HANOI – A newly released circular provides the essential technical foundation for Vietnam’s domestic carbon market, which is scheduled for a pilot phase throughout 2026 and 2027.

The Ministry of Agriculture and Environment has issued Circular 11/2026/TT-BNNMT, establishing a regulatory framework for the management and operation of the National Registry System for greenhouse gas emission quotas and carbon credits. The National Registry System will function as a centralized database, recording all emission quotas and carbon credits within Vietnamese territory. To prevent fraud and double-counting, each quota and credit will be assigned a unique domestic code and serial number, managed exclusively by the ministry. The system's architecture mirrors a financial depository model, where each organization is granted a single account linked to its tax ID. These accounts feature specialized sub-accounts for general registration, transaction balances, transfers, borrowing and offsetting. All transactions will be conducted electronically and authenticated via the National Public Service Portal, ensuring they hold the same legal weight as physically signed documents. Within five working days of quota allocation or credit issuance, the ministry must complete the registration and sync data with the Hanoi Stock Exchange and the Vietnam Securities Depository and Clearing Corporation (VSDC) to facilitate trading. The regulation also clarifies mechanisms for transferring or borrowing quotas between different periods, as well as the immediate cancellation of credits once they are used for emission offsets. While the system acts as a “central bank” for the domestic carbon market by controlling supply and demand, its ultimate success will depend on the accuracy of measurement, reporting, and verification capabilities across various sectors. Following the Government’s Decree 29/2026/ND-CP on carbon trading floors, this new framework represents a significant stride toward Vietnam’s Net-Zero commitment by 2050, aiming to build market confidence and transparency before mandatory compliance for major emitters.