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Draft Circular on the management and operation of the National Registry System for GHG emission allowances and carbon credits
Draft Circular on the management and operation of the National Registry System for GHG emission allowances and carbon credits
On October 7, 2025, the Ministry of Agriculture and Environment issued Official Letter No. 7564/BNNMT-BĐKH requesting comments on the Draft Circular regulating the management and operation of the National Registry System for Greenhouse Gas (GHG) emission allowances and carbon credits.
The Draft Circular is developed to establish and operate an official registry system for tracking and managing GHG emission allowances and carbon credit transactions, thereby laying the foundation for the formation and operation of the domestic carbon market in Viet Nam.
Scope of application
The Draft Circular defines a broad scope of application, covering entities involved in the management, operation, and trading activities of the carbon market, including:
State management authorities; organizations responsible for managing and operating the carbon market, the carbon exchange, and the national registry system;
Facilities allocated GHG emission allowances;
Owners of carbon credits generated from programs and projects under domestic carbon credit exchange and offset mechanisms;
Owners of carbon credits generated from international carbon credit exchange and offset mechanisms, including: (i) Mechanisms under Article 6.2 and Article 6.4 of the Paris Agreement; and (ii) Other international carbon credit exchange and offset mechanisms recognized under Vietnamese law;
Other agencies, organizations, and individuals involved in the management, operation, and use of the System.
Business operations conducted on the National Registry System
The Draft Circular provides detailed guidance on how enterprises carry out operations serving the domestic carbon exchange, while also covering various non-trading operations to ensure compliance with GHG emission obligations, including:
Account management: Detailed procedures for opening, modifying, closing, and freezing registry accounts;
Depositing, withdrawal, and transfer of ownership: Procedures for depositing emission allowances and carbon credits for trading on the carbon exchange; withdrawing deposits for non-trading operations or due to credit revocation from errors or violations; and transferring ownership of emission allowances and carbon credits following transactions on the carbon exchange or for non-trading purposes;
Non-trading operations: Including procedures for the transfer and borrowing emission allowances, carbon offsetting, and the surrender of GHG emission allowances for compliance purposes.
Once promulgated, the Circular will provide detailed and unified guidance on the implementation of operations on the National Registry System for GHG emission allowances and carbon credits. Accordingly, enterprises will have a clear legal basis to prepare for compliance with GHG emission obligations and to gradually participate in the domestic carbon market.
View the full Draft Circular at the following link.
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