Vietnam is set to pilot a national carbon credit market from 2025 to 2028, according to a draft proposal. During this phase, the country will not sell carbon credits overseas or engage in domestic and international carbon market linkages and exchanges.
The types of carbon credits permitted for trade include those generated from domestic programs and projects in accordance with local laws, as well as international carbon offset and exchange mechanisms.
Large greenhouse gas emitters from sectors to be determined by the Prime Minister, as well as organizations and individuals participating in carbon credit trading on the exchange, will be the primary participants in this market.
Deputy Prime Minister Tran Hong Ha chairs the meeting on the carbon market development proposal.
Hanoi Stock Exchange (HNX) and Vietnam Securities Depository (VSD) are tasked with developing and providing a domestic carbon credit exchange platform, adhering to professional requirements for market organization and management, as well as technical standards set by the Ministry of Natural Resources and Environment.
Speaking at the meeting, Deputy Prime Minister Tran Hong Ha emphasized that with its vast potential for renewable energy and carbon markets, Vietnam will be highly attractive to investors. Therefore, we need flexible, creative, and breakthrough solutions to implement this proposal and quickly catch up with global trends.
“This is a race where the swift wins, and those who are intelligent will seize and capitalize on opportunities to leap forward from a lagging position,” the Deputy Prime Minister added.
The Deputy Prime Minister instructed the Ministry of Finance to promptly finalize the proposal, taking into account not only the carbon market but also the organizational structure and infrastructure.
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