(VOVWORLD) -Prime Minister Pham Minh Chinh on Friday approved the Project on Establishing and Developing a Carbon Market in Vietnam.
The project’s overall goal is to develop a carbon market in Vietnam, contributing to the achievement of greenhouse gas (GHG) emission reduction targets committed under the Nationally Determined Contributions (NDC) at the lowest cost for businesses and society.
It aims to generate new financial streams for GHG emission reduction activities; promote green transitions and the development of low-emission technologies; enhance the competitiveness of Vietnamese businesses both domestically and globally; and foster the development of a low-carbon economy and proactively address climate change toward achieving net-zero emissions by 2050.
Under the project by June 2025 Vietnam will gradually build and complete the legal framework for the exchange of GHG emission quotas, carbon credits, and mechanisms for carbon credit trading and offsetting to ensure the legal basis for piloting a carbon trading platform and developing the necessary infrastructure to facilitate the operation of the carbon market.
It also focuses on enhancing the management and operational capacity of government agencies overseeing the carbon market, as well as improving the readiness, capacity, and awareness of businesses, organizations, and individuals to actively participate in the carbon market.