International Conference: "Carbon Market: International Experiences and Recommendations for Vietnam"

The event was jointly organized by three major academic institutions—Ho Chi Minh City University of Law, School of Law – Vietnam National University, Hanoi, and Foreign Trade University—with sponsorship from HEINEKEN Vietnam, Phuc Khang Corporation, and Lawrel LLC.

The conference was conducted in a hybrid format (in-person and online), in both Vietnamese and English, and attracted a large number of delegates from government agencies, research organizations, and businesses both domestically and internationally. Aimed at providing a platform for academic and practical dialogue on legal issues surrounding the carbon market, the conference sought to contribute to policy formulation for the pilot operation of Vietnam’s carbon market starting in 2025, in line with the Environmental Protection Law 2020 and Decree No. 06/2022/NĐ-CP.

The conference was organized into two sessions, focusing on both theoretical and practical issues. In the morning session, domestic and international delegates shared experiences on carbon market development in Europe, South Korea, Japan, and Southeast Asian countries, drawing out lessons applicable to Vietnam’s context. Presentations emphasized the importance of Measurement, Reporting, and Verification (MRV) systems, transparency in credit issuance, and linkages with the global carbon market.

The afternoon session focused on emerging legal issues in the preparation for Vietnam’s carbon market operation. Speakers analyzed various aspects, including the legal status of carbon credits within the civil law system, benefit-sharing mechanisms among stakeholders, and coordination between regulatory agencies. Particularly, issues related to forest carbon credits, an abundant source of credits with unresolved legal gaps, attracted special attention.

A key academic highlight of the conference was the presentation by Dr. Nguyễn Phương Nam, representative of KLINOVA and one of the event’s main speakers, titled “The Rights of Forest Carbon Credit Creators: Legal Correlations in Vietnamese Law.” Based on his analysis of the current legal framework on property and property rights in Vietnam, Dr. Nam proposed that forest carbon credits should be legally defined as a type of property right. He noted that, under the amended Land Law 2024, forest land and land use rights could give rise to shared ownership of carbon rights associated with specific forest areas. Thus, if forest carbon credits are treated as derivative assets generated from forest use rights, a clear distinction should be made between the right to create and the right to own such credits, independent of forest land ownership.

Dr. Nguyen Phuong Nam, CEO of KLINOVA, having a pitch in the conference

Dr. Nam also pointed out inconsistencies and overlaps in the existing legal system and offered a series of policy recommendations addressed to the Ministry of Agriculture and Environment, the Ministry of Justice, and the Ministry of Finance. His proposals included refining the legal definition of carbon credits, clarifying benefit-sharing mechanisms, and establishing a transparent legal framework for forest carbon credit transactions that aligns with international market practices. These insights and recommendations hold both academic significance and high practical value for state policymaking.

The conference served not only as an academic forum for leading domestic and international experts but also as a critical link connecting policymakers, researchers, and the business community. Contributions from top legal, environmental, and economic experts underscored the crucial role of law in ensuring the transparency, effectiveness, and sustainability of the carbon market—a pricing tool for emissions that is increasingly seen as a cornerstone of green growth strategies.

As Vietnam moves toward its 2050 net-zero target, this international conference proved to be both timely and impactful. The carbon market is not merely an environmental instrument, but also a new economic driver that transforms emissions reduction efforts into financial value. To ensure the efficient operation of the domestic carbon credit market starting in 2025, and officially from 2029, the early establishment of a transparent, coherent, and context-appropriate legal framework will be the decisive factor for long-term success.