Decree No. 232/QD-TTg establishes Vietnam’s national carbon market, with a pilot phase from 2025 to 2028 and full operations starting in 2029. The decree aims to support the country’s greenhouse gas reduction targets while promoting financial flows to carbon projects and enhancing corporate competitiveness.
The market will operate under a centralised model, with trading on the Hanoi Stock Exchange and oversight by the Vietnam Securities Depository and Clearing Corporation. Two types of carbon credits are defined: (1) credits from Japan’s Joint Crediting Mechanism, the voluntary market, and Article 6 of the Paris Agreement, and (2) carbon quotas under the national emissions trading system, allocated freely or via auctions.
Five intergovernmental groups will manage key aspects of implementation, ensuring structured market development and preventing unregulated trading.
