Under the Government's Resolution No. 235/NQ-CP dated August 14, 2026, the Implementation Agreement under Article 6 of the Paris Agreement on climate change between the governments of Vietnam and Singapore has been approved.

According to the Resolution, the Ministry of Foreign Affairs is tasked with handling the relevant diplomatic procedures and notifying the official effective date of the Agreement in accordance with regulations.

Previously, the Implementation Agreement under Article 6 of the Paris Agreement between the two governments was officially signed on September 16, 2025. This marks a significant step forward in climate cooperation between the two nations, affirming the roles and responsibilities of Vietnam and Singapore in promoting the exchange of greenhouse gas emission reduction results and carbon credits.

The signing of this Agreement underscores the pioneering roles and the commitment to close cooperation between the two countries in the international carbon market, making a substantive contribution to global efforts to combat climate change.

The Agreement establishes a binding bilateral legal framework, creating favorable conditions for Vietnamese organizations and businesses to develop greenhouse gas emission reduction projects and generate carbon credits that meet international standards to be recognized and transferred to Singapore. Details regarding the approval process for carbon credit projects and the list of eligible methodologies will be announced in the near future.

Article 6 of the Paris Agreement is a provision that allows countries to voluntarily engage in international cooperation to reduce greenhouse gas emissions and develop carbon credit markets under the United Nations Framework Convention on Climate Change (UNFCCC). A carbon credit is a certificate representing the reduction of emissions released into the environment.

Singapore is one of the leading nations in carbon credit market development, having implemented its Carbon Pricing Act since 2019 and establishing international exchanges such as CIX and ACX. This cooperation agreement serves as the legal foundation for Vietnamese enterprises to register emission reduction projects and generate carbon credits, opening up new sources of climate finance while encouraging investment in advanced technology, sustainable agriculture, and the transition toward a circular economy.

The partnership between Vietnam and Singapore will contribute to driving greenhouse gas emission reduction activities and attracting international capital flows into Vietnam. It is expected to bring practical benefits to local communities, help Vietnam enhance energy security, minimize environmental pollution, and achieve sustainable development goals.