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© Rory Gardiner 201 enhancing credit quality and environmental integrity.
A clear example of this shift is the growing share of credits
generated from forestry and land-use activities, which now
account for about 36 percent of the market. Meanwhile, credits
from renewable energy projects have declined by around 38
percent from previous periods.

This trend reflects increasing demand for high-quality
carbon credits, particularly those generated through nature-
based solutions.
Although the carbon market is taking shape, demand
will not emerge automatically requiring project developers to
High-quality carbon credits create new opportunities for proactively prepare. Quality will also be the primary factor
Vietnam determining the future value of carbon credits.
Dr. Nguyễn Sễ Linh, Head of the Climate Change Division Meanwhile, the market is shifting from credit trading to
at the Institute of Strategy and Policy on Agriculture and investment in credit-generating projects, with greater attention

Environment under the Ministry of Agriculture and Environment to carbon rights, land-use rights, benefit-sharing mechanisms
has said Vietnam’s emissions trading system was recognised and project governance transparency.
by the World Bank for the first time in its State and Trends As Vietnam continues to finalise its regulatory framework
of Carbon Pricing 2026 report. and plans to fully operationalise its carbon market by 2029,
Under the current roadmap, Vietnam plans to pilot the these trends are expected to serve as important references
system starting with around 110 major firms in the thermal for policymakers, businesses and project developers in
power, steel and cement industries. formulating market participation strategies, particularly in the

The global carbon market is undergoing a significant shift forest carbon credit sector.
from prioritising volume to emphasising the quality of carbon The Ministry of Agriculture and Environment expects to
credits which is widely expected to create new opportunities submit applications for the issuance of forest carbon credits
for Viet Nam in developing forest carbon credits. covering the 2023–25 period in the third quarter of 2026.
According to Linh, the World Bank’s State and Trends Furniture manufacturers embrace melamine plywood
of Carbon Pricing 2026 report shows that the global carbon Vietnam Furniture manufacturers are increasingly choosing
market has expanded significantly over the past decade. melamine plywood to reduce production costs, improve
In 2015, only 58 countries and territories had made use efficiency and maintain consistent product quality.
of compliance carbon pricing instruments. That number has While veneer coated plywood remains popular for premium

now increased to 87. furniture, melamine plywood has become a preferred solution
The number of emissions trading systems (ETS) worldwide for commercial and large-scale manufacturing applications.
has risen from 19 to 40, while carbon crediting mechanisms In the past, melamine surfaces often looked artificial and
have increased from 21 to 47. lacked the visual appeal of real wood. Advances in decorative
The World Bank noted that the global carbon market is surface technology have changed that perception.
entering a new stage of development, with focus shifting Modern melamine plywood can feature highly realistic
away from increasing the volume of credits issued and toward woodgrain designs, textured finishes, matte surfaces and