Under Prime Ministerial Decision No 232/QD-TTg, signed by Deputy Prime Minister Tran Hong Ha, a project on the establishment and development of Vietnam’s carbon market has been approved.

The project aims to accelerate the development of a low-carbon economy and address climate change, working toward the goal of achieving net-zero emissions by 2050

Its primary goal is to develop a carbon market in Vietnam to help meet greenhouse gas (GHG) emission reduction targets set in the Nationally Determined Contributions (NDC), while minimizing costs for businesses and society.

The project also aims to create new financial flows for GHG reduction efforts, support the transition to green technologies, and enhance the competitiveness of Vietnamese businesses domestically and globally.

By June 2025, the project targets to complete the legal framework for the exchange of GHG emission quotas and carbon credits, including development of mechanisms for carbon credit trading and offsetting, and establish necessary infrastructure for carbon market operations.

Moreover, the project aims to boost the management capacity of relevant Government agencies and raise awareness among businesses, organizations and individuals about the carbon market.

The project introduces two primary market commodities: Greenhouse Gas Emission Quotas and Certified Carbon Credits, which will be tradable.

It also outlines a detailed roadmap for the carbon market, which will experience  a pilot phase from 2025 to 2028 and then will be officially launched nationwide in 2029.

Under the project, key tasks include developing the carbon market’s commodities, registering participants, creating a national registry and carbon trading platform, organizing market operations, and enhancing awareness and capacity building.