Program Overview
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Viet Nam has taken major steps to operationalize carbon pricing as part of its climate strategy. The country approved its national roadmap for implementing a domestic carbon market in January 2025, supporting its commitment to reach net-zero emissions by 2050. The roadmap mandates a pilot Emissions Trading System (ETS) launch in June 2025, with full implementation by 2029. Under Decision No. 232/QD-TTg, the Ministry of Natural Resources and Environment (MONRE) is responsible for developing the ETS and the national Measurement, Reporting, and Verification (MRV) system, while Decree 06/2022/ND-CP requires emissions inventories from key sectors starting in 2025.
The country’s regulatory framework for ETS is being developed by the Ministry of Agriculture and Environment and is leading efforts on the MRV system under Decision No. 232/QD-TTg. Decree 06/2022/ND-CP further mandates emissions inventories across high-emitting sectors starting in 2025. The PMI program, currently undergoing restructuring to optimize execution, continues to provide technical support including guidance on the national carbon registry. A formal request from the government, received in May 2025, assigns the Department of Climate Change as the focal point for implementation planning.
Objectives & Activities
The PMI Program in Viet Nam supports the country in implementing carbon pricing instruments by providing technical assistance on:
- ETS design and pilot implementation: Supporting the establishment and rollout of Viet Nam’s pilot ETS, including regulatory design, cap-setting methodologies, allocation rules, and compliance infrastructure
- The development of a national crediting program: Providing technical inputs to operationalize a domestic crediting mechanism aligned with international carbon market standards and readiness on Article 6 of the Paris Agreement
- Guidance on national registry development: Delivering advisory support on the development and implementation of a national carbon registry to track allowances and crediting activities
- Support for international market participation: Assisting Viet Nam in preparing for engagement in international carbon markets, including identifying eligible mitigation activities and institutional readiness
- Capacity building and stakeholder engagement: Engaging key ministries, private sector actors, and civil society through structured dialogue, training, and public communication to support ETS rollout and market transparency
Additional Resources
- National Strategy for Climate Change until 2050
- Decision No. 232/QD-TTg of the Prime Minister: Approving the Project on Establishment and Development of Carbon Market in Vietnam
- Decree No. 119/2025/ND-CP of the Government: Amending and supplementing a number of articles of Decree No. 06/2022/ND-CP (January 7, 2022)
