CARBON MARKET: A "passport" for businesses in the green era

Mr. Hoang Quang Phong, VCCI Vice President, emphasized that we are standing at a historical turning point for the global economy.

The forum "Enhancing Policy Frameworks and Strengthening Enterprise Capacity For Participation in the Carbon Market" was organised by the Vietnam Chamber of Commerce and Industry (VCCI) with the support from international partners, the Australian Department of Foreign Affairs and Trade (DFAT), and the Aus4Growth Program. This program was implemented by the Business Forum Magazine and the Institute of Technology and Business Innovation under the VCCI.

In his opening remarks at the forum, Mr Hoang Quang Phong, VCCI Vice President, emphasised that we are at a turning point in the global economy.
In this situation, green transformation is no longer simply a choice but a need, a "passport" for Vietnamese enterprises to expand into the global market and integrate into it.

Our Party and State have issued breakthrough strategic directives. The Resolution No. 57-NQ/TW on the development of research, technology, and digital transformation identifies it as a vital driving force for increasing competitiveness. The Resolution No. 59-NQ/TW on international integration requires us to aggressively satisfy increasingly demanding international standards. Resolution No. 68-NQ/TW, in particular, underlines that the private economic sector, together with other key resolutions, is a critical driving force in establishing circumstances for improved governance capability and innovation in the green age.

Green transformation is no longer an encouraged option, but has become a prerequisite, a "passport" for businesses.

The Government has tasked VCCI with leading and coordinating with ministries and agencies, particularly the Ministry of Agriculture and Environment, to strengthen activities aimed at disseminating information, training, and educating businesses about how to access the carbon market. At the same time, it aspires to mobilise the corporate community to perform greenhouse gas inventories and encourage international collaboration in order to attain carbon neutrality.

In truth, the carbon market is more than simply a place to pay emissions costs; it's also a platform to recognise pioneering enterprises in clean technology. A carbon credit is the outcome of innovation, demonstrating excellent governance and serving as a significant economic asset.
"Participating in this market will assist businesses in achieving many strategic and practical goals, such as reducing operating costs through energy savings, increasing brand value and reputation in the international market, and obtaining green financing from leading reputable banks and investment funds in Vietnam and around the world. However, the implementation process must be governed by legislation and tight rules," Mr Hoang Quang Phong stated.

The Vice President of VCCI emphasised that VCCI organised this Forum with the core objective of "Enhancing practical capacity". We not only want to discuss theory but also want to delve into concrete solutions.

Participating in the carbon market will help businesses achieve many strategic and practical goals, including optimizing operating costs.

First, removing information barriers. This will help businesses understand the "rules of the game" during the pilot phase while accessing international mechanisms such as Article 6 of the Paris Agreement and the Voluntary Carbon Market (VCM).

Second, connect supply and demand. Create a forum for local project developers to meet directly with foreign credit buyers to better understand their expectations and criteria.
Third, learn from practical experience. Vietnamese firms will develop a practical grasp of building a highly integrated project, from inception to loan issuance, in collaboration with Australian professionals and international organisations.

"We also expect to receive frank feedback from businesses regarding difficulties in greenhouse gas inventory and in accessing emission quotas. These opinions will be compiled by VCCI to make recommendations to competent authorities in order to improve the legal framework to be transparent and friendly to businesses and investors," Mr Hoang Quang Phong shared.

He confirmed that achieving Net Zero is a lengthy journey that requires collaboration. VCCI is grateful for the assistance of the Aus4Growth Project, the Australian Department of Foreign Affairs and Trade (DFAT), and the business community. 

The VCCI Vice President expressed optimism that today's Forum, featuring renowned experts and enterprises, will give the most practical information for businesses, allowing Vietnamese firms to confidently contribute to the country's long-term growth.