The announcement was made by Nguyen Tuan Quang, deputy director general of the Department of Climate Change under the Ministry of Agriculture and Environment, at a workshop on encouraging international carbon credit cooperation to support national and corporate emissions reduction commitments on June 12.

Photo: Tinnhanhchungkhoan.vn

According to Quang, the development of a carbon market is a key instrument for helping Vietnam achieve its net-zero emissions target by 2050.

“A carbon market is not only an economic tool to pull in investment into green and clean technologies, but also an important mechanism to encourage businesses to reduce emissions,” he said.

Quang noted that the global carbon credit market is expanding rapidly and is expected to reach a value of $24 billion by 2030, creating significant opportunities for countries and businesses that are prepared to participate.

He added that Vietnam’s decision to launch its domestic carbon exchange later this month, following coordination with the Ministry of Finance and other agencies, represented an important milestone in implementing the country’s international climate commitments.

“Raising awareness and strengthening capacity among the business community is essential to turning carbon market opportunities into tangible economic benefits,” Quang said, adding that government agencies would continue supporting enterprises in overcoming technical and regulatory barriers.

Nguyen Thanh Cong, deputy head of the Carbon Market Division under the Department of Climate Change, said the legal framework for operating the market has largely been completed, particularly following the issuance of Decree No.112/2024/ND-CP.

The decree establishes regulations governing the international exchange of emissions reduction outcomes and carbon credits, providing businesses with greater clarity on the legal framework, as well as their rights and obligations when participating in international carbon markets.

“The new regulations place particular emphasis on transparent data management and the application of corresponding adjustment mechanisms to prevent the double counting of emissions reductions,” Cong said.