INTERNATIONAL CARBON MARKET MECHANISM AND POLICY RECOMMENDATIONS FOR VIETNAM IN THE CONTEXT OF GLOBAL CLIMATE INTEGRATION

Abstract

The article reviews the main movements in the international carbon market mechanism and makes policy recommendations for Vietnam. After COP28 completed the first Global Assessment, Vietnam has built a legal framework for the carbon market with Decree 06/2022/ND-CP and Decision 232/QD-TTg (ETS pilot from 2025, official 2029). Globally, 75 carbon pricing instruments are in operation, including the EU ETS and the floor price mechanism proposed by the IMF, attracting the attention of researchers. The article classifies three pricing models: autonomous (bilateral), multilateral (IMF/OECD) and unilateral (EU CBAM), and analyzes the advantages and disadvantages of each model. Finally, there are response measures and recommendations for Vietnam to proactively participate in Article 6, promote regional cooperation, improve domestic ETS, prepare for CBAM adaptation and always put NDC targets at the center.