Vietnam’s CT Group inks emission reduction deal with American firm during APEC 2023 summit

By Minh Hue
Fri, November 17, 2023 | 6:28 pm GMT+7

Vietnam's CT Group has signed a cooperation agreement on carbon emission reduction with Sustain.Life – an American carbon credit platform with a huge database of carbon emissions worldwide.

The deal was inked on the sidelines of a visit by a high-ranking Vietnamese delegation to attend the ongoing APEC Economic Leaders’ Week in San Francisco.

Representatives of CT Group and the U.S.’s Sustain.Life sign a cooperation agreement on carbon emission reduction in San Fransico. Photo courtesy of CT Group.

Representatives of CT Group and the U.S.’s Sustain.Life sign a cooperation agreement on carbon emission reduction in San Fransico. Photo courtesy of CT Group.

The group said in a press release that the platform “enables businesses to join the carbon credit market without requiring human resources knowledgeable about carbon credits.

“In particular, it provides governments and municipal authorities with a comprehensive, sharp tool to manage emissions in real time, as well as build sustainable development strategies in a macro direction.”

The platform also helps the Big 4 auditing firms implement environment - society - corporate governance (ESG) plans with full models and real data.

The two businesses will jointly carry out several activities in the ASEAN market including: developing carbon credit projects; authenticating and issuing carbon credits; operating carbon trading floors and connecting green investment funds with clean energy projects; implementing carbon absorption projects; training experts; and transferring decarbonization technology.

The cooperation will facilitate the green growth trend in the domestic economy and improve resilience and adaptation to climate change.

CT Group is the first enterprise in Vietnam to launch the Carbon Credit Trading Platform ASEAN (CCTPA).

It has actively provided information and advice to businesses, organizations and individuals in Vietnam on how to build, register and verify carbon credit projects and carbon credit exchange and compensation mechanisms in the region and the world.

Many Vietnamese exporters have used sustainability measurement and assessment tools from the U.S. or the E.U. to meet international environmental management standards. Now, Sustain.Life, along with its carbon valuation and ESG performance measurement tool system, marks its involvement in Vietnam through CCTPA and CT Group.

“CT Group is the first strategic partner of Sustain.Life in Vietnam, focusing on carbon emission reduction. The two sides will coordinate to initiate many specific actions and make more efforts to solve global environmental challenges,” the release said.

With Vietnam considered one of the most vulnerable countries to climate change impacts, the carbon credit market can be an effective solution to achieve its emission reduction goals, some experts have said.

Developed regions around the world have applied carbon tax barriers to imported and exported goods, forcing businesses to change and adapt to international carbon pricing mechanisms.

The partnership between CT Group and Sustain.Life will facilitate access to international experiences, making the most of opportunities and resources to promote carbon market development activities and initiatives for Vietnam, the release said.

Comments (0)
  • Read More
Viettel, UAE’s Presight to boost Applied AI, digital transformation in Vietnam

Viettel, UAE’s Presight to boost Applied AI, digital transformation in Vietnam

Vietnam’s Viettel AI and the UAE’s Presight have agreed to jointly advance the development of Applied AI and digital transformation initiatives in Vietnam.

Companies - Wed, October 30, 2024 | 8:30 pm GMT+7

Vietnam utility EVN to build $277 mln transmission line to import power from China

Vietnam utility EVN to build $277 mln transmission line to import power from China

State utility Vietnam Electricity (EVN) has got the go head to build the VND7,010 billion ($277.2 million), 500 kV Lao Cai-Vinh Yen line for transmission in the northwestern region and to import power from China.

Energy - Wed, October 30, 2024 | 8:09 pm GMT+7

Jack Ma-invested fund unloads Vietnam holdings worth $130 mln in Q3

Jack Ma-invested fund unloads Vietnam holdings worth $130 mln in Q3

China’s Tianhong Vietnam Market Stock Initiated Securities Investment Fund (QDII) saw outflows of around RMB930 million ($130.4 million) in the July-September quarter.

Finance - Wed, October 30, 2024 | 4:53 pm GMT+7

Private lender HDBank reports strong profit growth in 9 months

Private lender HDBank reports strong profit growth in 9 months

Ho Chi Minh City-based private creditor HDBank's pre-tax profit surged 47% year-on-year to VND12.65 trillion ($499.6 million) in the first nine months of this year.

Banking - Wed, October 30, 2024 | 4:42 pm GMT+7

Real estate M&As gather pace as local firms struggle with capital insufficiency, restructuring: experts

Real estate M&As gather pace as local firms struggle with capital insufficiency, restructuring: experts

2024 is considered a vibrant year for mergers and acquisitions (M&A) in Vietnam’s real estate sector, as domestic property companies still face challenges related to capital and restructuring, according to experts.

Real Estate - Wed, October 30, 2024 | 4:14 pm GMT+7

Vietnam conglomerate Vingroup, UAE partner seek to build $3.5 bln data center

Vietnam conglomerate Vingroup, UAE partner seek to build $3.5 bln data center

Vietnam’s leading conglomerate Vingroup and the Middle East-focused Benya Technologies will jointly explore opportunities to invest in a $3.5 billion data center in Vietnam.

Industries - Wed, October 30, 2024 | 3:43 pm GMT+7

Commonwealth Bank of Australia further sells 10% stake in Vietnam bank VIB

Commonwealth Bank of Australia further sells 10% stake in Vietnam bank VIB

The Commonwealth Bank of Australia (CBA) has sold a further 10% stake in Vietnam International Commercial Joint Stock Bank (VIB).

Banking - Wed, October 30, 2024 | 1:17 pm GMT+7

Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam

Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam

State-owned Saudi Arabian Oil Group (Aramco), the world’s largest oil producer, is eyeing to invest in petrochemical-oil refining and petroleum distribution in Vietnam, said president and CEO Amin Hassan Nasser.

Energy - Wed, October 30, 2024 | 11:01 am GMT+7

Emirates seeks to expand presence in Vietnam

Emirates seeks to expand presence in Vietnam

Emirates, the flagship carrier of the UAE, has signed two separate memorandums of understanding (MoUs) with Vietnam Airlines and Vietjet as part of the airline's efforts to expand its footprint in Vietnam.

Companies - Wed, October 30, 2024 | 10:02 am GMT+7

Brightening outlook for Vietnam steelmakers with real estate recovery, infrastructure development: analysts

Brightening outlook for Vietnam steelmakers with real estate recovery, infrastructure development: analysts

While Q3 results among Vietnam’s steelmakers are a mixed bag of gradual recovery and continued losses, there are several factors pointing to a brighter outlook for the industry, analysts say.

Industries - Wed, October 30, 2024 | 8:00 am GMT+7

Former National Assembly General Secretary faces disciplinary action

Former National Assembly General Secretary faces disciplinary action

The Party Central Committee’s Inspection Commission has proposed competent authorities take disciplinary action against Bui Van Cuong, who stepped down last week as the National Assembly’s General Secretary.

Politics - Tue, October 29, 2024 | 11:10 pm GMT+7

Indonesia aims to become Southeast Asia's EV production hub

Indonesia aims to become Southeast Asia's EV production hub

Indonesia is actively seeking to boost investment in a bid to establish itself as a center for electric vehicle (EV) and battery production in Southeast Asia.

Southeast Asia - Tue, October 29, 2024 | 10:38 pm GMT+7

Singapore trials autonomous vehicles on public roads for cargo transportation

Singapore trials autonomous vehicles on public roads for cargo transportation

Singapore’s FairPrice Group (FPG) recently announced that it has become the first organization in the country to receive approval from the Land Transport Authority (LTA) for the final stages of trials to use autonomous vehicles (AVs) on public roads for cargo transportation.

Southeast Asia - Tue, October 29, 2024 | 10:37 pm GMT+7

Malaysia promotes green energy transition

Malaysia promotes green energy transition

The Malaysian Government has increased the National Energy Transition Facility Fund allocation to over RM300 million ($60.80 million) in the 2025 budget from only RM100 million this year.

Southeast Asia - Tue, October 29, 2024 | 10:35 pm GMT+7

Singapore spends $270 mln on AI infrastructure, human resources

Singapore spends $270 mln on AI infrastructure, human resources

Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.

Southeast Asia - Tue, October 29, 2024 | 10:34 pm GMT+7

Vietnam gov’t removes curbs on retail investors in private bond offerings

Vietnam gov’t removes curbs on retail investors in private bond offerings

The Vietnamese government has dropped initially drafted restrictions on retail investors of corporate bonds via private placements in a move to beef up the local stock market after recent financial scandals.

Finance - Tue, October 29, 2024 | 10:16 pm GMT+7