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VIETNAM: New Legal Framework for Carbon Exchange

What Decree 29/2026/ND-CP Means for the Market

On 19 January 2026, the Government of Vietnam issued Decree No. 29/2026/ND-CP on the domestic carbon exchange (“Decree 29”), which took effect immediately. Decree 29 establishes a dedicated operational framework for activities on the domestic carbon exchange, and governs registration, domestic coding, ownership transfer, depository, trading and settlement of greenhouse gas (“GHG”) emissions allowances and carbon credits eligible for trading. This newsletter discusses Decree 29’s most important market-facing legal innovations and identifies practical implications for entities subject to GHG emissions allowances, project developers/holders of tradable carbon credits, and (iii) intermediaries who provide support for custody, trading, and settlement. Decree 29 formalizes a centralized, regulated domestic marketplace for trading GHG emissions allowances and domestically recognized carbon credits eligible for trading through Vietnam’s GHG mitigation framework...To read the full article, please see the PDF file

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Authors

ショーン・コナティ

Sean CONATY

  • Partner
  • Hanoi / Ho Chi Minh City

Sean Conaty is a project finance and M&A lawyer. He advises clients (including sponsors, borrowers, lenders and governments) on the development, financing, acquisition, and divestiture of greenfield and brownfield energy and infrastructure projects. His practice has a particular focus on cross-border investments into Southeast Asia.

Sean has over two decades of experience and an extensive track record of leading teams on some of the region's largest and most complex "first-of-a-kind" landmark projects, including in the areas of renewable energy (solar, onshore and offshore wind, geothermal, hydro), thermal power (including gas-to-power and LNG-to-power), waste-to-energy, LNG, airports, seaports, and water treatment facilities. His expertise spans project development work (including structuring and negotiating concession, offtake, and other project agreements) through to project financing (including structuring and negotiating multi-source financings involving MLAs, ECAs, and other financial institutions). He is ranked by leading directories including Chambers and IFLR.

カオ・チャン・ギア

CAO Tran Nghia

  • Partner
  • Hanoi / Ho Chi Minh City

Nghia has substantial experience as both in-house and outside counsel, and has worked at a leading law firm and a multinational investment fund in Vietnam. He joined Nishimura & Asahi in 2013, providing legal advice to numerous domestic and multinational clients, including Vietnamese and Japanese corporations, with a focus on M&A, Real Estate, Construction, Infrastructure and PPP, and Energy in Vietnam. He works closely with clients’ business and legal teams to implement innovative solutions to legal challenges.
In addition to his advisory work, he frequently contributes his knowledge of different focus areas to publications, media, and speaking engagements. He has demonstrated his commitment to mentorship and community outreach through his active participation in pro bono work and numerous internal committees during his tenure.