Decision No. 232/QD-TTg of the Prime Minister on Approval the Scheme for Establishing and Developing a Carbon Market in Vietnam.

This Vietnam’s Prime Minister Decision No. 232/QD-TTg approved the Scheme for Establishing and Developing a Carbon Market to help fulfill national and international greenhouse gas (GHG) reduction commitments, including net-zero emissions by 2050. The carbon market will be developed in three phases: (1) by mid-2025, Vietnam will finalize the legal framework, build necessary infrastructure, and prepare institutions and stakeholders for participation; (2) from 2025 to 2028, a pilot domestic carbon trading floor will be operational, allowing for limited trading of GHG emission quotas and carbon credits; and (3) from 2029 onward, the carbon market will operate officially nationwide, including broader participation and possible linkage with global markets. Trading will involve emission quotas allocated to large emitters and certified carbon credits from both domestic and international mechanisms (e.g., CDM, JCM, Paris Agreement Article 6).
To support implementation, the Scheme outlines strategies including establishing a national registry and trading floor (led by the Hanoi Stock Exchange), defining eligible participants, certifying carbon credits, and setting rules for auctioning, transfer, and settlement. The Ministry of Natural Resources and Environment leads coordination with other ministries, local governments, and private stakeholders. The Scheme emphasizes institutional capacity-building, legal reforms, and awareness-raising, with funding drawn from the state budget and other lawful sources to ensure transparent and efficient market operation.