Indigenous peoples have expressed diverging opinions on REDD in consideration of the risks and opportunities that it may provide for them. The present study examines the experience of REDD implementation in Vietnam with a view to assessing whether it has triggered changes in the recognition of indigenous peoples' rights and livelihoods, and whether they have been able to participate in REDD design and implementation. It does so by analysing documentary and secondary data through a dedicated analytical framework. The paper finds that REDD implementation has not stimulated an authentic discussion about the recognition of indigenous peoples' rights and their voice has mostly been absent. The lack of a human-rights based approach to the national REDD programme poses considerable risks to them. The extent to which they will be able to benefit from REDD will depend on how a number of key issues, including participation and local governance, are addressed.