Establishing a Carbon Market in Vietnam

Viet Nam reiterated its steadfast commitment to the fight against climate change at the COP27 conference, as well as its message to “practice what you preach.” One of the main topics is, in particular, lowering greenhouse gas emissions. Viet Nam has published a legal framework to establish a foundation for the fully and closely attended development of a carbon market in order to adhere to the roadmap as committed. Viet Nam is only testing a few different carbon credit models, though. It is necessary to modify the relevant mechanisms and policies in order for the carbon market to function in accordance with the market mechanism. This chapter provides a general overview of the “carbon market” in Viet Nam, outlining its legal framework, regulatory agencies, and current state of development. The Vietnamese carbon market’s challenges, difficulties, and other issues are also discussed. The chapter concludes with some recommendations for enhancing and expanding Viet Nam’s carbon market in the future.