DECREE

On the domestic carbon exchange

Pursuant to the Law on Government Organization No. 63/2025/QH15;

Pursuant to the Law on Environmental Protection No. 72/2020/QH14 as amended and supplemented by Law No. 146/2025/QH15;

Pursuant to the Law on Securities No. 54/2019/QH14 as amended and supplemented by Law No. 56/2024/QH15;

At the proposal of the Minister of Finance;

The Government hereby issues the Decree on the domestic carbon exchange.
 

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree prescribes activities related to the domestic carbon exchange, including registration, domestic coding, transfer of ownership, depository, trading, and transaction payment of greenhouse gas emission allowances and carbon credits eligible for trading in accordance with the law.

Article 2. Subjects of application

1. he Vietnam Securities Depository and Clearing Corporation.

2. The Vietnam Exchange.

3. The Hanoi Stock Exchange.

4. Agencies and organizations participating in trading on the domestic carbon exchange in accordance with the law on environmental protection.

5. Agencies, organizations, and individuals related to the organization and operation of the domestic carbon exchange, registration, domestic coding, transfer of ownership, depository, trading, and transaction payment of greenhouse gas emission allowances and carbon credits.

Article 3. Interpretation of terms

In this Decree, the following terms shall be construed as follows:

1. Trading support services on the domestic carbon exchange are financial services including activities serving the depository, trading, and transaction payment of greenhouse gas emission allowances and carbon credits as prescribed in this Decree.

2. Registration of greenhouse gas emission allowances and carbon credits is the recording by the Ministry of Agriculture and Environment of information regarding greenhouse gas emission allowances, carbon credits, and information on agencies and organizations owning such allowances and credits on the National Registration System for greenhouse gas emission allowances and carbon credits (hereinafter referred to as the National Registration System).

3. Carbon trading system is the system of facilities, technical infrastructure, and technology organized and operated by the Hanoi Stock Exchange to provide trading services for greenhouse gas emission allowances and carbon credits.

4. Carbon depository and transaction payment system is the system of facilities, technical infrastructure, and technology organized and operated by the Vietnam Securities Depository and Clearing Corporation to provide depository and transaction payment services for greenhouse gas emission allowances and carbon credits.

5. Deposition of greenhouse gas emission allowances and carbon credits is the act of transferring allowances and credits registered on the National Registration System into the custody of the Vietnam Securities Depository and Clearing Corporation for trading purposes.

6. Transaction payment for greenhouse gas emission allowances and carbon credits is the transfer of funds at the payment bank and the transfer of allowances and credits on the carbon depository and transaction payment system on the payment date, in accordance with the principle of delivery versus payment.

7. Immediate payment on a per-transaction basis is a method of transaction payment performed on a per-transaction basis as soon as the buyer has sufficient funds and the seller has sufficient allowances or credits in their depository accounts.

8. Greenhouse gas emission allowance and carbon credit trading members (hereinafter referred to as carbon trading members) are securities companies approved by the Vietnam Exchange to participate in the carbon trading system.

9. Greenhouse gas emission allowance and carbon credit depository members (hereinafter referred to as carbon depository members) are securities companies approved by the Vietnam Securities Depository and Clearing Corporation to participate in the carbon depository and transaction payment system.

Article 4. Principles of transaction on the domestic carbon exchange

1. Fairness, openness, and transparency.

2. Protection of the legal rights and interests of participants on the domestic carbon exchange.

3. Participants on the domestic carbon exchange shall be responsible for researching legal regulations and information regarding goods, and shall be self-responsible for their own purchase and sale decisions.

4. The exchange of greenhouse gas emission allowances shall only be permitted on the carbon trading system, except for cases of ownership transfer of greenhouse gas emission allowances as prescribed in Clause 2, Article 12 of this Decree.

5. Participants on the domestic carbon exchange who commit acts of collusion or enticement of others to purchase or sell, or use other trading methods, or combine the spreading of false rumors or provision of misleading information to manipulate the price of greenhouse gas emission allowances or carbon credits on the domestic carbon exchange; or exploit incidents or vulnerabilities in information technology systems to appropriate greenhouse gas emission allowances or carbon credits, and other violations related to the domestic carbon exchange, shall, depending on the nature and severity of the violation, be subject to administrative penalties or criminal prosecution; if damage is caused, compensation must be paid in accordance with the law. The fine levels, forms of sanction, and authority to impose administrative penalties for the aforementioned acts shall be implemented in accordance with Government regulations on administrative penalties in the field of environmental protection.

6. Organizations or individuals that commit violations of legal regulations on activities related to the domestic carbon exchange under this Decree shall, depending on the nature and severity of the violation, be handled in accordance with criminal law or subject to administrative penalties; if damage is caused, compensation must be paid in accordance with the law. Specific administrative violations related to the domestic carbon exchange, fine levels, forms of sanction, and authority to impose administrative penalties shall be implemented in accordance with Government regulations on administrative penalties in the field of environmental protection.

Article 5. General provisions on submission and supplementation of dossiers

1. Organizations and individuals involved in the process of preparing dossiers shall be responsible before the law for the legality, accuracy, honesty, and completeness of the dossiers, ensuring that information is clear, not misleading, and contains all important contents affecting the decisions of agencies or organizations.

2. Competent agencies and organizations responsible for receiving, processing, and approving dossiers shall consider the validity of dossiers on the basis of the provided dossiers; they shall not be responsible for violations by organizations or individuals that are not reflected in the valid dossiers. A valid dossier is a dossier that has all the components and contents as prescribed.

Article 6. Greenhouse gas emission allowances and carbon credits traded on the carbon trading system

1. Greenhouse gas emission allowances and carbon credits traded on the carbon trading system are greenhouse gas emission allowances and carbon credits permitted for exchange on the carbon exchange as prescribed in the Government's Decree No. 06/2022/ND-CP dated January 07, 2022, providing the mitigation of greenhouse gas emissions and protection of the ozone layer, as amended and supplemented by Decree No. 119/2025/ND-CP.

2. The Ministry of Agriculture and Environment shall be responsible for notifying and updating information on the list of greenhouse gas emission allowances and carbon credits permitted for transaction, the first trading date, and the last trading date to the Hanoi Stock Exchange and the Vietnam Securities Depository and Clearing Corporation.

Article 7. Participants on the domestic carbon exchange

Participants permitted to engage in transactions on the domestic carbon exchange are subjects performing the exchange of greenhouse gas emission allowances and carbon credits as prescribed in Decree No. 06/2022/ND-CP, as amended and supplemented by Decree No. 119/2025/ND-CP.

Article 8. Rights and obligations of the Vietnam Securities Depository and Clearing Corporation

1. Rights of the Vietnam Securities Depository and Clearing Corporation regarding the provision of services on the domestic carbon exchange:

a) To promulgate professional operational regulations related to the provision of services on the domestic carbon exchange as prescribed in Clause 1 Article 12, Article 13, Article 15, Article 16, Article 17, Article 22, Clause 2 Article 24, and Article 25 of this Decree after obtaining the opinions of the State Securities Commission and the Ministry of Agriculture and Environment;

b) To provide depository and payment for greenhouse gas emission allowances and carbon credit transactions in accordance with this Decree;

c) To approve registration for participation, suspend, or terminate participation in the carbon depository and payment system of carbon depository members;

d) To handle violations committed by carbon depository members according to the regulations of the Vietnam Securities Depository and Clearing Corporation;

dd) To collect service fees in accordance with the law.

2. Obligations of the Vietnam Securities Depository and Clearing Corporation regarding the provision of services on the domestic carbon exchange:

a) To ensure facilities for depository and payment activities of greenhouse gas emission allowances and carbon credits. In case of occurrences or incidents affecting depository and payment activities of greenhouse gas emission allowances and carbon credits, the Vietnam Securities Depository and Clearing Corporation shall implement response and recovery measures and report to the State Securities Commission;

b) To supervise carbon depository members in complying with regulations on depository and payment activities of greenhouse gas emission allowances and carbon credits as prescribed in this Decree and the regulations of the Vietnam Securities Depository and Clearing Corporation;

c) To protect databases and retain records of depository and payment of transactions in accordance with the law;

d) To provide information to the Hanoi Stock Exchange to serve the trading of greenhouse gas emission allowances and carbon credits;

dd) To provide information upon request of competent authorities for the purpose of investigation, prevention, and combat against legal violations related to depository and payment activities of greenhouse gas emission allowances and carbon credits and relevant laws;

e) To provide transaction payment results and end-of-day balances after transaction payment for greenhouse gas emission allowances and carbon credits to the Ministry of Agriculture and Environment.

Article 9. Rights and obligations of the Vietnam Exchange

1. Rights of the Vietnam Exchange regarding the provision of trading services on the carbon trading system:

a) To issue regulations to implement trading supervision and trading supervision criteria (including specific contents and parameters) on the carbon trading system applied at the Hanoi Stock Exchange, and trading supervision reporting criteria applied to carbon trading members after obtaining opinions from the State Securities Commission;

b) To issue professional operational regulations related to the provision of services on the domestic carbon exchange after obtaining opinions from the State Securities Commission;

c) To approve the registration, suspension, or termination of participation in the carbon trading system by carbon trading members;

d) To act as a mediator at the request of carbon trading members when disputes arise related to trading activities on the domestic carbon exchange;

dd) To inspect and handle violations committed by carbon trading members in accordance with the regulations of the Vietnam Exchange;

e) To collect service fees in accordance with the law.

2. Obligations of the Vietnam Exchange regarding the provision of trading services on the domestic carbon exchange:

a) To supervise the Hanoi Stock Exchange in the exercise of its rights and performance of its obligations as prescribed in this Decree and the regulations of the Vietnam Exchange;

b) To supervise transactions based on supervision reports and trading data from the Hanoi Stock Exchange and supervision reports from carbon trading members;

c) To supervise carbon trading members in their compliance with the obligations prescribed in this Decree and the regulations of the Vietnam Exchange;

d) To provide information to competent authorities for investigation, prevention, and combat against legal violations related to the trading of greenhouse gas emission allowances and carbon credits, and other relevant laws.

Article 10. Rights and obligations of the Hanoi Stock Exchange

1. Rights of the Hanoi Stock Exchange regarding the provision of trading services on the carbon trading system:

a) To issue professional procedures to implement the regulations issued by the Vietnam Exchange as prescribed at points a and b, Clause 1, Article 9 of this Decree;

b) To collect service fees in accordance with the law.

2. Obligations of the Hanoi Stock Exchange regarding the provision of trading services on the domestic carbon exchange:

a) To provide trading services on the domestic carbon exchange in accordance with this Decree and the regulations of the Vietnam Exchange;

b) To supervise transactions on the carbon trading system according to the regulations and supervision criteria issued by the Vietnam Exchange;

c) To suspend or restore the provision of trading services for greenhouse gas emission allowances and carbon credits and report to the Vietnam Exchange;

d) To provide information to the Vietnam Securities Depository and Clearing Corporation to serve the transaction payment activities for greenhouse gas emission allowances and carbon credits;

dd) To provide information upon the request of competent authorities for the purpose of investigation, prevention, and combat against legal violations related to the trading of greenhouse gas emission allowances and carbon credits and relevant laws;   

e) To provide trading results on the domestic carbon exchange to the Ministry of Agriculture and Environment upon request.

Chapter II

REGISTRATION, DOMESTIC CODE ISSUANCE, AND OWNERSHIP TRANSFER OF GREENHOUSE GAS EMISSION ALLOWANCES AND CARBON CREDITS

Article 11. Registration and domestic code issuance of greenhouse gas emission allowances and carbon credits

1. Greenhouse gas emission allowances and carbon credits must be centrally registered on the National registration system of the Ministry of Agriculture and Environment prior to being put into depository and traded on the domestic carbon exchange.

2. The Ministry of Agriculture and Environment shall perform the registration of the following information on the National registration system:

a) Information on greenhouse gas emission allowances and carbon credits;

b) Information on the agencies and organizations owning the greenhouse gas emission allowances and carbon credits, including: identification information of the agency or organization; and the quantity of greenhouse gas emission allowances and carbon credits owned.

3. Within the day of completing the registration of greenhouse gas emission allowances on the National registration system, the Ministry of Agriculture and Environment shall send the list of organizations owning the greenhouse gas emission allowances registered on the National registration system to the Vietnam Securities Depository and Clearing Corporation.

4. The Ministry of Agriculture and Environment shall perform the domestic code issuance for greenhouse gas emission allowances and carbon credits on the National registration system and send the list of domestic codes to the Vietnam Securities Depository and Clearing Corporation and the Hanoi Stock Exchange within the day of completing the code issuance. Domestic codes for greenhouse gas emission allowances and carbon credits shall be used consistently when performing professional operations as prescribed in this Decree.

5. The Minister of Agriculture and Environment shall provide detailed regulations on the activities of registration, domestic code issuance, and de-registration of greenhouse gas emission allowances and carbon credits.

Article 12. Ownership transfer of greenhouse gas emission allowances and carbon credits

1. The Vietnam Securities Depository and Clearing Corporation shall perform the ownership transfer and record the ownership of greenhouse gas emission allowances and carbon credits for transaction participants immediately upon the completion of transaction payment. At the end of each trading day, the Vietnam Securities Depository and Clearing Corporation shall be responsible for sending the transaction payment results and the end-of-day ownership balances of greenhouse gas emission allowances and carbon credits on the depository accounts to the Ministry of Agriculture and Environment for the purpose of updating the National registration system.

2. The Ministry of Agriculture and Environment shall provide guidance and perform the ownership transfer of greenhouse gas emission allowances and carbon credits outside the carbon trading system for cases not prescribed in Clause 1 of this Article. In cases where greenhouse gas emission allowances or carbon credits have been deposited at the Vietnam Securities Depository and Clearing Corporation, the Ministry of Agriculture and Environment shall only perform the ownership transfer outside the carbon trading system after such greenhouse gas emission allowances or carbon credits have been withdrawn from the carbon depository and transaction payment system.

Chapter III

DEPOSITORY, TRADING, AND TRANSACTION PAYMENT OF GREENHOUSE GAS EMISSION ALLOWANCES AND CARBON CREDITS

Article 13. Depository of greenhouse gas emission allowances and carbon credits

1. Depository activities for greenhouse gas emission allowances and carbon credits at the Vietnam Securities Depository and Clearing Corporation shall include:

a) Deposit and withdrawal of greenhouse gas emission allowances and carbon credits;

b) Transfer of greenhouse gas emission allowances and carbon credits associated with ownership transfer for the payment of transactions established on the carbon trading system as prescribed in Clause 1, Article 12 of this Decree;

c) Transfer of greenhouse gas emission allowances and carbon credits outside the carbon trading system not associated with ownership transfer in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

2. The deposit and withdrawal of greenhouse gas emission allowances and carbon credits shall be performed as follows:

a) Greenhouse gas emission allowances and carbon credits must be deposited at the Vietnam Securities Depository and Clearing Corporation prior to the execution of transactions on the domestic carbon exchange;

b) Agencies and organizations owning greenhouse gas emission allowances and carbon credits shall send a notification via the National registration system regarding information on the depository account for greenhouse gas emission allowances and carbon credits and the quantity intended for deposit;

c) The Ministry of Agriculture and Environment shall verify the ownership information of the greenhouse gas emission allowances and carbon credits of the agencies and organizations and send the list of agencies and organizations depositing greenhouse gas emission allowances and carbon credits to the Vietnam Securities Depository and Clearing Corporation, clearly stating the identification information of the agency or organization, the depository account, and the quantity of greenhouse gas emission allowances and carbon credits corresponding to each depository account;

d) The Vietnam Securities Depository and Clearing Corporation shall perform the deposit of greenhouse gas emission allowances and carbon credits based on the list prescribed at point c of this Clause;

dd) The Vietnam Securities Depository and Clearing Corporation shall perform the withdrawal of deposited greenhouse gas emission allowances and carbon credits upon receipt of a request from the Ministry of Agriculture and Environment;

e) The Minister of Agriculture and Environment shall provide specific regulations on cases of withdrawal of deposited greenhouse gas emission allowances and carbon credits and the coordination of data exchange regarding deposits and withdrawals with the Vietnam Securities Depository and Clearing Corporation.

3. The deposit, withdrawal, and transfer of greenhouse gas emission allowances and carbon credits at the Vietnam Securities Depository and Clearing Corporation shall take effect from the time the Vietnam Securities Depository and Clearing Corporation performs accounting on the depository accounts opened at the Vietnam Securities Depository and Clearing Corporation.

4. Depository accounts for greenhouse gas emission allowances and carbon credits:

a) Transaction participants shall only use 01 (one) securities depository account in accordance with the law on securities at a carbon depository member for the depository and transaction payment of greenhouse gas emission allowances and carbon credits. In cases where a transaction participant transfers from their depository account at this carbon depository member to their own depository account at another carbon depository member, the transaction participant may use 01 additional depository account to perform the transfer. After completing the transfer, the carbon depository member must cancel the registration of the previously used depository account information;

b) Prior to performing depository or trading of greenhouse gas emission allowances and carbon credits on the domestic carbon exchange, agencies and organizations must register depository account information with a carbon depository member for the carbon depository member to update the registration information into the carbon depository and transaction payment system. For accounts used for the depository of greenhouse gas emission allowances, the Vietnam Securities Depository and Clearing Corporation shall only record information for accounts of organizations on the list prescribed in Clause 3, Article 11 of this Decree;

c) In case of de-registration of depository account information, the agency or organization must de-register the depository account information at the carbon depository member for the carbon depository member to update the information in the carbon depository and transaction payment system of the Vietnam Securities Depository and Clearing Corporation;

d) At the end of each trading day, the Vietnam Securities Depository and Clearing Corporation shall send the list of depository accounts to the Hanoi Stock Exchange and the Ministry of Agriculture and Environment for transactions on the next trading day.

Article 14. Trading on the domestic carbon exchange

1. Transaction participants shall only use 01 (one) securities trading account in accordance with the law on securities at a carbon trading member to trade greenhouse gas emission allowances and carbon credits under the principle of segregated and separate trading of greenhouse gas emission allowances and carbon credits from other trading activities. Carbon trading members must segregate transactions of greenhouse gas emission allowances and carbon credits, track them separately, and account for them separately; they shall not perform cross-netting or borrowing of assets between carbon trading and other trading activities. The trading account must display the carbon trading component separately from the securities trading component immediately upon the user logging into the trading account.

2. Transaction participants must have sufficient funds when placing purchase orders and sufficient greenhouse gas emission allowances or carbon credits when placing sales orders.

3. Carbon trading members are responsible for monitoring the balances of greenhouse gas emission allowances, carbon credits, and cash, and for checking the completeness and accuracy of order information.

4. Carbon trading members shall notify transaction results to transaction participants immediately after the transaction is executed in the agreed-upon format. Carbon trading members must send monthly statements of cash accounts and depository accounts for greenhouse gas emission allowances and carbon credits to transaction participants or upon the request of transaction participants.

5. After a transaction of greenhouse gas emission allowances or carbon credits is established, the Hanoi Stock Exchange is responsible for providing the transaction results to the Vietnam Securities Depository and Clearing Corporation for transaction payment.

Article 15. Transaction payment

1. Transactions on the carbon trading system shall be paid through the carbon depository and transaction payment system on the same trading day under the method of instant payment on a per-transaction basis; the central counterparty mechanism shall not apply.

2. The Vietnam Securities Depository and Clearing Corporation shall perform the transaction payment of greenhouse gas emission allowances and carbon credits on the basis of the trading results provided by the Hanoi Stock Exchange.

3. The cash payment for greenhouse gas emission allowances and carbon credit transactions shall be performed on the payment account system of the payment bank based on the payment obligations determined by the Vietnam Securities Depository and Clearing Corporation and the authorization from carbon depository members to the payment bank to perform the cash payment for such transactions.

4. The payment of greenhouse gas emission allowances and carbon credits shall be performed on the carbon depository and transaction payment system under the principle of transferring greenhouse gas emission allowances and carbon credits between the accounts of transaction participants simultaneously with the cash payment at the payment bank.

5. Carbon depository members are responsible for distributing funds, greenhouse gas emission allowances, and carbon credits to the accounts of transaction participants, and simultaneously notifying the Vietnam Securities Depository and Clearing Corporation of the distribution results.

6. Carbon depository members must connect their systems, open deposit accounts in the name of the carbon depository member at the payment bank, and ensure compliance with the processes for deposit, withdrawal, transfer, and reconciliation of transaction payment balances for greenhouse gas emission allowances and carbon credits.

7. The payment bank is responsible for managing detailed information on the deposit balances for transaction payment of greenhouse gas emission allowances and carbon credits of transaction participants according to the information provided by carbon depository members to ensure the correct payment for the transactions of such participants.

Article 16. Post-transaction error handling

1. In cases where a carbon trading member incorrectly inputs its own account number into the carbon trading system, the Vietnam Securities Depository and Clearing Corporation shall perform adjustments to the correct account number of that carbon trading member to execute the transaction payment.

2. The Vietnam Securities Depository and Clearing Corporation shall eliminate the transaction payment of erroneous transactions committed by carbon trading members or carbon depository members, except for the case prescribed in Clause 1 of this Article.

3. The Vietnam Securities Depository and Clearing Corporation shall be responsible for notifying the Hanoi Stock Exchange of transactions involving post-transaction error handling.

4. The handling of erroneous transactions shall be implemented in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 17. Elimination of transaction payment

1. The Vietnam Securities Depository and Clearing Corporation shall eliminate the transaction payment of greenhouse gas emission allowances and carbon credits in the following cases:

a) Transactions of customers of a carbon depository member executed after the Vietnam Securities Depository and Clearing Corporation has notified the Vietnam Exchange and the Hanoi Stock Exchange of the suspension of allowance and credit payment activities for such carbon depository member;

b) Transactions involving codes of greenhouse gas emission allowances or carbon credits not included in the list of greenhouse gas emission allowances or carbon credits permitted for transaction as notified by the Ministry of Agriculture and Environment to the Vietnam Securities Depository and Clearing Corporation under the provisions of Clause 2, Article 6 of this Decree, or transactions arising after the last trading date of the greenhouse gas emission allowance or carbon credit code;

c) Transactions with depository account information not yet recorded in the carbon depository and transaction payment system before the time the Vietnam Securities Depository and Clearing Corporation receives transaction results from the Hanoi Stock Exchange;

d) Transactions with insufficient funds, greenhouse gas emission allowances, or carbon credits for payment;

dd) Other cases as decided by competent authorities before the Vietnam Securities Depository and Clearing Corporation completes the payment.

2. The Vietnam Securities Depository and Clearing Corporation is responsible for notifying the Hanoi Stock Exchange and relevant organizations after eliminating the transaction payment of greenhouse gas emission allowances and carbon credits.

3. The party responsible for the error leading to the elimination of transaction payment shall bear full responsibility for losses incurred by related parties damaged due to the non-payment of the transaction. The protection of legal rights and interests or the resolution of disputes shall be conducted through negotiation, mediation, or by requesting Arbitration or Vietnamese Courts to resolve in accordance with the law.

Chapter IV

CARBON TRADING MEMBERS, CARBON

DEPOSITORY MEMBERS, AND PAYMENT BANKS

Article 18. Requirements, dossiers, sequences, and procedures for registration to participate in the carbon trading system

1. A carbon trading member must meet the following requirements:

a) Being a securities company operating under the Law on Securities that is approved by the Vietnam Securities Depository and Clearing Corporation to participate in the carbon depository and transaction payment system;

b) Not being in a state of warning, control, special control, or suspension of operation in accordance with the law on securities;

c) Meeting the requirements for information technology infrastructure and professional procedures as prescribed by the regulations of the Vietnam Exchange.

2. A dossier for registration of participation in the carbon trading system consists of:

a) A carbon trading member registration application;

b) An approval document for participation in the carbon depository and transaction payment system issued by the Vietnam Securities Depository and Clearing Corporation;

c) An explanatory memorandum on information technology infrastructure and professional procedures.

3. The sequences and procedures for approval of registration of participation in the carbon trading system and relevant forms shall be implemented in accordance with the regulations of the Vietnam Exchange.

Article 19. Rights and obligations of carbon trading members

1. Rights of carbon trading members:

a) To provide trading services for greenhouse gas emission allowances and carbon credits to customers;

b) To collect trading service fees from customers in accordance with the law.

2. Obligations of carbon trading members:

a) To supervise the trading activities of subjects who open accounts or conduct transactions of greenhouse gas emission allowances and carbon credits at the carbon trading member;

b) To report to the Vietnam Exchange and simultaneously send reports to the Hanoi Stock Exchange according to the trading supervision reporting criteria issued by the Vietnam Exchange;

c) To ensure that transaction participants who are their customers have sufficient funds and sufficient greenhouse gas emission allowances and carbon credits before executing transactions, and to check the completeness and accuracy of trading orders in accordance with the law;

d) To ensure the accuracy and completeness of transaction information on the carbon trading system;

dd) To ensure facilities and techniques for the trading of greenhouse gas emission allowances and carbon credits;

e) To ensure the maintenance of requirements for information technology infrastructure and professional procedures in accordance with the regulations of the Vietnam Exchange;

g) To control orders placed into the system in accordance with regulations;

h) To store and secure accounts and trading records of customers in accordance with the law;

i) To provide information related to the accounts of transaction participants who are their customers upon the request of competent authorities;

k) To comply with reporting obligations and other obligations in accordance with the law and the regulations of the Vietnam Exchange.

Article 20. Suspension of participation in the carbon trading system of carbon trading members

1. The Vietnam Exchange shall suspend for a maximum period of 90 days a part or the whole of the participation in the carbon trading system of a carbon trading member in the following cases:

a) Being suspended from depository and transaction payment activities for greenhouse gas emission allowances and carbon credits by the Vietnam Securities Depository and Clearing Corporation;

b) Being temporarily ceased or suspended from providing support services for the trading of greenhouse gas emission allowances and carbon credits at the request of competent state agencies;

c) Frequently violating the obligations of a carbon trading member on the domestic carbon exchange as prescribed in this Decree and the regulations of the Vietnam Exchange;

d) Being in a state of suspension of operation in accordance with the law on securities;

dd) Failing to meet the requirements prescribed at Point c, Clause 1, Article 18 of this Decree;

e) Other cases in accordance with the regulations of the Vietnam Exchange.

2. The methods for determination, duration, and scope of suspension of participation in the carbon trading system of a carbon trading member, and the restoration of participation in the carbon trading system of a carbon trading member shall be implemented in accordance with the regulations of the Vietnam Exchange.

Article 21. Termination of participation in the carbon trading system of carbon trading members

1. The Vietnam Exchange shall terminate the participation in the carbon trading system of a carbon trading member in the following cases:

a) The carbon trading member voluntarily terminates its participation in the carbon trading system and obtains approval from the Vietnam Exchange;

b) The carbon trading member is mandatorily required to terminate its participation in the carbon trading system as prescribed in Clause 2 of this Article.

2. Cases in which a carbon trading member is mandatorily required to terminate its participation in the carbon trading system:

a) Upon the expiry of the suspension period of participation in the carbon trading system, the member fails to remedy the causes leading to such suspension;

b) Other cases in accordance with the regulations of the Vietnam Exchange.

3. During the process of performing procedures to terminate participation in the carbon trading system, the carbon trading member shall not sign new contracts or extend existing contracts with customers for transactions through the carbon trading system; and must perform account settlement or account transfer upon the request of customers (if any).

4. The sequences and procedures for termination of participation in the carbon trading system and relevant forms shall be implemented in accordance with the regulations of the Vietnam Exchange.

Article 22. Requirements, dossiers, sequences, and procedures for registration to participate in the carbon depository and transaction payment system

1. A carbon depository member must meet the following requirements:

a) Being a securities company that has been issued a Depository Member Certificate by the Vietnam Securities Depository and Clearing Corporation in accordance with the law on securities;

b) Not being in a state of warning, control, special control, or suspension of operation in accordance with the law on securities;

c) Meeting the requirements for information technology infrastructure and professional procedures as requested by the Vietnam Securities Depository and Clearing Corporation.

2. A dossier for registration of participation in the carbon depository and transaction payment system consists of:

a) A registration application for participation in the carbon depository and transaction payment system;

b) An explanatory memorandum on information technology infrastructure and professional procedures;

c) Registration documents for additional transactions using the online communication gateway.

3. The sequences and procedures for approval of registration of participation in the carbon depository and transaction payment system and relevant forms shall be implemented in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 23. Rights and obligations of carbon depository members

1. Rights of carbon depository members:

a) To provide depository and transaction payment services for greenhouse gas emission allowances and carbon credits to customers;

b) To collect service fees from customers in accordance with the law.

2. Obligations of carbon depository members:

a) To ensure facilities and techniques for depository and transaction payment activities for greenhouse gas emission allowances and carbon credits;

b) To maintain requirements for information technology infrastructure and professional procedures as requested by the Vietnam Securities Depository and Clearing Corporation;

c) To store and secure accounts and records of customers in accordance with the law;

d) To provide information related to the accounts of transaction participants who are customers upon the request of competent authorities;

dd) To comply with reporting obligations and other obligations in accordance with the law and the regulations of the Vietnam Securities Depository and Clearing Corporation;

e) To separately manage greenhouse gas emission allowances and carbon credits from other types of customer assets and the assets of the carbon depository member.

Article 24. Suspension of depository and transaction payment activities of carbon depository members

1. The Vietnam Securities Depository and Clearing Corporation shall suspend for a maximum period of 90 days a part or the whole of the depository and transaction payment activities for greenhouse gas emission allowances and carbon credits of a carbon depository member in the following cases:

a) Frequently violating the obligations of a carbon depository member as prescribed in this Decree and the regulations of the Vietnam Securities Depository and Clearing Corporation;

b) Being temporarily ceased or suspended from providing depository and transaction payment services for greenhouse gas emission allowances and carbon credits at the request of competent state agencies;

c) Being in a state of suspension of operation in accordance with the law on securities;

d) Failing to meet the requirements prescribed at Point c, Clause 1, Article 22 of this Decree;

dd) Other cases in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

2. The methods for determination, duration, and scope of suspension of depository and transaction payment activities for greenhouse gas emission allowances and carbon credits, and the restoration of such activities; the methods for handling deposited greenhouse gas emission allowances and carbon credits, and the transaction payment for customers in the event of a carbon depository member's suspension shall be implemented in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 25. Termination of participation in the carbon depository and transaction payment system

1. The Vietnam Securities Depository and Clearing Corporation shall terminate the participation in the carbon depository and transaction payment system of a carbon depository member in the following cases:

a) The carbon depository member voluntarily terminates its participation in the carbon depository and transaction payment system and obtains approval from the Vietnam Securities Depository and Clearing Corporation;

b) The carbon depository member is mandatorily required to terminate its participation in the carbon depository and transaction payment system as prescribed in Clause 2 of this Article.

2. Cases in which a carbon depository member is mandatorily required to terminate its participation in the carbon depository and transaction payment system:

a) Upon the expiry of the suspension period of depository and transaction payment activities for greenhouse gas emission allowances and carbon credits, the member fails to remedy the causes leading to such suspension;

b) Other cases in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

3. During the process of performing procedures to terminate participation in the carbon depository and transaction payment system, the carbon depository member shall not sign new contracts or extend existing contracts with customers for depository and transaction payment activities for greenhouse gas emission allowances and carbon credits; and must perform account settlement or account transfer upon the request of customers (if any).

4. The sequences and procedures for termination of participation in the carbon depository and transaction payment system and relevant forms shall be implemented in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 26. General regulations on payment banks

1. A payment bank is a commercial bank established and operating in Vietnam in accordance with the law, providing cash payment services for transactions of greenhouse gas emission allowances and carbon credits.

2. A commercial bank shall be selected by the State Securities Commission to serve as a payment bank upon meeting the following requirements:

a) Having a charter capital of over VND 10,000 billion;

b) Having profitable business operations for the last 02 consecutive years;

c) Meeting the minimum capital adequacy ratio as prescribed by the law on banking;

d) Having information technology systems and facilities ensuring the execution of cash payments for greenhouse gas emission allowances and carbon credit transactions and connecting with the system of the Vietnam Securities Depository and Clearing Corporation as prescribed by the Vietnam Securities Depository and Clearing Corporation;

dd) Having payment and clearing systems connected with the payment and clearing systems of the State Bank of Vietnam;

e) Having facilities and technical systems to store transaction payment data for a minimum period of 10 years and providing such data to the Vietnam Securities Depository and Clearing Corporation within 48 hours upon request;

g) Not being under special control as prescribed by the law on credit institutions.

3. A payment bank has the following rights and obligations:

a) To maintain the requirements prescribed in Clause 2 of this Article;

b) To organize the payment for greenhouse gas emission allowances and carbon credit transactions separately from other payment activities of the bank;

c) To compensate the Vietnam Securities Depository and Clearing Corporation and carbon depository members for costs and losses incurred in the event of failure to perform cash payment activities for greenhouse gas emission allowances and carbon credit transactions in accordance with regulations due to the fault of the payment bank.

4. The payment bank shall report to the State Securities Commission and the Vietnam Securities Depository and Clearing Corporation within 24 hours from the time it fails to meet the requirements prescribed in Clause 2 of this Article. The State Securities Commission shall preside over and coordinate with the Vietnam Securities Depository and Clearing Corporation to inspect the maintenance of requirements and the performance of obligations of the payment bank where necessary. In cases where a bank fails to maintain or restore the requirements to serve as a payment bank within the time limit decided by the State Securities Commission, the State Securities Commission shall select another payment bank that fully meets the requirements prescribed in Clause 2 of this Article. The payment bank must remain responsible for transaction payment activities and fulfill obligations related to the payment for transactions of greenhouse gas emission allowances and carbon credits for customers until a replacement payment bank is appointed.

Article 27. Dossier for registration to serve as a payment bank

1. A registration application to serve as a payment bank according to the form issued together with this Decree.

2. A document providing information about the bank, clearly stating its capabilities, accompanied by a dossier proving fulfillment of the requirements prescribed in Clause 2, Article 26 of this Decree.

3. A written opinion from the Vietnam Securities Depository and Clearing Corporation regarding the commercial bank’s fulfillment of the requirements prescribed at Point d and Point e, Clause 2, Article 26 of this Decree.

Article 28. Sequences and procedures for approval of commercial banks to serve as payment banks

1. The State Securities Commission shall select commercial banks to serve as payment banks to provide cash payment services for greenhouse gas emission allowances and carbon credit transactions on the carbon trading system. During the pilot operation phase of the domestic carbon exchange until the end of December 31, 2028, there shall be 01 payment bank for greenhouse gas emission allowance and carbon credit transactions. From January 01, 2029, depending on the scale and demand of the domestic carbon market, the State Securities Commission shall report to the Ministry of Finance to decide on the maximum number of payment banks for each period.

2. Within 10 days from the date of receipt of the dossier, the State Securities Commission shall send a written request to the commercial bank to amend or supplement the dossier if it is invalid. Within 60 days from the date the State Securities Commission sends the written request for amendment or supplementation under this Clause, the commercial bank must complete the dossier as requested. If the commercial bank fails to complete the dossier within the aforementioned time limit, the State Securities Commission shall stop considering the dossier.

3. Within 15 days from the date of receipt of a valid dossier, the State Securities Commission shall reply in writing regarding the approval of the registration to serve as a payment bank; in case of refusal, the State Securities Commission shall reply in writing and clearly state the reasons.

Chapter V

RESPONSIBILITIES OF AGENCIES AND ORGANIZATIONS IN THE MANAGEMENT OF THE DOMESTIC CARBON EXCHANGE AND REPORTING AND INFORMATION DISCLOSURE REGIMES

Article 29. Responsibility to temporarily suspend and restore depository and transaction payment activities for greenhouse gas emission allowances and carbon credits of the Vietnam Securities Depository and Clearing Corporation

1. The Vietnam Securities Depository and Clearing Corporation shall temporarily suspend a part or the whole of the depository and transaction payment activities in the following cases:

a) Upon the occurrence of war, natural disasters, major economic fluctuations, information technology system failures, or other force majeure events that affect the activities on the domestic carbon exchange of the Vietnam Securities Depository and Clearing Corporation;

b) In necessary cases to ensure the stability and safety of the information technology system on the domestic carbon exchange;

c) At the request of the State Securities Commission.

2. The Vietnam Securities Depository and Clearing Corporation shall restore a part or the whole of the depository and transaction payment activities once the causes leading to the partial or total suspension of its depository and transaction payment activities have been remedied. For the case prescribed at Point c, Clause 1 of this Article, the Vietnam Securities Depository and Clearing Corporation shall report to and obtain approval from the State Securities Commission before restoring a part or the whole of the depository and transaction payment activities.

Article 30. Responsibility to temporarily suspend and restore trading service provision activities for greenhouse gas emission allowances and carbon credits of the Hanoi Stock Exchange

1. The Hanoi Stock Exchange shall temporarily suspend a part or the whole of the trading service provision activities in the following cases:

a) Upon the occurrence of war, natural disasters, major economic fluctuations, trading system failures, or other force majeure events that affect the normal trading activities of the domestic carbon exchange;

b) When the domestic carbon exchange experiences abnormal fluctuations or in necessary cases to ensure the stability, safety, and integrity of the domestic carbon exchange;

c) At the request of the State Securities Commission.

2. The Hanoi Stock Exchange shall restore a part or the whole of trading activities once the causes leading to the partial or total suspension of trading service provision activities on the domestic carbon exchange of the Hanoi Stock Exchange have been remedied. For the case prescribed at Point c, Clause 1 of this Article, the Hanoi Stock Exchange shall report to and obtain approval from the State Securities Commission before restoring a part or the whole of trading activities.

Article 31. Reporting regime

1. Carbon trading members and carbon depository members shall implement periodic and ad-hoc reporting regimes for the Vietnam Securities Depository and Clearing Corporation and the Vietnam Exchange in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation and the Vietnam Exchange.

2. Reporting regime of the Stock Exchange:

a) The Vietnam Exchange shall preside over the implementation of quarterly and annual periodic reporting regimes for the Ministry of Agriculture and Environment and the State Securities Commission regarding the trading situation on the domestic carbon exchange, trading surveillance results, and carbon trading members;

b) In addition to the periodic reporting regime prescribed at point a of this Clause, the Vietnam Exchange shall provide ad-hoc reports and reports upon request to the Ministry of Agriculture and Environment and the State Securities Commission;

c) Upon detecting transactions showing signs of law violations regarding transactions on the domestic carbon exchange, the Vietnam Exchange shall prepare a surveillance report and send it to the State Securities Commission;

d) The Hanoi Stock Exchange shall coordinate with the Vietnam Exchange in implementing the reporting regime as prescribed at Points a and b of this Clause.

3. Reporting regime of the Vietnam Securities Depository and Clearing Corporation:

a) The Vietnam Securities Depository and Clearing Corporation shall implement quarterly and annual periodic reporting regimes for the Ministry of Agriculture and Environment and the State Securities Commission regarding depository activities, transaction payment for greenhouse gas emission allowances and carbon credits, and carbon depository members;

b) In addition to the periodic reporting regime prescribed at point a of this Clause, the Vietnam Securities Depository and Clearing Corporation shall provide ad-hoc reports upon request to the Ministry of Agriculture and Environment and the State Securities Commission.

4. Reporting regime of the payment bank:

a) The payment bank shall report to the State Securities Commission within 24 hours from the time it fails to meet any of the requirements to serve as a payment bank;

b) The payment bank shall report to the State Securities Commission and the Vietnam Securities Depository and Clearing Corporation immediately when cash payment activities for greenhouse gas emission allowance and carbon credit transactions are partially or totally paralyzed;

c) In addition to the reporting regime prescribed at Points a and b of this Clause, the payment bank is responsible for reporting upon the request of the State Securities Commission.

5. Reporting deadlines:

a) For quarterly periodic reports, the reporting deadline is before the 20th day of the first month of the following adjacent quarter;

b) For annual periodic reports, the reporting deadline is before January 30 of the following adjacent year.

6. The sending and receipt of reports shall be performed through one of the following methods:

a) Direct submission;

b) Submission via postal services;

c) Submission via Fax;

d) Submission via email systems;

dd) Submission via the reporting information software system of the agency or organization receiving the report;

e) Other methods as prescribed by law.

7. The specific contents of the reporting regime of the Stock Exchange and the Vietnam Securities Depository and Clearing Corporation for the Ministry of Agriculture and Environment (including: required reporting contents; data cutoff time; report outlines; reporting forms; procedural guidelines, and other contents as prescribed by the reporting regime of state administrative agencies) under Clauses 2 and 3 of this Article shall be guided by the Ministry of Agriculture and Environment.

8. The specific contents of the reporting regime of the Stock Exchange and the Vietnam Securities Depository and Clearing Corporation for the State Securities Commission (including: required reporting contents; data cutoff time; report outlines; reporting forms; procedural guidelines, and other contents as prescribed by the reporting regime of state administrative agencies) under Clauses 2 and 3 of this Article shall be guided by the Ministry of Finance.

Article 32. Information disclosure

1. The Vietnam Securities Depository and Clearing Corporation shall disclose information on its website within 72 hours from the occurrence of the following events:

a) Information on the approval of participation and termination of participation in the carbon depository and transaction payment system of carbon depository members;

b) Information on the violation handling of carbon depository members;

c) Suspension and restoration of depository and transaction payment activities for greenhouse gas emission allowances and carbon credits of the Vietnam Securities Depository and Clearing Corporation.

2. The Vietnam Exchange shall disclose information on its website within 72 hours from the occurrence of the following events:

a) Information on the approval of participation and termination of participation in the carbon trading system of carbon trading members;

b) Information on the violation handling of carbon trading members.

3. The Hanoi Stock Exchange shall disclose the following information on its website:

a) At the end of the trading day regarding the trading results of the day;

b) Within 72 hours from the suspension and restoration of trading service provision activities for greenhouse gas emission allowances and carbon credits of the Hanoi Stock Exchange.

4. Transaction participants having accounts on the National Registration System shall disclose information in accordance with the regulations of the Ministry of Agriculture and Environment.

Article 33. Management responsibilities on the domestic carbon exchange

1. The Ministry of Agriculture and Environment shall:

a) Be responsible for the commodities brought into trading on the carbon trading system in accordance with the law and for the completeness, accuracy, and timeliness of information and data provided to the Vietnam Securities Depository and Clearing Corporation and the Hanoi Stock Exchange;

b) Preside over and coordinate with the Vietnam Securities Depository and Clearing Corporation, the Vietnam Exchange, and the Hanoi Stock Exchange to sign memorandum of coordination among parties to organize the operation of the domestic carbon exchange as prescribed in this Decree, ensuring compatibility and unity of data transfer, efficiency in the implementation process, and assurance of security and safety;

c) Preside over and coordinate with relevant ministries, agencies, and units to resolve petitions, complaints, and denunciations related to greenhouse gas emission allowances and carbon credits brought into trading on the carbon trading system and transaction participants on the domestic carbon exchange in accordance with the law;

d) Preside over the handling of administrative violations related to greenhouse gas emission allowances and carbon credits brought into trading on the carbon trading system and transaction participants on the domestic carbon exchange in accordance with the law on providing penalties for administrative violations against regulations on environmental protection;

dd) Coordinate with the State Securities Commission in inspecting trading activities on the domestic carbon exchange and inspecting and supervising the Vietnam Securities Depository and Clearing Corporation, the Vietnam Exchange, the Hanoi Stock Exchange, and securities companies providing trading support services in performing their rights and obligations as prescribed in this Decree;

e) Provide opinions on the professional operational regulations of the Vietnam Securities Depository and Clearing Corporation.

2. The Ministry of Finance:

The Minister of Finance shall provide guidelines for the trading surveillance of greenhouse gas emission allowances and carbon credits on the domestic carbon exchange.

3. The State Securities Commission shall:

a) Based on the surveillance reports from the Vietnam Exchange and the Hanoi Stock Exchange regarding transactions with signs of law violations, the State Securities Commission shall preside over and coordinate with relevant agencies to conduct inspections of trading activities on the domestic carbon exchange;

b) Based on the surveillance reports from the Vietnam Securities Depository and Clearing Corporation and the Vietnam Exchange regarding signs of law violations related to the domestic carbon exchange by depository members and carbon trading members, the State Securities Commission shall inspect the provision of trading support services on the domestic carbon exchange;

c) Preside over and coordinate with the Ministry of Agriculture and Environment to conduct inspections and supervision of the Vietnam Securities Depository and Clearing Corporation, the Vietnam Exchange, and the Hanoi Stock Exchange in performing their rights and obligations as prescribed in this Decree;

d) Provide opinions on the professional operational regulations of the Vietnam Securities Depository and Clearing Corporation and the Vietnam Exchange;

dd) Preside over and coordinate with relevant ministries, agencies, and units to resolve petitions, complaints, and denunciations in trading activities and trading support service provision activities on the domestic carbon exchange in accordance with the law;

e) Preside over the handling of administrative violations in trading activities and trading support service provision activities on the domestic carbon exchange in accordance with the law on administrative penalties in the field of environmental protection.

Chapter VI

IMPLEMENTATION

Article 34. Roadmap for development and organization of operation of the domestic carbon exchange

1. The domestic carbon exchange shall be developed and organized for operation according to the roadmap prescribed in Decree No. 06/2022/ND-CP, as amended and supplemented by Decree No. 119/2025/ND-CP.

2. During the pilot operation phase of the domestic carbon exchange until the end of December 31, 2028, the Vietnam Securities Depository and Clearing Corporation, the Vietnam Exchange, and the Hanoi Stock Exchange shall not collect service provision fees on the domestic carbon exchange. From January 01, 2029, the Vietnam Securities Depository and Clearing Corporation, the Vietnam Exchange, and the Hanoi Stock Exchange shall collect service provision fees on the domestic carbon exchange in accordance with the law.

Article 35. Implementation provisions

1. This Decree takes effect from January 19, 2026.

2. In cases where the legal documents referred to in this Decree are amended, supplemented, or replaced by new legal documents, the new documents shall apply.

3. Ministers, Heads of ministerial-level agencies, Heads of government-attached agencies, Chairpersons of People’s Committees of provinces and centrally-run cities, and relevant agencies, organizations, and individuals are responsible for the implementation of this Decree.

* All Appendices are not translated herein.