Which enterprises hold the first 'tickets' to enter Viet Nam's carbon market?

110 facilities allocated the first quotas

On the global economic map, the green transition is increasingly becoming a mandatory requirement for countries seeking deep integration. If Viet Nam hesitates in the race to combat climate change, the country could miss opportunities to attract high-quality foreign direct investment and be excluded from global supply chains. Vietnamese enterprises may gradually lose their price competitiveness as the costs of complying with international green standards become an increasing burden.

The carbon market has therefore emerged as a crucial solution for maintaining the economy's long-term growth momentum. In this market, the commodities are not conventional physical products but rather greenhouse gas emission rights (quotas) or the outcomes of emission-reduction and carbon-sequestration projects (carbon credits). The legal foundation for the organization and development of the carbon market is based on the Law on Environmental Protection and the Government's Decree No. 06/2022/ND-CP on greenhouse gas emission reduction and ozone layer protection, together with amendments and supplements under Decree No. 119/2025/ND-CP dated June 9, 2025.

During Viet Nam's pilot phase for the domestic carbon market through 2028, the first enterprises holding "tickets" to participate in the market are the 110 facilities allocated greenhouse gas emission quotas.

Based on the total quota issued by the Prime Minister, major emitters, including facilities and enterprises, will receive a set volume of quotas for each two-year allocation cycle, with each quota equivalent to 1 ton of CO₂. Therefore, enterprises will be required to keep emissions from their production and business activities within the allocated quotas. At the end of the two-year period, enterprises that fail to surrender sufficient quotas will face administrative penalties for violations in environmental protection. In addition, any outstanding emission quotas will be directly deducted from the quotas allocated to those facilities in the subsequent phase.

At the same time, the State has introduced flexible mechanisms allowing enterprises to borrow quotas from the next allocation cycle, purchase surplus quotas from other companies, or acquire carbon credits to offset shortages. The carbon market is being activated precisely by these practical demands.

Regarding market participants, Mr. Nguyen Van Minh, Head of the Carbon Market Division (Department of Climate Change, Ministry of Agriculture and Environment), said the first group consists of facilities allocated greenhouse gas emission quotas. The second group includes organizations that own greenhouse gas reduction or carbon sequestration programs and projects, such as afforestation, renewable energy, and waste treatment, which generate carbon credits for sale to interested buyers. The third group comprises organizations engaged in carbon credit trading activities, acting as intermediaries in buying and selling transactions to earn profits and enhance market liquidity.

According to international experience, many countries allow this third group to participate in the trading and exchange of greenhouse gas emission quotas. However, under current Vietnamese regulations, they are only permitted to trade carbon credits. During the pilot phase, the right to trade emission quotas is reserved exclusively for major emitting enterprises that have been allocated quotas.

Establishing ownership of carbon commodity

For the carbon market to operate smoothly, Viet Nam must establish both a National Registration System for greenhouse gas emission quotas and carbon credits (National Registration System) and the carbon exchange.

The National Registration System is regarded as the sole "ledger" recording ownership rights over emission quotas and carbon credits in Viet Nam, with domestic codes and serial numbers. The system will also record ownership transfers of carbon assets following market transactions and certify enterprises’ fulfillment of quota surrender obligations at the end of each allocation cycle.

Data in the National Registration System will be managed by the Ministry of Agriculture and Environment (MAE) and serve as the original database. Relevant authorities will use this data for reconciliation and correction in cases of discrepancies. Facilities allocated quotas will be provided with accounts linked to their tax identification numbers. Once the system is ready for operation, the Department of Climate Change under the MAE will send account issuance notices directly to each enterprise.

For organizations possessing voluntary carbon credits, the required step is to proactively open accounts to register their credits. Whether the credits are intended for domestic trading or transfer to international markets, this is a mandatory procedure to ensure absolute transparency, prevent double counting of emission reduction results, and effectively support Viet Nam’s emission monitoring and inventory.

Providing further details on the trading infrastructure, Mr. Do Thanh Lam, representative of the Department of Legal Affairs under the Ministry of Finance (MOF), said the domestic carbon exchange will operate by leveraging the existing infrastructure of the stock market in order to shorten deployment time, reduce costs, and ensure system security.

Under Decree No. 29/2026/ND-CP on the domestic carbon exchange, the smooth operation of this new marketplace will rely on a clear division of responsibilities among relevant agencies. Specifically, the MAE will be responsible for the state's management of carbon commodities and for handling recommendations and complaints regarding the legal validity of emission quotas and carbon credits circulating on the market. Meanwhile, the MOF will take the lead in guiding and comprehensively supervising all market trading activities.

At the operational level, the Viet Nam Stock Exchange will assume overall management responsibilities, with the Hanoi Stock Exchange directly operating trading sessions. The Viet Nam Securities Depository and Clearing Corporation will provide depository and settlement services for quotas and credits and will account for ownership transfers once transactions are completed.

Securities companies participating in the market will act as intermediary bridges, helping enterprises connect and conduct transactions conveniently through the technical platform. "All carbon commodities must be assigned codes by the MAE on the National Registration System before they are eligible for trading," Mr. Lam emphasized.

Negotiated transactions before order matching

Notably, Decree No. 29/2026/ND-CP on the domestic carbon exchange stipulates that negotiated transactions will be the primary trading mechanism during the pilot phase. The nature of this mechanism differs significantly from the conventional order-matching method used in the stock market.

Under this mechanism, participating parties will independently seek partners, proactively negotiate, and reach prior agreements on prices and volumes of quotas or credits, as well as transfer timelines. Once an agreement is reached, the transaction will be submitted to the exchange through securities companies for confirmation and settlement, with no limits on the number of transactions or the quantity of carbon commodities traded.

As such, the exchange will not function as a price-matching platform, but rather as an "official recording venue" to ensure legality, security, and transparency. This mechanism is considered the most suitable for Viet Nam’s newly established market, which currently includes only 110 enterprises allocated emission quotas and is expected to have low liquidity.

According to experts, it will not be overly complicated for Vietnamese enterprises to access the carbon exchange. Companies with experience in stock market listing or securities trading can quickly adapt to and master this new marketplace thanks to the significant similarities in account management mechanisms and trading methods.

This is considered a "golden period" for enterprises to standardize data infrastructure and build specialized technical teams, thereby transforming compliance pressure into a competitive advantage when the carbon market officially enters full operation from 2029.

From June 4 - 6, 2026, in Cua Lo Ward (Nghe An Province), the MAE, in coordination with the Nghe An Provincial People’s Committee, will organize a series of communication events in response to World Environment Day (June 5), World Oceans Day (June 8), the Environmental Action Month, and Vietnam Sea and Island Week 2026.

1. National Forum on Environment and Climate - From Policy to Action

Time: 8:00 AM, June 5, 2026

Venue: Vinpearl Cua Hoi, Cua Lo Ward, Nghe An Province

Online participation: ID 942 6837 3034. Password: KH0605

2. National Workshop: "Improving Institutions and Policies to Promote Sustainable Marine Economic Development"

Time: 2:00 PM, June 5, 2026

Venue: Vinpearl Cua Hoi, Cua Lo Ward, Nghe An Province

Online participation: ID 934 2999 5099. Password: HT0506

3. Art Program: "Vietnam’s Seas - A Journey of Blue Space"

Time: 8:00 PM, June 5, 2026

Venue: Binh Minh Square, Cua Lo Ward, Nghe An Province

4. Exhibition: Blue Marine Economy - Sustainable Agriculture and Environment

Time: June 4 - 6, 2026

Venue: Binh Minh Square, Cua Lo Ward, Nghe An Province