The Vietnamese government published on Tuesday a new decree on greenhouse gas (GHG) emissions and ozone layer preservation, outlining the framework of the Environmental Protection Law and proposes to build up and pilot run a carbon trading scheme from 2025.
The government will work toward regulating the management of carbon credits, the exchange of GHG emission quotas and carbon credits, and the operation of a carbon credit market from now until the end of 2027.
It will also conduct a pilot mechanism for trading and balancing carbon credits in potential areas, guide the implementation of domestic and international carbon credit exchange, and balance mechanisms in compliance with Vietnamese laws and international treaties.
The carbon trade exchange is scheduled to become operational in 2028. During this time, the government is poised to push up efforts to build capacity and increase awareness of the development of carbon market.