Vietnam officially launches its Carbon Exchange: An important stepping stone towards Net Zero 2050.
After a long period of preparation in terms of legal, technical, and infrastructure aspects, Vietnam has officially launched its domestic carbon exchange – a milestone marking the formation of the country's first organized carbon market. This is not simply the creation of a new exchange, but also a clear signal that Vietnam is entering the phase of realizing its commitment to net zero emissions by 2050 through concrete economic tools.
From commitment to action
Over the years, climate change and emission reduction targets have gradually become an integral part of the national development strategy. However, to translate commitments made at international conferences into practical action, Vietnam needs a sufficiently robust economic mechanism – and the carbon market is the answer.
Mr. Nguyen Anh Phong, Chairman of the Hanoi Stock Exchange (HNX), stated that
The launch of the domestic carbon exchange is not just a technical step, but also links environmental protection responsibility with the economic interests of businesses themselves, ensuring the sustainable development of the nation.
To date, the information technology system connecting the parties involved, including HNX, VSDC, the Climate Change Department, and the designated bank BIDV, has been tested and is operating stably and smoothly.
Experience from developed economies shows that carbon markets are one of the most effective mechanisms for attracting investment into green technologies and accelerating the energy transition.
Opening ceremony of the domestic carbon exchange. Photo: An Chi - VnEconomy
The legal framework is firmly established.
In order for the exchange to operate on schedule, the Government and relevant ministries and agencies have made efforts to complete the legal framework in a short period of time, with many important documents being issued consecutively.
In early 2026, the Prime Minister signed Decision No. 263/QD-TTg approving the pilot greenhouse gas emission quota for the 2025-2026 period. Subsequently, Decree No. 112/2026/ND-CP was issued in April 2026, aiming to complete the legal framework for the international transfer of carbon credits, thereby connecting the domestic market with global carbon mechanisms.
On the administrative side, the Ministry of Agriculture and Environment issued Circular No. 11/2026/TT-BNNMT, creating the legal basis for the National Registration System on Emission Quotas and Carbon Credits. The Ministry of Finance also got involved by issuing Circular No. 48/2026/TT-BTC, clearly stipulating the transaction monitoring mechanism and reporting responsibilities of market infrastructure operators, including the Vietnam Stock Exchange (VNX), the Vietnam Securities Depository and Clearing Corporation (VSD), and the State Securities Commission.
In particular, Decree No. 29/2026/ND-CP on the operation of the carbon exchange is considered the foundational document that directly coordinates all activities of this market.
Pioneering businesses
During the pilot phase, which runs until 2028, the "first ticket" to the official carbon market will be granted to 110 large-scale emitters in three key industrial sectors: thermal power, iron and steel production, and cement. These entities will be allocated emission quotas based on greenhouse gas inventories, paving the way for market expansion in subsequent phases.
According to the Climate Change Department (Ministry of Agriculture and Environment), 92 enterprises are permitted to trade greenhouse gas emission quotas allocated for the 2025-2026 period. These include steel, cement, and thermal power companies such as Vicem Tam Diep Cement, Bim Son Cement, Nghi Son Cement, Vicem Hoang Mai Cement, Formosa Ha Tinh Hung Nghiep Steel Company, Vina Kyoeil Steel, Pomina 2 Steel, Southern Steel, Hoa Phat Dung Quat Steel, Viet-Italy Steel, Vietnam Electricity Group, and Ho Chi Minh City Power Corporation…
Mr. Nguyen Thanh Cong, Deputy Head of the Carbon Market Department (Climate Change Agency), said that the legal framework is now sufficient for businesses to gradually participate in the market. The important thing now is for each business to proactively understand its rights, obligations, and transaction procedures to maximize the opportunities that the carbon market offers.
Great opportunities, but also significant challenges.
The first carbon quota code listed on the Vietnamese carbon exchange was VN2025. In the first trading session, the closing price of this quota code reached 130.000 VND/tCO₂e, which was also the lowest price of the session. The highest price recorded was 136.000 VND/tCO₂e, corresponding to a daily fluctuation range of 6.000 VND/tCO₂e, equivalent to about 4,6% compared to the closing price.
In terms of liquidity, the trading session recorded a trading volume of 1.210 tCO₂e, with a total transaction value of VND 161,66 million. Based on the trading volume and value, the estimated average trading price was approximately VND 133.600/tCO₂e, higher than the closing price. This development indicates that some transactions were executed at higher price levels during the session, before the price closed at its lowest point of the day.
A new chapter in the green economy.
The establishment of a domestic carbon exchange is a testament to Vietnam's determination not only to fulfill international climate commitments but also to transform environmental pressures into drivers of economic development. This is the beginning of a long journey – a journey to build an economy where growth and sustainability are no longer opposing concepts, but rather go hand in hand and complement each other.