Vietnam has approved a national carbon market development project to meet the emissions targets outlined in its Nationally Determined Contributions (NDC) and achieve net-zero emissions by 2050, local news source Vietnam+ has reported.
The project proposes two primary market commodities: Greenhouse Gas Emission (GHG) Quotas and Certified Carbon Credits, both of which will be tradable.
Key milestones include completing the corresponding legal framework by June 2025, Vietnam+ said, citing a recent decision by the Prime Minister.
This framework will introduce mechanisms for carbon credit trading, offsetting, and the necessary infrastructure to support market operations.
A detailed roadmap outlines a pilot phase from 2025 to 2028, with the official nationwide market launch slated for 2029.
Relevant: Vietnam To Run Carbon Market Pilot Program From 2025 To 2028
The goal is to establish a functioning carbon market, enabling businesses and society to reduce emissions cost-effectively while creating financial incentives for GHG mitigation efforts.
By promoting green technologies and enhancing the competitiveness of Vietnamese businesses, the plan aligns with international climate goals and fosters economic sustainability.
To ensure effective implementation, the initiative prioritizes capacity-building for government agencies and raising awareness among businesses and individuals about the carbon market.
Tasks include developing market commodities, establishing a national registry and trading platform, and organising market operations.
Vietnam’s carbon market project underscores the country’s commitment to transitioning to a low-carbon economy while aligning with global efforts to address the climate crisis.
