As Vietnam steps up efforts to fulfil its Net Zero commitment by 2050, carbon credit markets and green finance have become topics of unprecedented interest. The Saigon Times spoke with Assoc. Prof. Dr. Nguyen Hong Quan, director of the Institute for Circular Economy Development Research (ICED) at Vietnam National University–Ho Chi Minh City, about key concepts, opportunities for businesses, and the pilot “Living Lab” model at VNU-HCM. Public investment is a prerequisite The Saigon Times: Concepts such as “carbon credits,” “carbon markets,” and “carbon exchanges” are being mentioned frequently in the media. Yet many people — including policymakers — still find them confusing. Could you explain the basics for our readers? – Nguyen Hong Quan: In the course of global and Vietnamese development, reducing waste and greenhouse gas emissions has become an urgent requirement. One key parameter related to greenhouse gases is carbon emissions. Depending on each country, regulations are set on how much each business is allowed to emit. Vietnam, for example, already has regulations on greenhouse gas inventory. Beyond a certain threshold — measured in tons of carbon emissions per year — enterprises are required to conduct inventories and implement emission-reduction measures. So what is a carbon credit? […]