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Carbon pricing a low-cost solution to reduce GHG emissions in Việt Nam: official




A thermal power plant in Việt Nam. It is necessary to implement carbon pricing in Việt Nam to achieve the GHG reduction goal. VNA/ Photo

In a recent interview with Sài Gòn Giải Phóng (Liberated Sài Gòn) newspaper, head of the Climate Change Department under the Ministry of Natural Resources and Environment Tăng Thế Cường talks about the potential of implementing carbon pricing in Việt Nam in its efforts to reduce greenhouse gas emissions.

Could you give an overview of the carbon credit market and how the Vietnamese economy can benefit from it?

Carbon pricing is considered one of the important tools contributing to the reduction of greenhouse gas emissions. It can include a carbon tax, carbon market, and a mechanism to exchange carbon credits.

So far, 46 countries and 35 territories have applied carbon pricing with the participation of tens of thousands of large corporations and enterprises. The revenue gained from this in 2020 was up to about US$50 billion with about 13 billion tonnes of CO2, equivalent to 23 per cent of total global emissions being managed.

Việt Nam is a country with great potential for the development of carbon pricing tools, especially the development of the domestic carbon market. The Law on Environmental Protection 2020 has regulated the development of the carbon market, including activities of exchanging greenhouse gas emission quotas and carbon credits.

Enterprises will be allocated greenhouse gas emission quotas, and be entitled to exchange, buy and sell greenhouse gas emission quotas and carbon credits on the domestic carbon market.

Head of the Climate Change Department under the Ministry of Natural Resources and Environment Tăng Thế Cường. VNA/ Photo

Are the authorities and businesses interested in this?

With the support of the World Bank (WB), for the 2015-2020 period, Việt Nam has participated in the Partnership for Market Readiness (PMR). The PMR project has proposed policies, a roadmap for the formation of carbon pricing tools, and implemented capacity building activities for officials from relevant state management agencies and some enterprises in the steel and waste sectors. Currently, Việt Nam is preparing to participate in the Partnership for Market Implementation (PMI).

Việt Nam has also had experience in implementing a number of mechanisms for exchanging carbon credits such as the clean development mechanism (CDM) within the framework of the Kyoto Protocol and the Joint Crediting Mechanism (JCM) within the framework of cooperation on low carbon growth between Japan and Việt Nam. Nearly 300 CDM programmes and projects have been registered and implemented in Việt Nam.

However, the number of staff in regulatory agencies and businesses who have professional knowledge of the carbon market is still limited. To implement the carbon market in Việt Nam, it is necessary to step up training, capacity building and communication.

What needs to be done in terms of regulations to take advantage of the potential of carbon credit trading?

According to Decree No. 06/2022/NĐ-CP stipulating mitigation of greenhouse gas emissions and protection of the ozone layer, the carbon market development roadmap has two phases.

During the first phase from now to 2027, Việt Nam will focus on formulating carbon credit management regulations, GHG emission quota exchange and carbon credits as well as formulate operation rules of the carbon trade exchange (CTX). It will also experiment with carbon exchange and offsetting mechanisms in potential sectors and provide guidance on operation of domestic and international carbon exchange and offsetting mechanisms in accordance with law and the international treaties to which Việt Nam is a signatory.

During this period, Việt Nam will also establish and organise trial operation of the CTX from 2025, and carry out activities to improve capacity and raise awareness about carbon market development.

The second phase from 2028 onwards, Việt Nam will organise official operation of the CTX and  have carbon credit connected and exchanged between domestic, regional and global carbon markets.

Some environmentalists fear that allowing companies to buy emissions licence and carbon credits will facilitate increased pollution, while Việt Nam has pledged to achieve net emissions to zero by 2050. What are your thoughts?

I think the opposite way. The development of the carbon market in our country will contribute to achieving the goal of having net zero emissions by 2050, not hindering it.

To achieve net zero emissions by 2050, many measures need to be implemented synchronously, from greenhouse gas emission reduction activities, energy transition, implementation of carbon credit exchange and offset mechanisms as well as carbon credits.

Decree 06/2022/NĐ-CP stipulates that GHG-emitting facilities that must carry out GHG inventory include facilities with annual GHG emissions of 3,000 tonnes of CO2 equivalent or more or thermal power plants, industrial production facilities with total annual energy consumption of 1,000 tonnes of oil equivalent (TOE) or more.

One of the regulations stipulated in the decree is that facilities may offset carbon credits from projects under the carbon exchange and balancing mechanisms against GHG emissions exceeding the GHG emission quotas allocated in the same commitment period. The amount of carbon credits for offsetting must not exceed 10 per cent of the total GHG emission quota allocated to the facilities.

This helps enterprises maintain their production and business plans when they cannot immediately apply emission reduction measures and encourage enterprises that are not subject to emission quotas to generate carbon credits.

The development of the carbon market in Việt Nam will help realise the emissions reduction target with low costs for businesses as well as promote the development of low-emission technologies.



Tech unicorn VNG to list on UPCoM

Vietnamese tech giant VNG Corporation is finalizing its list of shareholders to prepare for a listing on the Unlisted Public Company Market (UPCoM) exchange.



Towards this, it has asked shareholders to complete their transactions before 5 p.m. November 28. All further transactions will be delayed until its shares are up on the UPCoM, an exchange set up to encourage companies to list their stocks.

UPCoM is one of three bourses in Vietnam, of which the Ho Chi Minh Stock Exchange (HoSE) is the biggest with the highest criteria. It requires a company to post profits within the previous two years to list.

VNG, however, posted a loss of over VND70 billion last year.

The unicorn, a startup with a valuation of more than $1 billion, has also announced that its three foreign shareholders, Tenacious Bulldog Holdings Limited, Prosperous Prince Enterprises Limited and Gamevest PTE, have reduced their stakes to below 5% each.

Tenacious Bulldog and Prosperous Prince had a 28.46% stake in VNG, while Gamevest had an 8.14% stake.

The listing on UPCoM is an unexpected move by VNG, given that it had earlier announced plans to list on NASDAQ.

In the first nine months of the year, VNG posted losses of over VND764 billion.

Founded in 2004, VNG operates Zalo, a highly popular messaging and social network platform in Vietnam.

Source: VnExpress


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Vietnam’s Cerberus Esports team wins 6th place at PUBG Global Championship 2022

Vietnamese League of Legends esports team has set record for Vietnam and the APAC region after winning 6th place at PUBG Global Championship 2022, after a month of fierce competition in Dubai.



The achievement brought the Vietnamese esports team VND3.78 billion ($152,500) in reward. Cerberus Esports team members who have averaged age of 19.6 has set six records for Vietnam and the APAC region.

Cerberus is also one of the teams that have never had experience in an international tournament. It started the competition with low expectations from international pundits. rated Cerberus to finish the game in 19th place.

However, it performed beyond the audience’s expectations. From the beginning, Cerberus demonstrated good performance and got important scores. The Vietnamese young men got 114 points and became the 6th ranked team in the world, setting unprecedented records for Vietnam as well as the APAC region.

“Our players, who are between 18 and 20 years old, set the record, proving that Cerberus team has great potential. We are confident to maintain our position as one of the leading e-sports teams in Vietnam,” said Michael Minsoo Chung, Cerberus Esports Operations Director.

“We have high hopes to become a team that will bring greater development opportunities for Vietnamese e-sports,” he added.  

Photo: Cerberus Esports
Photo: Cerberus Esports

At PUBG Global Championship 2022, 32 teams from four regions, including 12 from Asia, 8 from Europe, 6 from the Asia Pacific, and the remaining 6 from the Americas competed for a total prize of $2 million.

Founded in 2018, Cerberus Esports is a professional e-sports organization headquartered in Ho Chi Minh City. It is currently a training and competition place for five teams from five different e-sports.

Saudi Arabia to invest $38 billion in esports 

In a related development, Saudi Arabia has planned to invest $38 billion to turn the kingdom into a hub for e-sports by 2030 as part of its plan to diversify the economy of the world’s largest oil exporter, Bloomberg News reported.  

Photo: Cerberus Esports
Photo: Cerberus Esports

Savvy Games Group, a subsidiary of the country’s sovereign wealth fund, will invest $13 billion in acquiring and developing a games publisher and $18.7 billion in acquiring minority holdings in gaming firms. It will also invest $5.3 billion in established companies in the gaming sector.

Saudi Arabia has already begun to invest actively in the e-gaming business. It owns shares in Activision Blizzard Inc., Electronic Arts Inc., and Nintendo Co. through its Public Investment Fund. The plan has threatened South Korea’s esports suzerainty status.


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Vietnam to become a regional Digital Hub

Vietnam is aiming to become a Digital Hub, a place to transfer, connect, store and process data regional and world data.



The Ministry of Information and Communications’ proposed information and communication infrastructure plan for the years 2021 to 2030 is to make Vietnam a “Digital Hub” where data from across the world may be transferred, connected, stored, and processed.

The term “Digital Hub” refers to a network of data storage facilities, cloud computing infrastructure, and Internet traffic exchanged by super developers, as well as global telecommunications, information technology, and digital content, which offer services in several nations and regions.

Vietnam has geographic advantages to become a regional digital hub, according to the Ministry of Information and Communications, including its location between Northeast Asia and Southeast Asia, close proximity to important and dynamic development centers in the region and the world, where many economies serve as growth engines, and its location on the trans-Asian road route established by the United Nations Economic and Social Commission for Asia and the Pacific in order to coordinate regional development.

Additionally, Vietnam is situated on the primary axis of the East-West Economic Corridor (EWEC), which connects the Pacific and Indian Oceans, offering tremendous potential for quick, economical, and efficient freight transit. 

The chance that Vietnam will emerge as the region’s digital hub is also demonstrated by the number of Internet users and, in particular, the data traffic that migrates to Vietnam. 

Statistics show that there are presently more than 72 million Internet users in Vietnam, with certain applications like Facebook having up to 75.6 million active users and accounts, and Zalo having more than 75.6 million active users, and 74.1 million active users, respectively.

Source: VnEconomy


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