LŌ-GOI Partners to Develop 30,000-Hectare Low-Emission Rice Project in Vietnam

LŌ-GOI Group and its joint venture partner hummingbirds have signed a memorandum of understanding (MOU) with Vietnamese rice processor and exporter A An Food JSC to develop a large-scale low-emission rice farming project in the Mekong Delta. Announced on 3 November 2026, the initiative aims to support approximately 15,000 farming households across 30,000 hectares and potentially generate up to two million verified carbon credits over its lifetime. The International Finance Corporation (IFC), part of the World Bank Group, is supporting the partnership's expansion.

The project will introduce Alternate Wetting and Drying (AWD), a rice cultivation technique that involves periodically draining fields instead of maintaining continuous flooding. This approach can reduce methane emissions from rice paddies while improving water efficiency. Participating farmers will receive training, financial incentives, and access to premium markets, along with opportunities to reduce production costs and secure rice offtake arrangements. The initiative builds on IFC's advisory partnership with A An Food, established in 2023 to improve rice production quality, supply chain sustainability and low-carbon farming practices.

 

Read more: Cadeler Secures Dogger Bank C Turbine Installation Contract

 

The partners estimate that the project could generate up to two million verified carbon credits, subject to independent verification, certification and regulatory approvals. A portion of the credits is intended to offset emissions associated with LŌ-GOI's property developments and corporate operations in Vietnam and Singapore, while others may be sold to multinational companies. The allocation and transfer of credits will depend on Vietnamese regulations and applicable international carbon market requirements. The partners have not disclosed the total investment value or project implementation timeline.

The project will be developed and financed through LŌ-GOI's joint venture with hummingbirds, which specialises in developing and financing nature-based carbon projects. A An Food will provide access to its agricultural supply chain and farmer network, while hummingbirds will lead project design and carbon credit development. Trent Iliffe, Chief Executive Officer of LŌ-GOI Group, said the partnership would connect lower-emission agricultural production with the company's efforts to address the carbon footprint of its real estate portfolio.

Damien Ricordeau, Co-founder of hummingbirds, said, "This partnership brings together what low-emission rice needs to scale: A An’s farmer network, IFC’s support on the ground, and a long-term offtake and financing through our joint venture with LŌ-GOI." He added that the project aims to deliver measurable climate benefits alongside long-term economic opportunities for farming communities. The initiative will now focus on expanding sustainable rice cultivation practices and developing the verification processes required for future carbon credit issuance.

 

Source: LŌ-GOI Group