From 2025 to 2028, Vietnam will implement a nationwide pilot for its carbon market, but will not sell carbon credits abroad during this period, according to the latest draft proposal.

According to experts, the sooner the carbon market is organised, the more beneficial it will be for Viet Nam, helping us implement green strategies not only domestically but also globally.

As Vietnam considers implementing a carbon tax, experts are divided over its potential benefits and drawbacks. While some believe it will help reduce emissions, others warn of potential economic harm.

A stable political regime, high potential for carbon market, and the 16th global position in biodiversity are Vietnam's advantages in the world carbon credit market.

In the 2025-2028 period, the carbon market will be piloted nationwide, carbon credits will not be sold abroad.

Vietnam is capable of selling some 40 million carbon credits for a revenue of US$200 million annually, the Department of Forestry has calculated.

Vietnam is capable of selling some 40 million carbon credits for a revenue of 200 million USD annually, the Department of Forestry has calculated.

Participation in the carbon market is an opportunity for organizations and businesses to transform to green production, so many businesses are starting to pay attention.

Vietnam will soon perfect its legal framework for the future sale of carbon credits after the Southeast Asian country has sold 10.3 million forest carbon credits.

The challenges presented by the carbon credit market were the main talking points of a meeting on January 24.

2023 marked a significant milestone for the forestry sector as Vietnam successfully sold 10.3 million forest carbon credits (10.3 million tonnes of CO2) for the first time through the World Bank (WB) for US$51.5 million.

The formation of a carbon credit market is part of Vietnam's commitment to net-zero emissions and the use of economic tools to manage enterprises’ greenhouse gas emissions.

The Ministry of Agriculture and Rural Development (MARD) has reported to the government about the signing of documents on transferring 10.3 million tons of CO2 to the World Bank which will bring turnover of VND1.25 trillion.

For the first time Vietnam has sold 10.3 million forestry carbon credits (10.3 million tonnes of carbon dioxide CO₂) this year, bringing in US$51.5 million, according to the Ministry of Agriculture and Rural Development (MARD).

Vietnam is learning from international experiences to develop a carbon market to ensure its appropriateness to the country’s legal framework and infrastructure system.

By late 2022, about 29.4 million carbon credits have been created in the country under CDM and 10 million under GS and VCS.

The domestic carbon credit market will not launch until 2028, yet there is now a huge potential of benefits from a great number of buyers and sellers.

This initiative aims to boost centralisation, transparency, and overall efficiency in managing related transactions, according to Tang The cuong, Head of the Department of Climate Change under the Ministry of Natural Resources and Environment.

Vietnam is expected to collect US$200 million from selling certificates of forest carbon credits.