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Forest carbon markets have demonstrated numerous benefits across economic, social, and environmental dimensions, while also advancing sustainable development goals. This study examines the primary policy mechanisms and conditions related to the development of high-integrity forest carbon markets in Dak Lak province, Vietnam. Utilizing a combination of SWOT analysis and the DPSIR framework, the study provides a comprehensive evaluation of the opportunities, challenges, driving forces, pressures, potential impacts, and responses associated with developing these markets. The Gold Standard method was also employed to estimate the potential contribution to carbon emission reductions through the new forest planting programs in the province. Data analysis from 202 households and in-depth interviews with fifteen experts revealed that local residents have limited information about the forest carbon market. While forest management officials at various levels are aware of the market, there is a lack of specific guidance, limited participation in training sessions and workshops, and insufficient instructional materials. Dak Lak holds significant potential for carbon emission reductions, with an estimated average forest carbon storage capacity of 7.5 tCO2/ha/year for an afforestation/reforestation (A/R) carbon project. This initiative is projected to contribute approximately $753,972 annually to the province's GRDP and generate 280 jobs for local communities. However, the technical and financial resources are challenging in the province. The study identifies critical issues and proposes appropriate solutions to support Dak Lak in developing high-integrity forest carbon markets in alignment with the national roadmap, ultimately contributing to the achievement of sustainable development goals.