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The carbon market is increasingly seen not only as a tool to meet environmental obligations, but also as a way to strengthen business competitiveness as green standards spread. In Vietnam, progress in building and refining the legal framework for the carbon market has laid the groundwork for its development and operation.
Vietnam has actively developed its carbon market regulations in recent years. After the Environmental Protection Law 2020 was enacted, the government issued Decree 06/2022/ND-CP on reducing greenhouse gas emissions and protecting the ozone layer. Later, Decree 119/2025/ND-CP introduced detailed provisions on corporate responsibility for greenhouse gas inventories and the allocation of emission allowances.
At the beginning of 2025, the scheme for establishing and developing Vietnam’s carbon market was approved, marking a turning point in market preparation. The legal foundation was further strengthened with the issuance of Decree 29/2026/ND-CP on the domestic carbon exchange and Decree 112/2026/ND-CP on international trading of greenhouse gas reductions and carbon credits.
Lawyer Truong Tu Long, a sustainability policy expert at GREEN IN, said the enactment of these decrees is an important step for the operation and development of Vietnam’s carbon market.
Ms. Nguyen Hong Loan, Director of Green Climate Creation Co., Ltd. (GreenCIC), said Decree 29/2026/ND-CP represents a shift from refining policy to implementing actual market operations. She noted that it is the first time trading and transfers of emission allowances and carbon credits are conducted within a centralized trading framework with clear rules and government oversight.
According to the article, Vietnam’s carbon market currently rests on three pillars:
Mr. Pham Nam Hung, Head of the Carbon Market Division, Department of Climate Change, said that with Decree 112/2026/ND-CP taking effect, more projects are expected to be registered and more resources to participate are expected to be attracted.
On the development roadmap, 2026 to 2028 is identified as a pilot phase. This phase is intended to help businesses become familiar with the market while authorities accumulate experience. After the pilot period, the government will summarize and assess to provide official operating direction and consider linking with the international carbon market.
The article states that the domestic carbon exchange and the carbon market, in general, are expected to create an effective mechanism for determining the price of carbon emissions. It also says the market can provide businesses with additional financing when trading on the carbon exchange.
Studies cited in the article estimate that operating the domestic carbon market could reduce compliance costs for businesses by 400–800 million USD, while directing capital toward deploying emission-reduction technologies. If Vietnam participates in the international carbon market, the article says it could attract investments of between 0.5 and 2 billion USD from international climate and green transition finance sources.
Ms. Loan emphasized that the carbon exchange is not only a tool to help firms meet emission-reduction obligations, but also serves as economic infrastructure for the green transition. She said the centralized, transparent, and supervised trading mechanism can reduce transaction costs, lower legal risk, and build confidence among businesses and investors.
However, the article notes that to fully benefit from the carbon exchange, businesses must prepare systematically—covering awareness, technical-management capabilities, and strategic market participation. It also highlights that the Legislation Department of the Ministry of Finance urged firms to be ready to participate, calling for preparation in legal compliance, governance capability, and technical infrastructure.
The article places Vietnam’s carbon market development within a global trend. It states that globally, more than 80 countries and regions have implemented carbon markets with a scale exceeding 100 billion USD.
In Vietnam, the main objective of the carbon market is to reduce greenhouse gas emissions, fulfill national commitments, and move toward net-zero emissions by 2050.
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