Although the rules regarding REDD have not been set, it is already clear that the extent to which an individual country will be able to attract international investment and REDD payments will depend to a considerable extent on its ability to put in place a system that rewards forest managers who are changing their behaviour to reduce deforestation and degradation. In other words, they need to establish a benefit distribution system (BDS) that is transparent and efficient, and is seen to reward those actually providing the (emissions reduction) service. For Viet Nam, Laos and Cambodia there are huge opportunities in REDD. But can they carve a niche for themselves vis-à-vis the competition of biomass rich “big hitters” such as Brazil, Indonesia or the countries of the Congo Basin, as a provider of carbon emissions reduction credits that offer real environmental and socioeconomic benefits? And will the flow of funds to them be sufficient enough to make the system viable?