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Laws and Policies

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Decree No, 29/2026/ND-CP

Decree No. 29/2026/ND-CP establishes the formal legal, institutional, and operational framework for Vietnam’s domestic carbon exchange, governing the registration, issuance of domestic codes, ownership transfer, custody, trading, and settlement of greenhouse gas (GHG) emission quotas and carbon credits.

Institutional Arrangements
- Ministry of Agriculture and Environment (MoAE): Operates the National Registration System, registers quotas and credits, issues domestic codes, and manages the central database of owners. It also notifies the list of eligible tradable commodities.
- Hanoi Stock Exchange (HNX): Organises and operates the carbon trading system. It is responsible for monitoring trades, providing transaction results for settlement, and may suspend or resume trading activities when necessary.
- Vietnam Stock Exchange (VNX): Acts as the supervisor for the HNX; it issues operational regulations and monitoring criteria and oversees the conduct of carbon trading members.
- Vietnam Securities Depository and Clearing Corporation (VSDC): Provides custody, clearing, and settlement services.
- State Securities Commission (SSC): Oversees market conduct, selects settlement banks, and coordinates with the MoAE to inspect and supervise the exchange's operations.

Trading and Account Structure
- Mandatory Registration: All GHG quotas and carbon credits must be registered on the National Registration System before they can be deposited or traded on the exchange
- Eligible Instruments: Only quotas and credits approved under Decree No. 06/2022/ND-CP (as amended by Decree No. 119/2025/ND-CP) are eligible for trading.
- Account Requirements: Participants are restricted to using one securities trading account and one securities custody account with authorised members specifically for carbon transactions.

Settlement and Payment
- Instant Settlement: Transactions are settled on the same trading day using an "instant settlement per transaction" method.
- Delivery-versus-Payment (DvP): Payments are processed through approved settlement banks simultaneously with the transfer of quotas/credits between accounts.

Membership and Participation
- Authorised Members: Only licensed securities companies meeting technical and operational requirements set by the VNX and VSDC can act as carbon trading or depository members.
- Monitoring and Reporting: Members are subject to continuous oversight and must report suspicious transactions or technical failures to the relevant authorities.

Fees and Pilot Phase
- Pilot Phase: A pilot operation period is established until 31 December 2028.
- Fee Waiver: During the pilot phase, HNX, VNX, and VSDC are prohibited from charging service fees for carbon market activities.
- Post-Pilot Fees: From 1 January 2029, service fees may be introduced as per standard legal regulations.

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

Compulsory, required payments to the government that are levied more-or-less in proportion to the services provided. Fees and charges range from entrance fees to national parks, charges on land-based sewage discharge.

A financial institution that manages a country's currency and can promote climate-related initiatives through green monetary policy and other means.

Either money or something of monetary value is transferred between two or more organisations, people or countries.

Any compulsory, unrequited payment to the government levied on corporations or individuals. This can be for environmental reasons, such as introducing a Carbon tax to set a price that emitters must pay for the greenhouse gases they emit.

This sector involves the wholesale and retail selling of goods.

This sector provides medical services, manufactures medical equipment, and develops pharmaceuticals to maintain and improve health.

the fair distribution of risks and opportunities of climate change and the transition to a regenerative economy, cognisant in particular of disproportionate impacts on vulnerable communities and the working class

Procedural justice means ensuring that decision making is fair and inclusive, emphasizing the agency and influence of vulnerable groups and those most impacted.

Decree No, 29/2026/ND-CP

Policy instrument

Economic sector

Finance