Hanoi Stock Exchange to pilot carbon credit exchange in 2025
The Hanoi Stock Exchange (HNX) and the Vietnam Securities Depository (VSD) have been tasked with building and running a carbon credit exchange platform in line with standards set by the Ministry of Natural Resources and Environment.
Deputy Prime Minister Tran Hong Ha mentioned this at a Thursday meeting that reviewed a draft plan for developing the carbon credit market in Vietnam.
The carbon credit market is seen as a key financing tool for Vietnam to boost green transition, reduce emissions, develop low-carbon industries, adapt to climate change, and fulfill its goal of net-zero emissions by 2050.
According to the draft plan, the carbon credit market will be piloted domestically in 2025-2028, without any sales to foreigners or connections with the international market. The carbon credits will be distributed without any fees and any bidding.
From 2029, the market will be deployed officially in Vietnam, and preparations will begin for linking up with international markets. A majority of carbon credits will be distributed without any fees and the remaining via a bidding process. The transactions will be conducted via online platforms built by the HNX and VSD.
Deputy PM Ha asked the Ministry of Finance, the Ministry of Natural Resources and Environment, the Ministry of Planning and Investment, and relevant agencies to build up a draft plan with technical details for smooth operation of the platform.
According to the Ministry of Agriculture and Rural Development, Vietnam's agricultural sector can churn out 57 million carbon credits annually, equivalent to 57 million tons of carbon dioxide.
In recent years, Vietnam has earned about $60 million from selling carbon credits. A notable deal was selling 10.3 million forest carbon credits via the World Bank in 2023, earning $51.5 million.
- Read More
Taiwan footwear firm aims to invest $100 mln in central Vietnam
Taiwan-based footwear firm Dah Lih Puh (DLP Group) plans to build a $100-million factory in Vietnam’s central province of Ha Tinh.
Industries - Wed, September 11, 2024 | 4:38 pm GMT+7
Vietnam among eight ‘strategic’ countries to join US semiconductor workforce development initiative
Vietnam and seven other “strategic countries” have been selected to join a U.S. initiative designed to enhance semiconductor capabilities and supply chain resilience worldwide.
Economy - Wed, September 11, 2024 | 3:49 pm GMT+7
Vietnam pharma firm Bidiphar’s stock attracts institutional investors
Several organizations and investment funds have continuously registered to buy DBD shares of Vietnamese pharma major Binh Dinh Pharmaceutical Medical Equipment JSC (Bidiphar) since last June.
Companies - Wed, September 11, 2024 | 3:26 pm GMT+7
Russia’s Gazprom to support Vietnam growth with LNG supply: exec
Russian state-owned energy giant Gazprom will support Vietnam’s socioeconomic growth with LNG supplies, vice chairman Vitaly Markelov said Tuesday.
Energy - Wed, September 11, 2024 | 2:31 pm GMT+7
Heineken value chain halves to 0.5% of Vietnam GDP in 2023
Heineken Vietnam’s value chain added value equivalent to 0.5% of GDP to the economy in 2023, according to the brewer’s sustainability report 2023 released Tuesday.
Companies - Wed, September 11, 2024 | 10:56 am GMT+7
Red River floods exceed warning level 2, disaster risk elevated in Hanoi
Flood levels on the Red River in Hanoi have surpassed warning level 2, triggering a level 2 natural disaster risk alert.
Society - Wed, September 11, 2024 | 8:44 am GMT+7
Super typhoon Yagi damage leads to over 1,750 non-life insurance claims
Insures in Vietnam had received 1,754 claims against property and vehicle damage caused by super typhoon Yagi as of Tuesday afternoon.
Society - Wed, September 11, 2024 | 8:39 am GMT+7
AI can be a game changer for Vietnam tourism
Artificial intelligence can play a pivotal role in enhancing both operational efficiency and customer experience in the tourism industry, writes Dr Nuno F. Ribeiro, a senior lecturer at RMIT University and chairman of the tourism and hospitality sector committee at Eurocham Vietnam.
Consulting - Wed, September 11, 2024 | 8:15 am GMT+7
Citi-led consortium completes $521.5 mln loan for PV Power’s LNG power plants
A consortium led by Citi has completed a $521.5 million loan for PV Power, the power generation arm of state-owned energy giant Petrovietnam.
Banking - Tue, September 10, 2024 | 10:50 pm GMT+7
Philippines’ rice imports up 19% in eight months
Rice imports to the Philippines amounted to 2.8 million metric tonnes (MT) during the first eight months of this year, 19% higher than the 2.3 million in the same period last year, data from the country's Department of Agriculture (DA) showed.
Southeast Asia - Tue, September 10, 2024 | 9:54 pm GMT+7
Thailand’s daily wage increase plan sets to go ahead
Thai Labour Minister Phiphat Ratchakitprakarn has revealed that the country’s move to raise the minimum wage nationwide to THB 400 ($11.7) a day will be started from Oct. 1 despite concerns that the rise will harm businesses.
Southeast Asia - Tue, September 10, 2024 | 9:52 pm GMT+7
Thai tourism sector urged to brace for the worst
Tourism operators have warned Minister of Tourism Sorawong Thienthong to brace for a global economic downturn and fiercer competition next year, urging the government to start planning for the worst-case scenario from this year.
Southeast Asia - Tue, September 10, 2024 | 9:51 pm GMT+7
Indonesia, Singapore seal deal on renewable energy export
Indonesia signed an agreement to export renewable energy to Singapore, during the recent International Sustainability Forum (ISF) in Jakarta.
Southeast Asia - Tue, September 10, 2024 | 9:48 pm GMT+7
Thai baht volatility increases
The Thai baht has been experiencing a greater degree of volatility against the U.S. dollar than its regional peers, mainly due to market expectations of a U.S. policy rate cut and global gold prices.
Southeast Asia - Tue, September 10, 2024 | 9:47 pm GMT+7
Percentage of travellers refused entry into Singapore rises
Since automated immigration lanes were introduced for all foreigners at Singapore’s Changi Airport in May this year, a higher percentage of travellers have been refused entry into the country.
Southeast Asia - Tue, September 10, 2024 | 9:45 pm GMT+7
Malaysia reaffirms neutral foreign policy
Malaysian Prime Minister Anwar Ibrahim said Malaysia enjoys better international recognition now due to strategic cooperation with major powers such as China and Russia.
Southeast Asia - Tue, September 10, 2024 | 9:43 pm GMT+7