Vietnam's carbon market to finalize legal framework by June

The Vietnamese carbon market is expected to be fully operational by 2029. (Photo: iStock)

Vietnam’s carbon market is gradually taking shape as Prime Minister Pham Minh Chinh officially approves the national blueprint, establishing both mandatory and voluntary markets, with full implementation expected by 2029. The aim is to fulfill the country's Nationally Determined Contributions (NDC) and achieve net-zero emissions by 2050.

Vietnam's carbon market to progress in two phases

Under the plan, the government has set two-phase objectives to gradually launch carbon market trading. The first phase, set to be completed by June of this year, involves finalizing the legal framework for emissions quotas, carbon credit trading, and offset mechanisms, while prioritizing infrastructure development and capacity building to prepare government agencies and businesses for carbon market participation.