– English Lyrics

Lyrics & Translation

[English]

Now these days a series of events under

the framework of COP 30 are taking place

in Brazil drawing the attention of the

international community. And one of the

key initiatives proposed by the host

country is the establishment of an open

coalition for carbon market integration

aimed at harmonizing standards and

linking existing carbon credit trading

systems around the world. As one of the

most active participants in the carbon

credit market in Southeast Asia and a

country with strong growth potential,

Vietnam is preparing to pilot its first

carbon credit exchange by late 2026. a

key step toward achieving its net zero

emissions goal. And this initiative is

also among six urgent tasks and

solutions that Vietnam aims to complete

by the end of 2026 to implement its

environmental protection policy.

According to the draft decree on the

domestic carbon credit exchange, the

platform will operate with two key

products, emission quotas and carbon

credits. At the international level, the

Ministry of Agriculture and Environment

is also developing a draft decree on

international exchanges of greenhouse

gas emission reductions and carbon

credits expected to be submitted to the

government later this year.

Now, Vietnam has already made a notable

progress, becoming the first in East

Asia-Pacific to receive a 51.5 million

US payment from emission reduction

trading with the World Bank and ranking

among the world's top 15 carbon credit

sellers. Now, a well-designed carbon

market could helped Vietnam attract

climate finance, drive technology

innovation, and boost business revenues.

Moving forward, Vietnam is expected to

learn from major markets while

strengthening international cooperation

to enhance regional market liquidity and

transparency.

This company specializes in producing

bamboo products for export to the

European and US markets, which have

strict regulations on products carbon

footprints. The entire production

process is chemical free, forming a

circular chain geared at green

transformation.

Meanwhile, this consulting firm has

successfully registered carbon credits

for 22 projects in Vietnam. They expect

the pilot carbon credit market to create

significant opportunities for carbon

credit holders.

>> It helps actually uh existent uh

existing uh players to start exchanging

uh certain uh benefits and uh certain uh

carbon credits already in place.

>> Experts say Vietnam offers ideal

conditions for businesses to tap into it

abundant carbon credit supply.

According

to Carbon Wire, Vietnam ranks ninth

globally in carbon credit issuance

volume with more than 362 projects all

geared toward international carbon

trade. Vietnam has vast opportunities to

expand its presence and influence in the

global carbon trading market

>> for Vietnamese businesses. is I see

three key opportunities in this new era

of converging carbon markets. The first

being the opportunity to attract new

forms of climate cooperation. It's also

incredibly important that Vietnam

utilizes its first mover credibility

within the region. Third, this creates

the opportunity for Vietnamese

businesses to be better equipped in

order to respond to carbon pricing

measures across the globe, including the

carbon border adjustment mechanism of

the European Union.

>> Vietnam's growing momentum in carbon

trading signals not only a path towards

sustainable growth, but also a stronger

voice in shaping global climate

solutions.

This transition is more than a national

effort. is a collective journey of of

collaboration between businesses,

experts, and international partners

towards a greener future.

>> Vietnam's remarkable milestones in the

carbon market so far show potential, but

also raises new questions. How can

Vietnam ensure that its growing market

remains transparent, credible, and

aligned with international standards?

Beyond government policy, businesses

will play a decisive role not only in

reducing emissions, but also in building

reliable data systems, ensuring

compliance, and attracting sustainable

finance. To take a deeper look at the

potential and prospects of Vietnam's

carbon trading market and how businesses

can prepare for this transition, we're

joined by uh Mr.

director of ESG and compliance services

at a CIFD

Vietnam. Thank you, Mr. Tongang, for

joining us in the studio today.

>> Thank you.

>> Now, for the first question, uh Vietnam

plans to pilot its domestic carbon

credit exchange by late 2026. So from

your perspective, which technical and

institutional elements must be

established first to ensure that uh the

platform operates on schedule and also

function effectively.

>> If we have to prioritize one of those

works, I would say that we must

prioritize data transparencies. To

briefly explain, for me data

transparency is the root of trust. If we

do not have reliable MRV datas, we will

not have the high quality carbon

credits. We can have legal framework. We

can have international linkage. Uh but

all of that would mean nothing if we do

not have the quality emission datas

because with that one there would be

concrete informations about the carbon

credits and of course a concrete

pricings of the carbon credit itself

and the standardized data systems would

be the key to success on this one.

>> Right. And uh once the exchange begin uh

operating a pricing will determine

liquidity and also investor confidence.

So based on international experience

which price discovery model auction

bilateral trading or market making would

best fit Vietnam's early stage market uh

conditions would you say? Um so my from

my research on global ETS systems and

also if you look at how Vietnam manage

the capital markets at the state

security commissions um I think a hybrid

models would be the best for the early

stage and for the price benchmarks we

can always reference other markets like

the EU ETFs uh that be around 63

per tons or we talk about we can refer

to China ETFs that would be

per tons and we already had some

expectations right like Vietnam will be

around5 to $15 per ton so we can um uh

we can dictate that firsthand.

>> Now in parallel with building the

exchange many Vietnamese firms

especially

still lack capacity in emission

accounting and also MRV compliance. So

what kinds of uh support digital

toolkits, advisory programs or internal

carbon pricing schemes uh could help

these companies participate more quickly

and also more confidently in the pilot

phase.

>> So uh to make it short uh I think they

will need three pillars of support.

Number one is digital toolkits uh

because it's scalable and cost

effective. it can help theme. Uh we need

to help theme because that's what

Vietnam is made of. Uh the second pillar

is advisory and training programs.

Industrial associations or VCCI should

organize free workshops on common

accounting basics um to use G protocols

or ISO 14064

um MRV methodology for each sectors and

case studies for successful companies.

For example, the last one would be um

the internal carbon pricing schemes. I

think that you know we should encourage

SMMES to establish internal shadow

carbon pricing at maybe $5 to $20 per

tons to assess ROI return on investment

of green assessment.

>> Well, thank you Mr. Dang for joining us

and also sharing your insights.

>> Now, Vietnam's carbon market is no

longer just a vision. It is becoming a

reality. From establishing a pilot

exchange to encouraging enterprises to

create credits and investing in green

projects, the country is laying the

groundwork for a greener and more

transparent economy. The journey will

require investment, cooperation, and

stronger regulatory foundations. But

with the right policies and

partnerships, Vietnam has the potential

to achieve its net zero target. And that

brings us to the end of today's program.

Thank you for watching and see you next

time on The Point.

[Music]

Key Vocabulary

Vocabulary	Meanings
initiative /ɪˈnɪʃətɪv/ B2	noun - a new plan or action to achieve something
establish /ɪˈstæblɪʃ/ B1	verb - to set up or create something officially
harmonize /ˈhɑːrmənaɪz/ C1	verb - to make different things consistent or compatible
pilot /ˈpaɪlət/ B2	noun - a test or trial of something new
emission /ɪˈmɪʃən/ B2	noun - the act of sending out gas, heat, or light
transparent /trænsˈpærənt/ B2	adjective - allowing light to pass through so that objects behind can be distinctly seen
compliance /kəmˈplaɪəns/ C1	noun - the act of obeying rules or requests
sustainable /səˈsteɪnəbəl/ C1	adjective - able to be used without being completely used up or destroyed
innovation /ˌɪnəˈveɪʃən/ B2	noun - a new idea, method, or device
attract /əˈtrækt/ A2	verb - to draw someone or something towards you
collaborate /kəˈlæbəreɪt/ B2	verb - to work together on a task or project
regulatory /ˈrɛɡjələtɔːri/ C1	adjective - relating to laws or rules that control an activity
potential /pəˈtɛnʃəl/ B1	noun - the ability or capacity to develop or achieve something
transition /trænˈzɪʃən/ B2	noun - the process of changing from one state or condition to another
credible /ˈkrɛdəbəl/ B2	adjective - able to be believed or trusted
incentive /ɪnˈsɛntɪv/ B2	noun - something that motivates or encourages someone to do something

Key Grammar Structures

• As one of the most active participants in the carbon credit market in Southeast Asia and a country with strong growth potential,

  ➔ Relative Clause

  ➔ The phrase 'As one of the most active participants...' is a relative clause modifying 'Vietnam', providing additional information about the country's role in the carbon credit market.

• According to the draft decree on the domestic carbon credit exchange, the platform will operate with two key products, emission quotas and carbon credits.

  ➔ Passive Voice

  ➔ The sentence uses passive voice ('will operate') to emphasize the action rather than the doer, focusing on the platform's operation.

• Now, Vietnam has already made notable progress, becoming the first in East Asia-Pacific to receive a 51.5 million US payment from emission reduction trading with the World Bank.

  ➔ Present Perfect

  ➔ The present perfect ('has already made') is used to describe an action that occurred in the past and has results relevant to the present.

• Experts say Vietnam offers ideal conditions for businesses to tap into its abundant carbon credit supply.

  ➔ Reported Speech

  ➔ Reported speech is used to convey what experts say without directly quoting them, maintaining formality and objectivity.

• To take a deeper look at the potential and prospects of Vietnam's carbon trading market and how businesses can prepare for this transition,

  ➔ Infinitive of Purpose

  ➔ The infinitive of purpose ('to take a deeper look') explains the reason for the action that follows.

• If we have to prioritize one of those works, I would say that we must prioritize data transparencies.

  ➔ Conditional Sentence (Type 1)

  ➔ The conditional sentence ('If we have to prioritize...') expresses a possible situation and its probable result.

• For example, the last one would be the internal carbon pricing schemes.

  ➔ Cleft Sentence

  ➔ The cleft sentence ('the last one would be...') emphasizes the subject by restructuring the sentence.

• But with the right policies and partnerships, Vietnam has the potential to achieve its net zero target.

  ➔ Concession with 'but'

  ➔ The conjunction 'but' is used to introduce a contrasting idea, showing that despite challenges, Vietnam can still achieve its goal.