Vietnam’s carbon exchange begins pilot operations: June 29 trading signal and supply-demand linkages drive value

Vietnam’s carbon exchange began pilot operations on 29 June 2026. Its first-day VN2025 allowance trades reached a total value of VND161.66 million, approximately US$6,300, while the Vietnam Carbon Forum on 14 August strengthened supply-demand connections. The pilot covers about 150 large emitters in thermal power, steel and cement. Allowances are allocated free of charge, and companies must surrender units matching verified emissions. Participants may purchase additional allowances, use carbon credits up to 30% of allocated allowances, borrow up to 15% from the next period, and sell or bank surpluses. Carbon credit trades are conducted through authorised securities-company members, with six firms participating, while prices are negotiated bilaterally without a fluctuation band. Vietnam has CDM, JCM and other project supply, but limited MRV capability, incomplete domestic standards and insufficient market readiness remain constraints. Two forum memoranda and business guidance aim to improve project development, verification and market connectivity.
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