Vietnam Publishes Circular on Guidance for Monitoring Transactions of GHG Emission Allowances and Carbon Credits 
On May 12, 2026, the Ministry of Finance issued Circular No. 48/2026/TT-BTC providing guidance on the monitoring of transactions involving greenhouse gas (GHG) emission allowances and carbon credits on the domestic carbon exchange, and establishing reporting requirements for stock exchanges and the Vietnam Securities Depository and Clearing Corporation (VSDC) to the State Securities Commission (SSC) regarding the operation of the domestic carbon exchange. The Circular takes effect from the date of issuance.
Scope and applicable entities
- Entities subject to monitoring:
Participants conducting transactions on the domestic carbon exchange. - Monitoring entities:
- Carbon trading members;
- Hanoi Stock Exchange (HNX);
- Vietnam Stock Exchange (VNX).
- Relevant parties:
The State Securities Commission (SSC); Vietnam Securities Depository and Clearing Corporation (VSDC); Carbon depository members; Other related agencies and organizations.
Principles and methods of transaction monitoring
Monitoring activities shall be conducted in a unified, regular, continuous, timely, and closely coordinated manner among monitoring entities.
- Carbon trading members shall monitor the trading activities of account holders and transactions and report to VNX and HNX.
- HNX shall monitor trading activities based on transaction data, monitoring reports, and relevant documents from carbon trading members, monitored entities, and other agencies and organizations, combined with publicly available information and relevant market rumors, in order to report unusual transactions or transactions showing signs of violations to VNX.
- VNX shall monitor trading activities based on monitoring reports and transaction data provided by HNX, monitoring reports and relevant documents from carbon trading members, monitored entities, and other agencies and organizations, combined with publicly available information and relevant market rumors, in order to report unusual transactions or transactions showing signs of violations to SSC.
Monitoring activities are intended to detect transactions showing signs of violations of laws and regulations on the domestic carbon exchange, including:
- Colluding with or inducing others to buy or sell, using other transaction methods, or disseminating false rumors and misleading information in order to manipulate the prices of GHG emission allowances and carbon credits;
- Other acts in violation of applicable regulations.
Circular No. 48/2026/TT-BTC also clearly stipulates the rights and obligations of monitored entities, monitoring entities, and relevant parties. Accordingly, monitored entities (enterprises) are responsible for cooperating with monitoring entities and competent authorities in monitoring activities, including providing information, documents, data, and explanations upon request.
Reporting regime
VNX (in coordination with HNX) shall submit quarterly and annual reports to SSC regarding trading activities, transaction monitoring results, and carbon trading members. VNX and HNX shall also provide ad hoc reports and reports upon SSC's request.
VSDC shall submit quarterly and annual reports to SSC regarding depository operations, transaction settlement activities, and carbon depository members, as well as ad hoc reports and reports upon SSC's request.
VNX, VSDC, and HNX shall submit ad hoc written reports within 24 hours from the occurrence of any event or incident affecting trading, depository, or transaction settlement activities, together with response measures and corrective actions.
The original text of Circular No. 48/2026/TT-BTC can be downloaded from the following URL.
https://chinhphu.vn/?pageid=27160&docid=218143
