Vietnam Carbon Market Development
By Thang Do
Snapshot
Status: Transitioning from design → pilot implementation
Market type: Emissions Trading Scheme (ETS) + carbon credits
Launch timeline:
Pilot: 2026–2028
Full operation: from 2029
Lead agencies: Ministry of Agriculture & Environment (MAE), Ministry of Finance
Trading platform: Hanoi Stock Exchange
Why it matters
Supports Vietnam’s net-zero 2050 commitment
Helps firms respond to EU CBAM and global carbon rules
Creates new fiscal space for green investment
Positions Vietnam as an ASEAN leader in carbon market design
Policy Architecture (at a glance)
Core legal foundation
Law on Environmental Protection (2020)
Decree 06/2022 (GHG mitigation & carbon market rules)
Recent key updates
Decision 232/QĐ-TTg (2025): National carbon market roadmap
Decision 13/2024/QĐ-TTg: Expanded mandatory GHG inventory sectors
Decree 29/2026/NĐ-CP: Establishes domestic carbon exchange
System backbone
Mandatory MRV (over 2,000 firms)
National registry + trading platform
Integration with financial market infrastructure
Timeline: Vietnam Carbon Market Rollout
2012–2020 Policy foundations (carbon credits, climate strategies)
2020 Legal basis (LEP 2020)
2022 Decree 06 + GHG inventory system
2024 Expanded sector coverage (Decision 13)
2025 Carbon market master plan approved (Decision 232)
2026 Trading rules formalised (Decree 29)
2026–2028 Pilot ETS + exchange platform
2029 → Full national carbon market
How the market will work
Pilot phase (2026–2028)
Selected sectors participate
Free allocation of emission quotas
Trial trading of:
Domestic carbon credits
International credits (Article 6, CDM, JCM)
Build MRV, registry, and trading systems
Full phase (from 2029)
Nationwide ETS
Mix of:
Free allocation
Auctioning of allowances
Expanded sector coverage
Potential linkage with international markets
Market infrastructure
Trading: Hanoi Stock Exchange
Registry & settlement: Vietnam Securities Depository
Payments: Commercial banks
Governance: Centralised, state-managed system