Circular 48/2026/TT-BTC surveillance of trading greenhouse gas emission allowances and carbon credits on domestic carbon exchange

CIRCULAR

Guiding the surveillance of trading in greenhouse gas emission allowances and carbon credits on the domestic carbon exchange, and prescribing the reporting regime of the Stock Exchanges and the Vietnam Securities Depository and Clearing Corporation to the State Securities Commission of Vietnam regarding the operation of the domestic carbon exchange

Pursuant to the Government's Decree No. 06/2022/ND-CP providing the mitigation of greenhouse gas emissions and protection of the ozone layer, amended and supplemented under Decree No. 119/2025/ND-CP and Decree No. 83/2026/ND-CP;

Pursuant to the Government's Decree No. 29/2026/ND-CP on the domestic carbon exchange;

Pursuant to the Government’s Decree No. 29/2025/ND-CP defining the functions, tasks, powers and organizational structure of the Ministry of Industry and Trade, amended and supplemented under Decree No. 166/2025/ND-CP;

At the proposal of the Chairperson of the State Securities Commission of Vietnam;

The Minister of Finance hereby promulgates the Circular guiding the surveillance of trading in greenhouse gas emission allowances and carbon credits on the domestic carbon exchange, and prescribing the reporting regime of the Stock Exchanges and the Vietnam Securities Depository and Clearing Corporation to the State Securities Commission of Vietnam regarding the operation of the domestic carbon exchange.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular provides guidance on the surveillance of trading in greenhouse gas emission allowances and carbon credits on the domestic carbon exchange and prescribes the reporting regime of the Stock Exchanges and the Vietnam Securities Depository and Clearing Corporation to the State Securities Commission of Vietnam regarding the operation of the domestic carbon exchange.

Article 2. Subjects of application

1. Entities subject to transaction surveillance are those involved in transactions on the domestic carbon exchange in accordance with Article 7 of Decree No. 29/2026/ND-CP (hereinafter referred to as the surveilled entities).

2. Watchdogs

a) Trading members for greenhouse gas emission allowances and carbon credits (hereinafter referred to as carbon trading members);

b) The Hanoi Stock Exchange;

c) The Vietnam Exchange.

3. Related entities

a) The State Securities Commission of Vietnam;

b) The Vietnam Securities Depository and Clearing Corporation;

c) Depository members for greenhouse gas emission allowances and carbon credits (hereinafter referred to as carbon depository members);

d) Agencies, organizations, and individuals involved in the organization and operation of the domestic carbon exchange, and in the depository, trading, and settlement of transactions in greenhouse gas emission allowances and carbon credits within the scope of the domestic carbon exchange.

Article 3. Interpretation of terms

In this Circular, the terms below are construed as follows:

1. Trading of greenhouse gas emission allowances and carbon credits means the purchase and sale of greenhouse gas emission allowances and carbon credits through the carbon trading system of the Hanoi Stock Exchange.

2. Trading surveillance criteria means the contents and specific parameters promulgated by the Vietnam Exchange.

3. Abnormal trading means transactions subject to the trading surveillance criteria promulgated by the Vietnam Exchange.

4. Trading showing signs of law violation means abnormal trading analyzed by the Vietnam Exchange or the Hanoi Stock Exchange and determined as showing signs of violations of the law on trading in greenhouse gas emission allowances and carbon credits on the domestic carbon exchange.

5. Trading surveillance reporting indicators applicable to carbon trading members mean the contents developed by the Vietnam Exchange to guide carbon trading members in carrying out surveillance of trading activities in greenhouse gas emission allowances and carbon credits on the domestic carbon exchange.

6. Rumor means information not yet confirmed or verified by a competent agency, organization or individual, relating to an organization owning greenhouse gas emission allowances or carbon credits, greenhouse gas emission allowances or carbon credits, or relating to trading in greenhouse gas emission allowances and carbon credits on the carbon trading system.

Chapter II

SURVEILLANCE OF TRADING IN GREENHOUSE GAS EMISSION ALLOWANCES AND CARBON CREDITS ON THE DOMESTIC CARBON EXCHANGE

Article 4. Principles for organization and methods of surveillance of trading in greenhouse gas emission allowances and carbon credits

1. The surveillance of trading in greenhouse gas emission allowances and carbon credits shall be conducted in a uniform, regular, continuous, timely and closely coordinated manner among the Vietnam Exchange, the Hanoi Stock Exchange and carbon trading members in order to ensure that the domestic carbon exchange operates in a public, transparent and fair manner and to protect the lawful rights and interests of participating entities.

2. Carbon trading members shall be responsible for surveilling the trading activities of entities opening accounts or conducting transactions in greenhouse gas emission allowances and carbon credits through such carbon trading members, and shall report to the Vietnam Exchange and the Hanoi Stock Exchange in accordance with regulations.

3. The Hanoi Stock Exchange shall conduct surveillance of trading activities in greenhouse gas emission allowances and carbon credits on the basis of trading data from the carbon trading system; surveillance reports and related documents of carbon trading members; reports and related documents of surveilled entities and other agencies and organizations; together with information collected from mass media sources and relevant rumors, in order to promptly detect and report to the Vietnam Exchange abnormal trading and trading showing signs of law violation.

4. The Vietnam Exchange shall conduct surveillance of trading activities in greenhouse gas emission allowances and carbon credits on the basis of surveillance reports and trading data provided by the Hanoi Stock Exchange; surveillance reports and related documents of carbon trading members; reports and related documents of surveilled entities and other agencies and organizations; together with information collected from mass media sources and relevant rumors, in order to promptly detect and report to the State Securities Commission trading showing signs of law violation.

Article 5. Contents of surveillance of trading in greenhouse gas emission allowances and carbon credits by the Stock Exchanges

The Vietnam Exchange and the Hanoi Stock Exchange shall conduct surveillance to detect trading showing signs of violations of the law on trading on the domestic carbon exchange, including:

1. Engaging in collusion with, inducing, or encouraging others to buy or sell; employing other trading methods; or combining such activities with the dissemination of false rumors or the provision of misleading information for the purpose of manipulating the prices of greenhouse gas emission allowances or carbon credits on the domestic carbon exchange.

2. Other acts in violation of regulations on trading in greenhouse gas emission allowances and carbon credits on the domestic carbon exchange as prescribed by law.

Article 6. Rights and obligations of the Vietnam Exchange

1. To formulate and promulgate operational regulations for trading surveillance activities, trading surveillance criteria applicable to the carbon trading system at the Hanoi Stock Exchange, and trading surveillance reporting indicators applicable to carbon trading members, after obtaining comments from the State Securities Commission of Vietnam.

2. To formulate and promulgate regulations on coordination in the surveillance of trading of greenhouse gas emission allowances and carbon credits among the Vietnam Exchange, the Hanoi Stock Exchange, and carbon trading members.

3. To supervise the Hanoi Stock Exchange in carrying out trading surveillance activities on the carbon trading system in accordance with the regulations and trading surveillance criteria promulgated by the Vietnam Exchange.

4. To supervise carbon trading members in conducting surveillance of the trading activities of entities maintaining accounts with, or conducting transactions in, greenhouse gas emission allowances and carbon credits through carbon trading members.

5. To require carbon trading members and surveilled entities to report, provide explanations, information and documents relating to trading of greenhouse gas emission allowances and carbon credits for the purpose of trading surveillance.

6. To coordinate with the State Securities Commission of Vietnam in inspecting the trading of greenhouse gas emission allowances and carbon credits showing signs of law violation.

Article 7. Rights and obligations of the Hanoi Stock Exchange

1. To develop and promulgate the procedure for surveillance of trading of greenhouse gas emission allowances and carbon credits to ensure the effective implementation of trading surveillance activities.

2. To require carbon trading members and surveilled entities to report, provide explanations, information and documents relating to trading of greenhouse gas emission allowances and carbon credits for the purpose of trading surveillance.

3. To coordinate with the State Securities Commission of Vietnam in inspecting the trading of greenhouse gas emission allowances and carbon credits showing signs of law violation.

Article 8. Obligations of carbon trading members and carbon depository members

1. Obligations of carbon trading members

a) To comply with the provisions of Clauses 1, 3 and 4 Article 14 and Clause 2 Article 19 of Decree No. 29/2026/ND-CP.

b) To implement the surveillance reporting indicator system for trading of greenhouse gas emission allowances and carbon credits promulgated by the Vietnam Exchange;

c) To ensure that orders entered into the system are orders placed through trading accounts for greenhouse gas emission allowances and carbon credits for which depository information has been registered by the Vietnam Securities Depository and Clearing Corporation;

d) To provide sufficient information, documents, data, and explanations to the Vietnam Exchange and the Hanoi Stock Exchange for the conduct of trading surveillance on the domestic carbon exchange, and to the State Securities Commission of Vietnam when conducting inspections of trading activities on the domestic carbon exchange.

2. Obligations of carbon depository members

To comply with the provisions of Clauses 5 and 6 Article 15 and the obligations prescribed in Clause 2 Article 23 of Decree No. 29/2026/ND-CP.

Article 9. Rights and obligations of the Vietnam Securities Depository and Clearing Corporation

1. To provide information at the request of the Vietnam Exchange and the Hanoi Stock Exchange for surveillance of trading of greenhouse gas emission allowances and carbon credits.

2. To supervise carbon depository members in complying with regulations on depository and settlement activities for trading of greenhouse gas emission allowances and carbon credits in accordance with Decree No. 29/2026/ND-CP and the regulations of the Vietnam Securities Depository and Clearing Corporation, on the basis of depository and transaction settlement data from the carbon depository and transaction settlement system, reports and dossiers and documents of carbon depository members, and documents and explanations provided by relevant organizations (where necessary). Where signs of violations of law relating to the domestic carbon exchange by a depository member are detected, to report such matters to the State Securities Commission of Vietnam for handling according to regulations.

3. To coordinate with the State Securities Commission of Vietnam in conducting inspections of trading of greenhouse gas emission allowances and carbon credits showing signs of law violation (where necessary).

4. To review information relating to the opening of depository accounts and the settlement of transactions in greenhouse gas emission allowances and carbon credits by trading participants to ensure compliance with Points a and b Clause 4 Article 13 of Decree No. 29/2026/ND-CP.

Article 10. Rights and obligations of the State Securities Commission of Vietnam

1. To provide comments on the operational regulations for trading surveillance activities, trading surveillance criteria applicable to the carbon trading system at the Hanoi Stock Exchange, and trading surveillance reporting indicators applicable to carbon trading members, developed by the Vietnam Exchange.

2. To assume the prime responsibility for, and coordinate with relevant agencies in, conducting inspections of trading activities on the domestic carbon exchange on the basis of surveillance reports of the Vietnam Exchange, the Hanoi Stock Exchange, and the Vietnam Securities Depository and Clearing Corporation regarding trading showing signs of law violation.

3. When conducting inspections of trading activities on the domestic carbon exchange in accordance with Point a Clause 3 Article 33 of Decree No. 29/2026/ND-CP, to require surveilled entities and carbon trading members to report, provide explanations, information and documents relating to trading of greenhouse gas emission allowances and carbon credits.

4. To conduct working sessions with surveilled entities, carbon trading members, and organizations and individuals related to trading activities on the domestic carbon exchange when conducting inspections of trading activities on the domestic carbon exchange.

5. To comply with provisions of Points b, dd and e Clause 3 Article 33 of Decree No. 29/2026/ND-CP.

Article 11. Responsibilities of surveilled entities

1. To coordinate with the State Securities Commission of Vietnam, the Vietnam Exchange, the Hanoi Stock Exchange, the Vietnam Securities Depository and Clearing Corporation, carbon trading members, and competent agencies as prescribed by law upon request.

2. To provide fully information, documents, data, and explanations at the request of the Vietnam Exchange and the Hanoi Stock Exchange in the course of conducting trading surveillance on the domestic carbon exchange.

3. To provide sufficient information, documents, data, explanations, and attend working sessions at the request of the State Securities Commission of Vietnam when conducting inspections of trading activities on the domestic carbon exchange.

Article 12. Trading surveillance reports

1. Carbon trading members shall submit to the Vietnam Exchange and the Hanoi Stock Exchange regular trading surveillance reports, irregular surveillance reports, and reports upon request on the results of surveillance of trading of greenhouse gas emission allowances and carbon credits. Specific reporting requirements shall be implemented in accordance with the Regulations of the Vietnam Exchange.

2. Carbon depository members shall submit to the Vietnam Securities Depository and Clearing Corporation regular reports, irregular reports, and reports upon request relating to the depository and settlement for trading of greenhouse gas emission allowances and carbon credits. Specific reporting requirements shall be implemented in accordance with the Regulations of the Vietnam Securities Depository and Clearing Corporation.

3. The Vietnam Exchange shall submit to the State Securities Commission of Vietnam the surveillance report on trading showing signs of law violation within 24 hours from the time such trading is detected by the Vietnam Exchange. A surveillance report on trading showing signs of law violation must contain a separate analysis of each case, clearly identifying signs of law violation relating to trading of greenhouse gas emission allowances and carbon credits and recommending handling measures.

4. The Vietnam Securities Depository and Clearing Corporation shall submit to the State Securities Commission of Vietnam a surveillance report on carbon depository members showing signs of law violation relating to the depository and settlement of trading of greenhouse gas emission allowances and carbon credits on the domestic carbon exchange within 24 hours from the time such signs are detected by the Vietnam Securities Depository and Clearing Corporation. The report must clearly identify the signs of law violation and recommend handling measures.

5. The Vietnam Exchange, the Hanoi Stock Exchange, and the Vietnam Securities Depository and Clearing Corporation shall submit irregular trading surveillance reports and trading surveillance reports upon request to the State Securities Commission of Vietnam.

6. Trading surveillance reports of the Vietnam Exchange, the Hanoi Stock Exchange, and the Vietnam Securities Depository and Clearing Corporation submitted to the State Securities Commission of Vietnam shall be made in paper and electronic forms. Reports in electronic form shall be transmitted through the dedicated reporting information software system as notified by the State Securities Commission of Vietnam.

Chapter III

REPORTING REGIME OF THE STOCK EXCHANGES AND THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION TO THE STATE SECURITIES COMMISSION OF VIETNAM ON THE OPERATION OF THE DOMESTIC CARBON EXCHANGE

Article 13. Reports of the Stock Exchanges

1. The Vietnam Exchange shall assume the prime responsibility for, and coordinate with the Hanoi Stock Exchange in, submitting quarterly and annual reports to the State Securities Commission of Vietnam on trading activities on the domestic carbon exchange, trading surveillance results, and carbon trading members. The reporting contents include:

a) Promulgation of regulations and operational procedures relating to the provision of services on the domestic carbon exchange according to regulations;

b) Approval of registration, suspension, and termination of participation in the carbon trading system by carbon trading members; and results of mediation conducted at the request of carbon trading members where disputes arise in relation to trading activities on the domestic carbon exchange;

c) Trading activities on the domestic carbon exchange;

d) Results of supervision of the Hanoi Stock Exchange in the performance of its rights and obligations prescribed in Decree No. 29/2026/ND-CP, this Circular, and the regulations of the Vietnam Exchange;

dd) Surveillance, inspection, and handling of violations committed by carbon trading members in complying with obligations prescribed in Decree No. 29/2026/ND-CP, this Circular, and the regulations of the Vietnam Exchange;

e) Surveillance of trading showing signs of law violation.

2. The Vietnam Exchange and the Hanoi Stock Exchange shall submit irregular reports and reports upon request to the State Securities Commission of Vietnam on trading activities on the domestic carbon exchange, trading surveillance results, and carbon trading members.

Article 14. Reports of the Vietnam Securities Depository and Clearing Corporation

1. The Vietnam Securities Depository and Clearing Corporation shall submit quarterly and annual reports to the State Securities Commission of Vietnam on the depository and settlement of trading of greenhouse gas emission allowances and carbon credits, and on carbon depository members. The reporting contents include:

a) Promulgation of operational regulations relating to the provision of services on the domestic carbon exchange according to regulations;

b) Approval of registration for participation in, suspension from, and termination of participation in the carbon depository and settlement system by carbon depository members;

c) The depository and settlement of trading of greenhouse gas emission allowances and carbon credits;

d) Surveillance of, and handling of violations by, carbon depository members in complying with obligations relating to the depository and settlement of trading of greenhouse gas emission allowances and carbon credits in accordance with Decree No. 29/2026/ND-CP and the regulations of the Vietnam Securities Depository and Clearing Corporation.

2. In addition to the regular reporting regime specified above, the Vietnam Securities Depository and Clearing Corporation shall submit irregular reports and reports upon request to the State Securities Commission of Vietnam regarding the depository and settlement of trading of greenhouse gas emission allowances and carbon credits, and carbon depository members.

Article 15. Reporting deadlines, forms, and methods of report submission

1. Closing time of reporting data

a) Quarterly reports: From the first day of the first month of the reporting period to the last day of the last month of the reporting quarter;

b) Annual reports: From January 01 to the end of December 31 of the reporting period.

2. Deadline for submitting reports

a) Quarterly and annual reports shall be submitted by the Vietnam Exchange and the Vietnam Securities Depository and Clearing Corporation in accordance with Clause 5 Article 31 of Decree No. 29/2026/ND-CP;

b) The Vietnam Exchange and the Hanoi Stock Exchange shall submit irregular reports in writing to the State Securities Commission of Vietnam within 24 hours from the occurrence of events or incidents affecting the operation of the carbon trading system and the measures taken to respond to and remedy such incidents;

c) The Vietnam Securities Depository and Clearing Corporation shall submit irregular reports in writing to the State Securities Commission of Vietnam within 24 hours from the occurrence of events or incidents affecting the depository and settlement of trading of greenhouse gas emission allowances and carbon credits, and the measures taken to respond to and remedy such incidents;

d) Where necessary, the State Securities Commission of Vietnam may require the Vietnam Exchange, the Hanoi Stock Exchange, and the Vietnam Securities Depository and Clearing Corporation to report in writing. The Vietnam Exchange, the Hanoi Stock Exchange, and the Vietnam Securities Depository and Clearing Corporation shall submit reports to the State Securities Commission of Vietnam in accordance with the prescribed deadlines and reporting requirements.

3. Report forms

a) The Vietnam Exchange shall submit quarterly and annual reports to the State Securities Commission of Vietnam in accordance with the form set out in Appendix I to this Circular;

b) The Vietnam Securities Depository and Clearing Corporation shall submit quarterly and annual reports to the State Securities Commission of Vietnam in accordance with the form set out in Appendix II to this Circular.

4. Methods of receiving reports

Reports of the Vietnam Exchange, the Hanoi Stock Exchange, and the Vietnam Securities Depository and Clearing Corporation submitted to the State Securities Commission of Vietnam shall be made in paper and electronic forms. Reports in electronic form shall be transmitted through the dedicated reporting information software system as notified by the State Securities Commission of Vietnam.

Chapter IV

EFFECT

Article 16. Effect

1. This Circular takes effect from May 12, 2026.

2. In case where the legal documents which are cited in this Circular are amended, supplemented or replaced with new legal documents, the new ones shall prevail.

3. The State Securities Commission of Vietnam, the Vietnam Exchange, the Hanoi Stock Exchange, the Vietnam Securities Depository and Clearing Corporation, carbon trading members, carbon depository members, and relevant 3. agencies and organizations shall implement this Circular./.