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On May 23, 2024, at the headquarters of the Ministry of Planning and Investment, Deputy Minister Tran Duy Dong received Mr. Vincent Choo Wing Sung, Director of Investment Promotion at CT Group, and Ms. Hum Wei Mei, Global Director of Environmental Products at ACX (AirCarbon Exchange).

The delegates attending the meeting. Photo: MPI.

At the meeting, Ms. Hum Wei Mei, Global Director of Environmental Products at ACX, provided an overview of ACX’s activities and the aspirations for developing the carbon credit market in Vietnam. ACX and CCTPA, a subsidiary of CT Group, are committed to supporting Vietnam in promoting sustainable solutions and combating climate change by leveraging their expertise, resources, and sharing experiences. Additionally, they aim to help Vietnam establish a robust carbon credit market, not only benefiting businesses but also significantly contributing to Vietnam’s environmental goals, including the commitment to achieve net-zero emissions by 2050.

“The potential for attracting foreign direct investment (FDI) in Vietnam is significant, as is the establishment of a carbon credit trading platform,” shared Ms. Hum Wei Mei.

Deputy Minister Tran Duy Dong highly appreciated the insights from ACX and CT Group, emphasizing that building the carbon credit market is one of Vietnam’s key focus areas in the coming years to effectively implement the National Strategy for Green Growth, contributing to maximizing resources for greenhouse gas emission reduction activities.

The Deputy Minister stressed that commitments to greenhouse gas emission reduction are a priority for the Vietnamese government, as Vietnam recognizes climate change as a major challenge that requires global engagement. This presents an opportunity for Vietnam to transition to a suitable development model for the future.

The carbon credit market is relatively new to Vietnam and has significant potential for development, benefiting the community. However, the legal framework for this activity is still limited. Therefore, the Deputy Minister suggested that ACX and CCTPA continue to share international experiences to assist Vietnam in piloting the carbon market from 2025 and operating it officially from 2028.

Ministry of Planning and Investment

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