Vietnam’s carbon credit market is still in the early stages of development but holds immense growth potential given the global context and the strong commitments of the Vietnamese Government. WHAT IS CARBON CREDIT? Carbon credit is a relatively new concept and has gained popularity in the country over the past 2-3 years. However, this concept is already familiar in developed countries like the U.S. and Europe. Carbon credit is a permit that allows the holder to emit a certain amount of carbon dioxide. One credit permits the emission of one ton of carbon dioxide or an equivalent amount of other greenhouse gases. Naturally, the credit comes at a high price, sufficient to help the world achieve the net-zero emissions goals by 2050, as pledged in COP28. Given that Asian countries are now the world’s industrial production hubs, there is significant interest in applying these credits to reduce carbon emissions in these countries. According to statistics from COP28, climate change is becoming increasingly severe. If global temperatures rise by more than 1.5 degrees Celsius in the next five years, it would have serious consequences on global food security and the quality of human life. Therefore, carbon credits are not merely certificates […]
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