Vietnam has much to do as it works to establish a carbon credit market. (Photo: iStock)
Vietnam is expected to start piloting its carbon trading market in 2025, with carbon emission control and trading measures for high-emission sectors such as cement, steel, and transportation also set to take effect that year.
The Ministry of Agriculture and Rural Development (MARD) estimates that the country's annual carbon trading revenue could reach $300 million. However, compared to other advanced countries, Vietnam still faces many challenges in establishing a comprehensive carbon market.
Vietnam's carbon trading estimated annual revenue of $300 million
In 2023, Vietnam successfully sold 10.3 million carbon credits, valued at approximately $51.5 million. This achievement marked the first instance in the East Asia-Pacific region and placed Vietnam among the top 15 countries globally capable of selling carbon credits. This success has injected vitality into local carbon credit development, driving forest carbon credit development and prompting Ho Chi Minh City to implement energy-saving plans.
