Trading of carbon credits has become an emerging interest, particularly in period of 2005 - 2010. The revenues of carbon credits trading increased from 11 billion USD in 2005 to 142 billion USD in 2010 (WE 2011). It is believed that forest plantation for carbon purpose could bring considerable benefits, contributing to hunger and poverty alleviation and achievement of mitigation objectives for climate change program in Vietnam. To discuss such issue, the study on economic analysis of forest plantation of Pinus keysia for carbon trading purpose in Central Highland was carried out based on carbon stock estimation models for Pinus keysia (Vu Tan Phuong 2012), yield tables of 14 tree species for forest plantation (MARD 2003), 3 carbon credits prices scenario (3, 5 and 7 USD/ton CO2), 3 discount rates (3, 5 and 7 percent/year) and forest plantation scope of 1,000 ha. Economic analysis is done by assessing Net Present Value {NPV}, Benefits and Costs Rate (BCR) and Internal Rate of Return (lRR). The results showed that economic effect of forest plantation of Pinus keysia for carbon trading purpose depends on three important factors: transaction costs, price of carbon credits and interest rate. Under the transaction costs estimated in AR CDM, forest plantation of Pinus keysia for carbon business could be economically effective if minimum price of carbon credits is 3 USD /ton CO2 and interest rate for investment costs is lower than 7 percent/year. If the interest rate of investment costs is from 7-10 percent/year and minimum price of carbon credit is 3 USD/ton CO2 establishment of Pinus keysia plantations for carbon business could be economically effective if the plantations grown on soil class of I - III.
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