Vietnamese businesses are being urged to embrace green technologies and generate carbon credits to enhance their competitiveness and innovation. This push towards sustainability comes as Vietnam prepares to enter the global carbon credit market.
Agricultural landscape of Vietnam. AI generated picture.
Dr Nam Nguyen, a UN greenhouse gas inventories review expert and general director of KLINOVA Climate Innovation Consulting and Services JSC, noted the increasing interest of Vietnamese enterprises in this burgeoning market. However, the lack of specific greenhouse gas emission quotas creates uncertainty for businesses, leaving them unclear on whether they need to buy or can sell carbon credits.
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Vietnam’s roadmap for carbon market development includes trialling a carbon credit exchange in 2025, with full integration planned for 2028. This will align Vietnam with regional and global markets. In the meantime, businesses are encouraged to proactively generate carbon credits in preparation for market entry.
The country is well-positioned to produce carbon credits, especially from its forests, agricultural, and energy sectors. However, businesses need to adopt sustainable practices, invest in clean technologies, and transition to green supply chains to tap into this potential.
Dr Nam emphasised that generating carbon credits is a long-term commitment, requiring at least three years to yield results. Businesses must register their projects with environmental authorities, conduct thorough greenhouse gas inventories, and receive emission quotas from the government.
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By taking these steps, Vietnamese businesses can better prepare for the upcoming carbon market, ensuring a more sustainable and competitive future.
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