Developing carbon credit markets: international experience and lessons for Vietnam

Assessing the importance of developing the carbon credit market, the Workshop “Developing the carbon credit market: international experience and lessons for Vietnam” was organized by the University of Economics, Vietnam National University, Hanoi with the aim of assessing international experience in developing the carbon credit market; on that basis, proposing a number of solutions and policies to promote the development of the carbon credit market in Vietnam in the coming time.

Associate Professor, Dr. Nguyen Truc Le delivered the opening speech of the workshop.

Attending the workshop, on behalf of the leaders of the University of Economics - VNU, there were Assoc. Prof. Dr. Nguyen Truc Le - Secretary of the Party Committee, Chairman of the University Council of the University of Economics - VNU, along with leaders and lecturers from the Faculty of Development Economics. On the side of the speakers were economic experts from domestic agencies, organizations and universities, including Dr. Vu Tan Phuong - Director of the Office of Sustainable Forest Management Certification, Assoc. Prof. Dr. Luu Quoc Dat - Deputy Head of the Faculty of Development Economics, University of Economics, VNU (head of the research group on carbon credit market development), and the participation of many policy makers, experts, scholars, lecturers, postgraduates, students from state agencies, universities and research institutes.

Overview of the workshop

The workshop included 03 main presentations: (i) High-value carbon market: International experience and suggestions for Vietnam; (ii) Potential for developing forest carbon market; (iii) Policy advice on developing carbon credit trading market.

A number of proposals were made after the presentations, including: prioritizing the development of forest carbon markets; legalizing and transferring carbon rights based on land ownership along with safety measures in the benefit-sharing mechanism; moving towards both voluntary and compulsory carbon markets, with priority given to developing voluntary markets; connecting domestic carbon markets with international carbon markets. Through the presentations of the speakers, a number of recommendations for the government were made such as: researching and considering applying carbon tax policies; increasing support for businesses participating in the carbon credit market; strengthening international cooperation to reduce greenhouse gases; supporting the development of clean technology. For businesses, it is necessary to: improve the capacity to conduct greenhouse gas inventories; develop appropriate greenhouse gas emission reduction plans; equip knowledge about the carbon market.

The presentations of the speakers at the workshop helped to analyze the issues deeply and comprehensively from the perspectives of state agencies, academic organizations and businesses. After the workshop, researchers, policy makers and state managers, scientists and business administrators will be able to supplement comprehensive scientific and practical arguments on the development of the carbon credit market, thereby providing appropriate responses in terms of both state policies and business actions, towards the goal of reducing greenhouse gases.

UEB