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According to the Vietnamese News Agency reported on November 23, 23 afternoon, the Ministry of Foreign Affairs, the Ministry of Natural Resources and Environment of Vietnam and the Organization for Economic Cooperation and Development (OECD) jointly held the "carbon market development international experience and policy recommendations for Vietnam" international seminar in Hanoi.

According to the report, in the context of green transformation, the development of low-carbon circular economy has become an inevitable trend, and the construction, operation and development of carbon markets are increasingly important tools. To this end, the seminar focused on international experience in the development of carbon markets and recommendations for Vietnam, including improving policies, improving the quality of human resources and infrastructure, and strengthening international cooperation mechanisms.

Speaking at the opening ceremony of the seminar, Deputy Foreign Minister Nguyen Minh Woo stressed that the development of a green financial market with the carbon market as the key is the "key" to the successful green transition. However, this is not easy for developing countries without uniform green regulations and standard quality systems.

Nguyen Tuan Quang, Deputy Director General of the Climate Change Department of the Ministry of Natural Resources and Environment, said that Vietnam has issued several important strategic documents on green growth and sustainable development, including a roadmap for the development of carbon pricing tools, especially the market for compliant carbon pricing tools. Vietnam plans to speed up the formulation of regulations on carbon credit management and greenhouse gas emission credit exchange activities, guide the implementation of domestic and international carbon credit exchange and offset mechanisms in accordance with international laws and treaties, and strive to pilot a carbon credit trading platform by 2025.

OECD representatives praised the efforts of the Vietnamese government to promote green growth and sustainable development, and were impressed by the net-zero emission commitment made at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26), noting that Vietnam's carbon market has great potential for development. Vietnam's public sector is better prepared, but it still needs to focus on promoting multi-stakeholder participation, strengthening cooperation between government, industry, universities and research institutes, and creating conditions for the development of carbon market supply and demand, especially promoting the active participation of the private sector.

The participants said that the Vietnam compliant carbon market is in the construction stage, and Vietnamese companies have been exchanging carbon credits on the world voluntary carbon market for 20 years. To date, Vietnam has received 40.2 million carbon credits for 150 projects, making it one of the four countries with the highest number of registered investment projects under the CDM.

Experts stressed the need to establish a high-quality carbon database system to determine the basis of greenhouse gas emission credits for enterprises, and the need to combine various flexible methods and tools such as the Clean Development Mechanism, the common credit mechanism, mandatory and voluntary markets.