Vietnam Carbon Price: VN2025 Allowances on HNX [Oct 2026]

As of 28 September 2026, VN2025 emission allowances on Vietnam's domestic carbon exchange, which HNX operates, have traded between VND 130,000 and 136,000 per tonne of CO₂e. That is roughly USD 5 per tonne. In its first three months the exchange recorded 7 trades covering 1,310 allowances, worth about VND 174.8 million in total. VN2025 is the only product that has traded so far. No carbon credits have changed hands on the exchange yet, so "today's carbon credit price on the exchange" does not exist. The price you see reported is the allowance price.

This page tracks prices and volumes and will be updated as HNX publishes new data. For how the exchange works, read Vietnam's Carbon Exchange: How Can Businesses Trade?. For what a carbon credit is and how one is created, read What Is a Carbon Credit?.

What is the VN2025 allowance price today?

Headline figures as of 28/09/2026, from HNX data published by Dân trí on 29/09/2026:

In foreign-currency terms that is roughly USD 5 per tonne (VnExpress, 05/08/2026). For comparison, the European Commission set the Q3 2026 CBAM certificate price at EUR 82.32 per tonne. Domestic carbon prices remain far below the carbon cost that goods exported to the EU will carry (see CBAM 2027: What Vietnamese Exporters Need to Do).

VN2025 trading tracker by month

Data run to 28/09/2026. When this page was compiled on 07/10/2026, we had found no published trades after 15/09/2026.

* EcoCheck calculated the volume and value of the 15/09 trade from the cumulative totals (1,310 − 1,210 = 100 allowances; 100 × VND 132,000). All other figures are HNX data as reported by VnExpress and Dân trí.

The first trade matched at 9:16 a.m. on 29/06/2026: 400 tCO₂e at VND 136,000 per tonne. After the opening session, the exchange went more than two months without a trade, until 15/09/2026.

Figure 1: VN2025 allowance trades on HNX to 28/09/2026: 7 trades, 1,310 allowances, VND 130,000–136,000 per tCO₂e

What is VN2025 and who can trade it?

VN2025 is the ticker for greenhouse gas emission allowances covering the 2025–2026 compliance period. The allowances are held in custody at VSDC and traded on the HNX system.

Article 16 of Decree 06/2022/ND-CP, as amended by Decree 119/2025/ND-CP, allows only facilities that received an allocation to trade allowances. Carbon credits are open to any agency or organisation in Vietnam. Individual and fund investors cannot buy VN2025. Companies place orders through an account at a securities company that is a carbon trading member, and each entity may use only one trading account with one member.

Market data on screens

How is the allowance price formed on HNX?

The VN2025 price comes from negotiation between buyer and seller. The state does not set it. Four factors currently drive price and liquidity:

• Negotiated trades. The two sides agree volume and price before entering the order, and the trade completes only when the counterparty confirms. According to Tạp chí Tài chính (14/08/2026), no trading band applies in this first stage. The "VND 130,000–136,000 range" quoted in the press is therefore the range of executed prices, not a ceiling or a floor.
• Full pre-funding and immediate settlement. Before placing an order, the buyer must hold the full cash amount and the seller must hold the allowances in their account. Ownership transfers as soon as settlement completes. There is no central clearing counterparty.
• Thin supply and demand. Allowances were allocated free of charge. Facilities do not yet know whether they are long or short, because 2026 inventory results are not available and the surrender deadline is more than a year away.
• Off-exchange relief valves. A short facility may borrow up to 15% of its allocation from its own next-period allocation. It may also offset up to 30% of its allocated quota with carbon credits. Unused allowances can be banked into the next period after surrender (until end-2030). All of this reduces the pressure to buy on the exchange now.

Experts quoted by VnExpress (05/08/2026) added further reasons for the low activity: few products, with only one ticker; no approved methodologies yet for issuing domestic credits; and uncertainty over how to account for and tax allowance trades.

What about carbon credit prices in Vietnam?

As of 07/10/2026, no carbon credit has traded on HNX, so there is no public exchange price for credits. Milestones to watch:

• Decree 112/2026/ND-CP, in force since 19/05/2026, governs international transfers of mitigation outcomes and carbon credits under Article 6 of the Paris Agreement.
• According to Doanh nghiệp và Tiếp thị (18/09/2026), 23 projects have received approval letters to transition under the Article 6.4 mechanism, with more than 10 million potential credits for 2021–2025.
• Under amended Decree 06/2022, applications to recognise domestic crediting methodologies open from 01/01/2028.

On the price needed to change behaviour, Dr. Lê Xuân Nghĩa cited a World Bank estimate: about USD 147 per credit is the level that would materially influence emitters' decisions (Thanh Niên, 14/08/2026). Today's VN2025 price is nearly 30 times lower.

How do allowances differ from carbon credits?

Figure 2: Comparison of VN2025 allowances and carbon credits: origin, who can trade, use and exchange trading status

What does this price mean for the 110 facilities and everyone else?

For the 110 thermal power, steel and cement facilities

A low price does not mean low risk. Allowances surrendered before 31/12/2027 must at least equal verified direct emissions for 2025–2026, minus any credits used as offsets. A facility that falls short faces an administrative penalty, and the shortfall is deducted from its next-period allocation. Facilities must also send their verified inventory report to the Ministry of Agriculture and Environment before 01/12/2027. Only then, shortly before the last trading day (24/12/2027), will each facility know its exact position, and many may enter the market at once. The safe approach is to estimate emissions quarterly from now on, compare them with each year's allocation (2025 and 2026), and then choose a route: buy gradually, borrow, offset, or bank any surplus.

For the 2,441 facilities that must run an inventory

Most facilities on the Decision 42/2026/QD-TTg list do not yet have a cap. The Ministry of Agriculture and Environment will allocate 2027–2028 allowances before 31/10/2027. The inventory you file before 31 March 2027 is the baseline data for any later expansion of allocation. From 2029, amended Decree 06/2022 moves toward auctioning allowances, at which point the carbon price becomes a real cost line.

For exporters and companies that want to buy credits

Exporters to the EU should benchmark against the CBAM price, not VN2025. Companies seeking voluntary neutrality can only buy credits off-exchange until credits are listed. When they do, they should check the standard, the vintage, and retirement in the registry.

Next step: you cannot know whether you are long or short without reliable emissions data. The EcoCheck GHG inventory service prepares reports that follow the sector circulars, and the EcoCheck platform tracks emissions monthly against your allocation. If you are unsure whether your facility is on the list, use the free lookup tool.

Frequently asked questions

How much is one carbon credit in Vietnam?

There is no exchange price for credits, because none have traded on HNX (as of 07/10/2026). The published price is for VN2025 allowances: VND 130,000–136,000 per tCO₂e, about USD 5.

Who sets the VN2025 price?

Buyers and sellers agree it between themselves. The exchange uses negotiated trading and has no price band in this first stage. The state does not fix the allowance price.

Can individuals buy VN2025 allowances?

No. Only facilities that received an allocation may trade allowances. Carbon credits are open to agencies and organisations in Vietnam.

Until when can VN2025 be traded?

Until 24/12/2027. Allowances for 2025–2026 must be surrendered before 31/12/2027.

Are there fees for trading on the carbon exchange?

No exchange service fees apply until 31/12/2028 under Decree 29/2026/ND-CP. Fees will be charged under applicable rules from 01/01/2029.

When is this page updated?

The current data run to 28/09/2026 (compiled 07/10/2026). EcoCheck will update the table when HNX publishes new trades or monthly totals.