Vietnam Launches Carbon Exchange on HNX, Begins Trading Emission Quotas

Vietnam launched its domestic carbon exchange on June 29 at the Hanoi Stock Exchange (HNX), a landmark move aimed at pricing greenhouse gas emissions and supporting the nation's climate objectives.

Trading commenced with the VN2025 greenhouse gas emission quota, coded VN2025. According to an HNX announcement, the initial volume listed is 511,473,846 tons of CO2 equivalent, with a minimum offer price of VND135,000 (approximately $5.14) per ton. This quota covers the compliance period of 2025-2026, with a final trading day set for December 24, 2027.

The exchange's establishment is a core component of the government's project to develop a carbon market, mandated by Prime Ministerial Decision No. 232/QD-TTg. Speaking at the launch ceremony, HNX Chairman Nguyen Anh Phong said the platform was the result of extensive collaboration. Under the guidance of the Vietnam Stock Exchange (VNX) and the State Securities Commission (SSC), the HNX worked closely with the Department of Climate Change (DCC) of the Ministry of Agriculture and Environment (MAE), the Vietnam Securities Depository and Clearing Corporation (VSDC), and BIDV bank to build the legal framework and operational systems for registration, trading, and settlement.

Officials confirmed that the information technology infrastructure connecting the HNX, VSDC, DCC, and BIDV has been successfully tested and is operating stably. The initial market participants include six approved securities companies and more than 100 industrial emitters that have been allocated emission quotas.

"The launch of the domestic carbon exchange is not just a technical step, but also links environmental protection responsibility with the economic interests of businesses themselves, ensuring the sustainable development of the nation," said Mr. Phong.

Vu Thi Chan Phuong, Chairwoman of the SSC, stated that the legal framework, infrastructure, and procedures were complete, allowing the exchange to begin operations. She highlighted a key government incentive: under Decree No. 29/2026/ND-CP, businesses participating in the exchange will be exempt from fees during a pilot phase running until the end of 2028.

"This policy demonstrates the Government's commitment to supporting the business community, contributing to reducing market participation costs, encouraging businesses to actively implement emission reduction solutions, innovate technology, and develop sustainably," Ms. Phuong said.

She added that the exchange serves as an economic tool for businesses and represents "a new component of the green financial ecosystem," opening a channel to mobilize capital for sustainable projects.

Representing the operating units, Luong Hai Sinh, Chairman of the VNX, characterized the launch as a "significant milestone" but stressed that "this is only the beginning." He affirmed that the exchange's future success depends on its performance. "Safe, transparent, and efficient operation is not only a professional task but also contributes to achieving economic development goals, enhancing the competitiveness of Vietnamese businesses, and realizing the goal of net-zero emissions by 2050," Mr. Sinh stated.