Bringing carbon market into practice transparently and effectively

On August 14, speaking at the opening of the Viet Nam Carbon Forum 2026, themed “From Policy to Action,” Deputy Minister Le Cong Thanh said the forum was being held at a significant time for the development roadmap of Viet Nam’s carbon market.

The forum also provides an opportunity for government agencies, international organizations, businesses, experts, financial institutions and technology organizations to exchange views on the requirements for bringing the carbon market into practical operation.

According to the Deputy Minister, on July 28, 2026, the 14th Party Central Committee issued Conclusion No. 75-KL/TW on environmental protection and proactive response to climate change in the new period. The conclusion emphasizes the need for Viet Nam to proactively participate in international cooperation mechanisms on climate finance and technology transfer, develop the carbon market, and fulfill international climate commitments.

It also calls for strict control of greenhouse gas emissions from the project investment preparation stage, throughout the entire product life cycle and across social consumption activities.

At the same time, Viet Nam is required to improve its system for measuring, reporting and verifying greenhouse gas emission reductions in line with international standards, strengthen the management of carbon credit trading activities, and gradually develop domestic carbon credit standards that are increasingly aligned with international standards.

Deputy Minister Le Cong Thanh said the Government and ministries and agencies have gradually developed and improved the policy and legal framework for climate change response in recent years. To date, the legal framework for greenhouse gas emission reduction and carbon market development has basically been established and continues to be refined.

This provides an important legal foundation for Viet Nam to engage in international cooperation on carbon credits, contributing to the implementation of its Nationally Determined Contribution (NDC), mobilizing additional resources for emissions reduction and the green transition, and gradually laying the groundwork for a domestic carbon market linked to international cooperation and integration.

A notable milestone came on June 29, 2026, when Viet Nam’s domestic carbon exchange officially began pilot operations, creating a platform for trading greenhouse gas emission allowances and carbon credits.

According to the Deputy Minister, this represents an important step toward establishing a market signal for an economic instrument aimed at reducing greenhouse gas emissions. Through the market, businesses will have a stronger basis for selecting cost-effective emission reduction solutions and gradually adapting to increasingly stringent green requirements in international markets.

The carbon market will also provide greater incentives for businesses to innovate, invest in low-emission technologies and adopt cost-effective green solutions, thereby mobilizing additional financial resources, technology and international expertise for emission reduction efforts.

“This is also why we need to bring the carbon market from policy into practice in a transparent, effective and responsible manner,” Deputy Minister Le Cong Thanh emphasized.

Building a foundation for an effective carbon market

Deputy Minister Le Cong Thanh noted that the carbon market remains a new area for Viet Nam. During the pilot phase, regulatory agencies will continue to review and refine policies, technical infrastructure, measurement, reporting, and verification systems, as well as data management mechanisms.

Alongside efforts to improve the conditions for market operations, authorities will strengthen consultations with businesses, listen to their practical difficulties, challenges and needs, and promptly develop appropriate solutions.

In practice, Viet Nam’s business community, particularly in the export, energy, agriculture and forestry sectors, has shown growing interest in the carbon market and taken proactive steps to access the market and develop carbon credit projects. Many localities are also actively seeking opportunities and tapping into their emission reduction potential to advance green economic development.

Against this backdrop, leaders of the Ministry of Agriculture and Environment stressed that raising awareness and strengthening the capacity of regulatory agencies and the business community to meet domestic and international legal requirements are crucial tasks.

At the same time, Viet Nam needs to strengthen connections with international partners and organizations to promote cooperation in finance and technology, build capacity, and develop high-quality emission reduction projects. Coordinated efforts to improve institutions, strengthen technical capacity and ensure adequate resources will be essential for Viet Nam to integrate effectively, transparently and more deeply into the global carbon market.

Businesses must be at the center

Commending the organization of the Viet Nam Carbon Forum 2026, Deputy Minister Le Cong Thanh said the event not only provided a platform for presentations and policy discussions, but also promoted connections between businesses seeking to develop and use carbon credits and financial institutions, technology firms, consultants and international partners.

According to the Deputy Minister, these connections could help facilitate the development of high-quality emission reduction projects that are viable in practice. This represents a shift from dialogue to action.

The Deputy Minister expressed his hope that the forum would lead to more concrete partnerships, attract greater investment in carbon reduction projects, and encourage more businesses to proactively build their emission reduction capacity and participate in the carbon market.

For Viet Nam’s carbon market to develop, Deputy Minister Le Cong Thanh said close coordination among multiple stakeholders is essential. The State plays a role in building institutions and ensuring market transparency; financial institutions provide resources; technology organizations offer solutions; while experts and consulting organizations help improve project quality and market capacity.

Businesses, in particular, must become the central actors in the transition. Rather than viewing emissions reduction solely as an obligation, businesses need to adopt a proactive mindset and create value from their emissions-reduction activities. According to the Deputy Minister, this represents a crucial shift in thinking in the development of the carbon market.

At the forum, the Deputy Minister called on regulatory agencies, experts and the business community to openly discuss remaining difficulties and challenges, and to propose specific solutions to further improve policies, strengthen implementation capacity and facilitate market operations.

Deputy Minister Le Cong Thanh expressed his confidence that, with the participation of regulatory agencies, international organizations, experts, financial institutions and the business community, the Viet Nam Carbon Forum 2026 would help foster new connections, initiatives and concrete actions, thereby promoting the development of Viet Nam’s carbon market in a transparent, effective and sustainable manner.