In an effort to fulfill international commitments on climate change, particularly the goal of achieving net-zero emissions by 2050, Viet Nam is gradually developing and improving its legal framework for domestic carbon market. The initial legal foundation was established through Environmental Protection Law 2020, which outlines the organization and development of the carbon market in Article 139. Subsequently, preliminary regulations on the carbon market were provided in Decree 06/2022/ND-CP on Greenhouse Gas emission reduction and ozone layer protection. To further specify the roadmap for the carbon market’s development, the Prime Minister issued Decision 232/QD-TTg on January 24, 2025, approving the Scheme for Developing the Carbon Market in Viet Nam. Based on these foundational legal documents, the Ministry of Finance has drafted the Decree on domestic carbon trade exchange with the following key points related to carbon trade exchange:
(i) Classification of two types of tradable commodities on the carbon trade exchange;
(ii) The participants eligible to engage in trading on the carbon trade exchange;
(iii) Details of the organizational, management, and operational systems to serve the domestic carbon trade exchange;
(iv) Specific regulation on execution of transactions of Greenhouse Gas Emission Quotas and Carbon Credits by trading participants.
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