Vietnam businesses called upon to go green, tap into carbon credits

Dr. Nam NGUYEN, a UN greenhouse gas inventories review expert and general director of KLINOVA Climate Innovation Consulting and Services JSC, highlighted the growing interest of Vietnamese businesses in the global carbon credit market.

However, the absence of specific greenhouse gas emission quotas for enterprises in Vietnam poses a challenge and without clarity on whether they need to buy or could sell carbon credits, businesses reportedly face uncertainty.

It may be mentioned here Vietnam’s roadmap for carbon market development includes trialling a carbon credit exchange from 2025, with full operation planned for 2028, integrating with regional and global markets.

While awaiting the completion of the legal framework, businesses are urged to proactively create carbon credits to prepare for market entry.

Vietnam is recognised for its potential in generating carbon credits, particularly from forests, agriculture, and energy sectors. However, this requires businesses to embrace sustainability, invest in clean technology, and transition to green and sustainable supply chains.

Dr. Nam cautioned that achieving results in carbon credit generation takes time and determination, with at least a three-year timeline even as businesses are mandated to register their projects with environmental authorities, conduct accurate and transparent greenhouse gas inventories, and receive emission quotas allocation from government agencies.

Fibre2Fashion News Desk (DR)