TẠP CHÍ ĐIỆN TỬ
Vietnam targets power, steel, cement for carbon market trial
Approximately 200 businesses are expected to be included during this phase.
Under a proposal, some 200 businesses from three key industries — thermal power, iron and steel, and cement — will be listed as first participants in the initial pilot phase of Vietnam's carbon market.
Speaking at the consultation workshop "Assessing the Impact of Vietnam's Domestic Carbon Market during the Pilot Phase" on April 16, Mr. Nguyen Tuan Quang, Deputy Director of the Department of Climate Change under the Ministry of Agriculture and Environment, highlighted the importance of carbon pricing tools in achieving global climate response goals.
Among these tools, the Emissions Trading System (ETS), also known as the compliance carbon market, has been identified as an effective solution by many countries, including Vietnam.
Mr. Quang noted that Article 139 of the 2020 Law on Environmental Protection mandates the "organization and development of the carbon market." Based on this provision, the Government issued Decree No. 06/2022/ND-CP to regulate greenhouse gas emissions reduction and ozone layer protection. An amended and supplemented version of Decree 06 is currently under consideration.
Detailed regulations for the organization and development of the carbon market have been established, outlining a specific roadmap with a pilot phase running until the end of 2028 and official operations commencing in 2029.
Mr. Quang emphasized that the stability of production activities in the participating industries — iron and steel, thermal power, and cement — is a prerequisite for the effective operation of the carbon market. Proposed ETS options must ensure the continuity of production processes in these industries.
To support the carbon market's operation, essential infrastructure and capacity are required, including a national registry system, a trading platform, and an MRV (Measurement, Reporting, Verification) system. Mr. Quang stressed the importance of identifying urgent technical support and capacity-building needs to ensure businesses and regulatory agencies are ready to participate effectively in the pilot phase of the market.
