Researching the operational model for carbon credit exchange in Vietnam

In collaboration with the Southeast Asia Energy Transition Partnership (ETP) and the United Nations Office for Project Services (UNOPS), the Ministry of Finance (MOF) recently held a workshop to kick off and share experience for the Technical Assistance Project "Capacity Building for the Ministry of Finance in Researching and Preparing for the Pilot Operation of a Carbon Credit Exchange in Vietnam."

The Prime Minister issued Decision No. 232/QD-TTg dated January 24, 2025, approving the scheme for establishing and developing the carbon market in Vietnam. The scheme clearly outlines the market deployment roadmap, including the pilot phase from 2025 to the end of 2028 and the official operation period from 2029. Under this scheme, the Ministry of Finance has been designated as the lead agency, working in coordination with the Ministry of Agriculture and Environment and relevant Ministries and branches to establish the domestic carbon market.

At the workshop, both domestic and international speakers presented the project’s objectives, expected outcomes, output products, key stakeholders, and implementation plans. The speakers also provided updates on the development roadmap for the carbon market in Vietnam during the pilot phase. At the same time, present international experiences and lessons for Vietnam in designing and managing a carbon credit exchange, discuss initial research results, and develop a collaborative framework among stakeholders.

Mr. John Robert Cotton, Deputy Head of ETP, expressed his hope that the workshop would offer in-depth insights and comprehensive analysis to support MoF officials in implementing the carbon credit exchange in Vietnam. In particular, focusing on the 2025–2028 pilot phase and realizing recommendations to strengthen Vietnam’s capacity in evaluating the legal framework, infrastructure, and international experience relevant to the design of a carbon credit exchange.

In addition, the implementation of this Technical Assistance Project is expected to accelerate Vietnam’s transition to sustainable energy. It aligns with the established agreements and Sustainable Development Goals, while laying the groundwork for renewable energy, energy efficiency, and sustainable infrastructure. This contributes to economic growth and ensures national energy security.