If businesses don’t reduce carbon emissions, their exports to the EU will face a new kind of tax, which would make products more expensive, thereby affecting their competitiveness in the market.

The prime minister has assigned relevant ministries and agencies to compile a draft regulation introducing the forest environment and CO2 indexes in accordance with the regulation that localities developing industrial projects 

The Ministry of Natural Resources and Environment, in coordination with the World Bank, held a Final Workshop for the “Vietnam Partnership for Market Readiness” project in Hanoi on December 29. 

EU environment ministers are bracing for a tough debate to find a compromise on reforms to the carbon market, EU sources said, with nations split over how to balance climate ambitions with protection for energy-intensive industry.

VietNamNet Bridge - Vietnam now ranks 31st in the world in greenhouse gas emissions (GHG). Its GHG intensity per capita is lower than the average global level, but the intensity of emissions per one unit of GDP is higher.

 VietNamNet Bridge – The PM has recently approved a World Bank-funded technical support project on building a carbon market in Viet Nam.

VietNamNet Bridge – Prime Minister Nguyen Tan Dung has approved a project worth US$3.6 million to help Viet Nam to build its own carbon market following an application from the Ministry of Planning and Investment. 

 It is vital for Vietnam to design a master plan with short- and long-term targets for the country’s participation in the global carbon market, as emphasised at a seminar held in Hanoi on March 5.

VietNamNet Bridge – Vietnam has been implementing a lot of CDM (clean development mechanism) projects with 164 projects recognized by the international community, ranking the fourth in the world.