Vietnam Moves Forward with Carbon Market to Achieve Net-Zero Emissions by 2050

Hanoi, The Gulf Observer: The Prime Minister of Vietnam has issued Decision No. 232/QĐ-TTg, granting approval for the establishment and development of the country’s carbon market. This project is set to play a crucial role in Vietnam’s efforts to reduce greenhouse gas (GHG) emissions and meet its targets under the Nationally Determined Contributions (NDC), while minimizing the economic burden on businesses and society.
The main objective of the carbon market is to create new financial flows to support GHG reduction initiatives, promote the transition to green technologies, and enhance the global competitiveness of Vietnamese businesses. The initiative is also a key step toward developing a low-carbon economy and addressing the ongoing challenge of climate change, with the ultimate goal of achieving net-zero emissions by 2050.
By June 2025, the project aims to complete the legal framework for the exchange of GHG emission quotas and carbon credits, which will include mechanisms for carbon credit trading and offsetting. It also plans to establish the necessary infrastructure for market operations, including a national registry and carbon trading platform.
In addition to its structural development, the project will focus on improving the management capacity of relevant government agencies, while raising awareness among businesses, organizations, and individuals about the importance of the carbon market.
The carbon market will introduce two primary tradable commodities: Greenhouse Gas Emission Quotas and Certified Carbon Credits. The market will operate in phases, beginning with a pilot phase from 2025 to 2028, with the full market officially launching nationwide in 2029.
Key tasks under this initiative include the registration of market participants, the creation of a national carbon registry, and the implementation of awareness and capacity-building programs to support the smooth operation of the carbon market in Vietnam.