Ha stressed that the market is an opportunity for Vietnam to switch to an appropriate development model in the future.

Therefore, the project needs to contain updates on global policies and agreements as well as strategies and plans that have been issued with the orientations on climate change response, just energy transition, and greenhouse gas emission reduction.

Deputy Prime Minister Tran Hong Ha speaks at a meeting on the establishment of the market in Vietnam held in Hanoi on January 8. (Photo: VNA)

This move contributes to the preparation of major global policies on reducing greenhouse gas emissions, allocating emission quotas, exchanging carbon credits, and creating green financial resources for businesses to innovate technology, he stated.

According to a report delivered by Deputy Minister of Finance Le Tan Can, the carbon credit market in Vietnam is built in accordance with the practical conditions and development orientations of the country, commitments to greenhouse gas emission reduction, and the trend of the global market. The market will contribute to making the most of the resources of domestic economic sectors in participating in activities to reduce greenhouse gas emissions.

The project aims to ensure that the domestic carbon credit market operates fairly, openly, and effectively, and in accordance with international conditions and practices. It will harmonise the interests of entities in the market, and increase economic development with low carbon emissions and sustainable development.

Commodities in the carbon credit market in Vietnam include greenhouse gas emission quotas and carbon credits certified to be traded in the domestic market by the Ministry of Natural Resources and Environment.

Source: nhandan.vn