on November 19, PVFC had received 10 letters of interest from some banks and industrial organizations in the European Union and the US, which want to take part in the auction. PVFC is short-listing those who are eligible for the auction.

The Clean Development Mechanism is an arrangement under the Kyoto Protocol allowing industrial countries with a greenhouse gas reduction commitment to invest in ventures that reduce emissions in developing countries as an alternative to more expensive emission reductions in their own countries. Each unit of CERs is equivalent to one tonne of carbon dioxide.

Environmental specialists estimate that Vietnam can earn some US$250 million from CDM projects being carried out until 2010. However, due to the strict conditions for CDM registration, the country has now implemented just several CDM projects such as the one in the Rang Dong oil field, a project designed to improve the efficiency of energy use in Thanh Hoa Beer company and projects to collect CH4 gas for electricity generation in Ho Chi Minh City.