Vietnam at the Heart of the Global Carbon Market Transformation!
The workshop “Capacity Building for Vietnamese Industry Stakeholders on the Implementation of the Emissions Trading System and Linkage to International Carbon Markets”, hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the International Emissions Trading Association (IETA), was a valuable opportunity for businesses to explore opportunities from ETS and enhance capacity for effective implementation this system in Vietnam.
The two-day training workshop was attended by government agencies, leading experts in national & international organizations, financial institutions, and around 100 business representatives.
The roadmap for the carbon market in Vietnam
The roadmap outlines a phased approach to its development, starting with the establishment of legal regulations and operational mechanisms by the end of 2024.
From 2025 to 2027, efforts will focus on piloting a carbon credit trading platform, building capacity among stakeholders, and exploring emission allowances to facilitate market engagement. Beginning in 2028, the trading platform will officially launch, enabling participation in a connected international market and promoting a more integrated approach to global emissions reduction.
The Vietnamese government is working to enhance regulations for the carbon market
Regulations involving amendments to Decree 06/2022/ND-CP, which will clarify the allocation of greenhouse gas emission quotas to high-emission facilities as specified in Decision 13/2024/QD-TTG from the Prime Minister.
It is proposed that about 200 facilities across three sectors: thermal power, steel, and cement will be allocated quotas between 2025 and 2026. The revisions to Decree 06 aim to provide detailed regulations that facilitate the carbon credit market in alignment with national plans and international commitments.
Vietnam is moving toward connecting with international carbon markets under Article 6 of the Paris Agreement and voluntary carbon markets
The event facilitated connections between government agencies and businesses with top experts, as well as financial and technological solutions providers from both Vietnam and abroad, aiming to enhance Vietnam’s engagement in the global carbon market and promote effective emissions reduction strategies.
ALLCOT believes that regulatory stability is essential to foster the trust and predictability necessary for substantial investments in low-carbon technology in Vietnam. With over 15 years of experience, ALLCOT is eager to assist businesses, both in Vietnam and across Asia, in developing effective emission reduction strategies and seizing commercial opportunities within the carbon market.
