HANOI, June 5 (Xinhua) -- Vietnam's pilot carbon transaction facility is expected to be launched in June if the remaining administrative procedures are completed on schedule, local media VnExpress reported Friday.
Speaking at a national forum on environment and climate, Nguyen Tuan Quang, deputy director of the Department of Climate Change under the Ministry of Agriculture and Environment, said that the regulatory framework has been largely completed, including regulations on carbon market supervision and systems for registering greenhouse gas emission quotas and carbon credits.
Meanwhile, regulations on trading rules and licensing procedures for securities enterprises entering the market are being finalized.
Under the government's roadmap, the country will pilot the carbon trading platform before launching a fully operational carbon market in the next phase, according to the report.
The carbon trading market will allow businesses to exchange emission quotas and carbon credits, creating economic incentives to reduce greenhouse gas emissions, the report added.
The move is expected to support Vietnam's net-zero emissions goal by 2050, while helping businesses adapt to the worldwide adoption of carbon pricing mechanisms for imported goods. ■