HCMC – The Ministry of Agriculture and Environment has been designated as the sole authority responsible for issuing and managing domestic codes and serial numbers for greenhouse gas emission quotas and carbon credits on Vietnam’s national registry system.

Under the new regulations, all information related to account holders, credit volumes, status and transaction history will be centrally and uniformly stored to ensure transparency, security and data safety. The rules apply to units under the ministry, the Vietnam Securities Depository and Clearing Corporation (VSDC), stock exchanges including the Vietnam Exchange (VNX) and Hanoi Stock Exchange (HNX), as well as organizations and entities allocated emission quotas or operating projects registered under carbon credit exchange and offset mechanisms in Vietnam. The regulations are outlined in a newly issued circular governing the management and operation of the national registry system for greenhouse gas emission quotas and carbon credits. The circular aims to detail steps for developing Vietnam’s carbon market under Government Decree No. 06/2022/ND-CP and Decree No. 119/2025/ND-CP on greenhouse gas emission reduction and ozone layer protection. The issuance of the regulations establishes a unified legal framework to control the circulation of carbon credits and support centralized management and consistent market operations. Under the operational mechanism, the new system will ensure stable coordination and data connectivity between the national registry system and carbon trading, depository and settlement systems. Notably, all requests arising from registry accounts must be authenticated through the electronic identification and verification platform of the National Public Service Portal. Transactions verified through the system will carry the same legal validity as documents signed by the lawful representatives of account holders, helping simplify administrative procedures for businesses. Regarding registration procedures, the circular stipulates a strict timeline of five working days for updating information on the system. For carbon credits generated under domestic exchange and offset mechanisms, the Ministry of Agriculture and Environment must complete registration within five working days from the date it receives notification from the relevant sectoral authority or from the issuance date of the approval decision. The same five-working-day timeline will apply to carbon credits issued under Article 6.2 and Article 6.4 mechanisms of the Paris Agreement, calculated from the date the system receives notification from international issuing organizations. During the pilot phase through 2028, the first participants allowed to join the market are 110 major emitters in thermal power, steel and cement production under Decision No. 699/QD-BNNMT. These companies will be allocated emission quotas based on greenhouse gas inventory results, laying the groundwork for formal carbon trading activities.