On the afternoon of October 29 in Hanoi, Green Climate Innovation Company Limited (GreenCIC), serving as the lead contractor of the selected consortium for the Technical Support for Development and Impacts Assessment of Carbon Credit and Allowance Governance Mechanism in Vietnam, successfully coordinated the Inception Workshop in collaboration with the Department of Climate Change (DCC) under the Ministry of Natural Resources and Environment (MONRE), the Southeast Asia Energy Transition Partnership (ETP), and other partners.
The workshop gathered over 150 participants, both online and in person, including leaders from the DCC, representatives from the Ministry of Finance (MOF), the Ministry of Construction (MOC), the Vietnam Chamber of Commerce and Industry (VCCI), universities, research institutes, and representatives from major emitting businesses in Vietnam.
Photo: Workshop Participants
In his opening remarks at the workshop, Mr. Nguyễn Tuấn Quang, Deputy Director General of the Department of Climate Change under the Ministry of Natural Resources and Environment, stated that 70 countries and territories have now implemented carbon pricing mechanisms, covering approximately 11 billion tons of carbon, which accounts for 20% of global emissions.
Vietnam is also in the process of preparing for its domestic carbon market, following the roadmap outlined in the Law on Environmental Protection and Decree No. 06/2022/NĐ-CP. By June 2025, Vietnam plans to allocate emission allowances and conduct a pilot phase for its Emissions Trading System (ETS).
Mr. Quang emphasized that this **Technical Support** initiative plays a crucial role in assessing potential impacts and preparing for the pilot phase. He also acknowledged the high quality of the consulting team involved in the project and expressed his hope that the research team would provide valuable findings and recommendations for Vietnam..
Photo: Mr. Nguyễn Tuấn Quang, Deputy Director General of the Department of Climate Change
Representing the Southeast Asia Energy Transition Partnership (ETP), Mr. John Robert Cotton, ETP Program Manager, also emphasized the importance of this Technical Support initiative in providing research-based recommendations to support the design and development of Vietnam's carbon market.
At the workshop, Mr. Phạm Nam Hưng, an official from the Department of Climate Change, provided updates on Vietnam's regulations for managing the domestic carbon market and international carbon credit trading. His presentation included proposed amendments and additions to Decree No. 06/2022/NĐ-CP, covering key aspects such as greenhouse gas inventory, allocation of emission allowances, and mechanisms for carbon credit trading and offsetting to prepare for the upcoming carbon market.
Dr. Robert Ritz from the University of Cambridge shared Europe’s lessons on the design and management of the Emissions Trading System (ETS). He also highlighted a case study on the application of carbon taxation in the UK’s power sector, which led to a 26% reduction in CO₂ emissions from electricity generation in just three years.
Mr. Frederic Gagnon-Lebrun, an expert from South Pole Group, shared international experiences in managing and assessing the impact of international carbon credit transactions. He emphasized that to attract investment and ensure transparency, Vietnam should simplify the rules and procedures for carbon credit trading while establishing a clear management system for carbon credits traded on the market.
Ms. Nguyễn Hồng Loan, Director of Green Climate Innovation Company Limited (GreenCIC) and lead consultant, provided an overview of the Technical Support initiative and the approach to identifying management options for emission allowances and carbon credits in Vietnam.
The Technical Support is expected to run until September 2025, delivering seven key outputs focused on assessing the impact of the domestic carbon market and international carbon credit transactions. In addition to this Inception Workshop, the initiative will include two stakeholder consultation workshops and a final workshop.
Photo: Ms. Nguyễn Hồng Loan, Director of GreenCIC, Lead of Consultant
During the workshop, delegates focused on discussions related to policies for managing and supporting carbon credit projects, the roadmap for implementing the carbon market in the coming period, and methods to ensure the accuracy and reliability of data for the impact assessment model.
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Photo: GreenCIC representatives attending the workshop
The inception workshop marks an important beginning for the implementation of the Technical Support initiative on assessing the impact of the ETS and carbon credits in Vietnam. This initiative aims to support the development and operation of Vietnam’s carbon market in the coming period.
Khánh Linh
