ON MANAGEMENT AND OPERATION OF NATIONAL REGISTRY SYSTEM FOR GREENHOUSE GAS EMISSION QUOTAS AND CARBON CREDITS

This Circular prescribes management and operation of National registry system for greenhouse gas (GHG) emission quotas and carbon credits (hereinafter referred to as “National registry system”).

This Circular applies to:

1. Entities affiliated to the Ministry of Agriculture and Environment.

2. Vietnam Securities Depository and Clearing Corporation (VSDC).

3. Vietnam Exchange (VNX).

4. Hanoi Exchange (HNX).

5. Agencies and organizations to which GHG emission quotas are assigned in accordance with Clause 2 Article 12 of Decree No. 06/2022/ND-CP dated January 7, 2022 of the Government on reduction of greenhouse gas emission and ozone layer protection amended by Decree No. 119/2025/ND-CP dated June 9, 2025 of the Government (hereinafter referred to as Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP).

6. Agencies and organizations in Vietnamese territory with registered programs and projects compliant with carbon credit exchange and settlement under Clause 5 Article 3 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP.

7. Other agencies and organizations related to management, operation, and use of National registry system.

In this Circular, the terms below are construed as follows:

1. Domestic code refers to a string of letters for identifying GHG emission quotas or carbon credits in Vietnamese territory.

2. Serial numbers refer to a string of unique identifiers issued to each unit of GHG emission quotas or carbon credits on National registry system.

3. Registration account refers to an electronic account for logging in and using National registry system.

4. Sub-account refers to a part of registration account of the National registry system, created to record and manage quantity of GHG emission quotas and carbon credits for each operation.

1. Fully comply with regulations on organization and development of carbon market and other relevant law provisions.

2. Ensure transparency, openness, accuracy, punctuality, safety, and security.

3. Unify management of GHG emission quotas and carbon credits on the National registry system. Information recorded and stored on the National registry system includes: list of owners, quantity, domestic code, serial numbers, status, and history of activities implemented on the National registry system.

4. Ensure close and uniform cooperation pertaining to data, connection stability in data exchange between the National registry system and carbon trading system, carbon depository and settlement system.

5. All professional request made via registration accounts on the National registry system shall be authenticated and identified via electronic identification and authentication platforms of the National public service portal. Transactions that have been authenticated shall be legitimately equivalent to documents signed by legal representatives of registration account holders.

6. Transactions, operations, and procedures related to account management, deposit, withdrawal, and other operations hereunder shall be conducted as electronic transaction on the National registry system. Information exchange and processing shall be conducted via electronic information functionalities and fields established on the National registry system except for cases under Point b Clause 1 Article 13 and Clause 1 Article 17 hereof.

7. Operations under Chapter IV hereof shall only be conducted for GHG emission quotas and carbon credits recorded on sub-account of general registration of the National registry system.

Agencies and organizations under Clause 5, Clause 6 Article 2 hereof shall be issued registration accounts on the National registry system.

1. Each agency and organization shall only be issued one registration account on the National registry system. Where an agency or organization has more than 1 facility to which GHG emission quotas is assigned, the agency or organization shall use their registration account to manage and monitor GHG emission quotas and compliance with obligations at each facility.

2. Identification code of registration code shall be issued to and associated with taxpayer identification number (TIN) of agencies and organizations.

3. Professional transactions on the National registry system shall be carried out in accordance with transaction creation and approval mechanisms. Account holders shall be entirely responsible for registration, management, assignment of personnel to create, approve transactions, and conduct activities in their account.

4. Registration account holders have the responsibility to register and maintain information of at least 2 individuals acting as liaisons with the Ministry of Agriculture and Environment via the National registry system for operation and cooperation purposes. Minimum information includes: full name, title, email address, phone number.

Each registration account consists of sub-accounts for managing GHG emission quotas and carbon credit throughout its life cycle. These sub-accounts include:

1. General registration sub-accounts: Record quantity of GHG emission quotas and carbon credits under legal ownership of account holders and not included in transactions or facilitate other operations.

2. Transaction balance sub-accounts: Record balance of GHG emission quotas and carbon credits deposited at VSDC.

3. Transfer sub-accounts: Record quantity of GHG emission quotas and carbon credits carrying over from one stage to the next.

4. Borrowing sub-accounts: Record quantity of GHG emission quotas of the next stage borrowed for use I the current stage.

5. Offset sub-accounts: Record quantity of carbon credits used to offset GHG emission.

6. Relinquishment sub-accounts: Record quantity of GHG emission quotas registered for payment by account holders.

7. Pending sub-accounts: Record quantity of GHG emission quotas and carbon credits registered for deposit by account holders and waiting for verification of VSDC.

8. Freezing sub-accounts: Record quantity of GHG emission quotas and carbon credits that has been frozen.

1. Registration of account on the National registry system shall be conducted in accordance with Article 18 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP.

2. Where information on registration account changes, account holders shall update on the National registry system. Registration account holders shall be accountable for accuracy of information and documents that they provide on the National registry system.

3. Registration account holders shall close registration account on the National registry system and assume responsibility for issues related to closure of registration accounts. Closure of an account on the National registry system shall be conducted if:

a) The registration account does not have GHG emission quota and carbon credit balance;

b) GHG emission quotas have been paid if the account owes GHG emission quotas;

c) Transfer of ownership of GHG emission quotas and carbon credits outside of carbon trading system is not conducted; transactions awaiting payment or transaction processed on domestic carbon exchange.

4. The Ministry of Agriculture and Environment shall freeze registration accounts or GHG emission quotas, carbon credits on the National registry system at written request of competent authorities as per the law.

Where GHG emission quotas and carbon credits requested for freezing are in general registration sub-accounts, the Ministry of Agriculture and Environment shall transfer GHG emission quotas and carbon credits to freeing sub-accounts on the National registry system.

Where GHG emission quotas are being deposited at VSDC, the Ministry of Agriculture and Environment shall send written request for withdrawal to VSDC. After obtaining written verification for withdrawal from the VSDC, the Ministry of Agriculture and Environment shall transfer GHG emission quotas to freezing sub-account on National registry system.

Where carbon credits are deposited at VSDC, the Ministry of Agriculture and Environment shall send written request to VSDC to freeze carbon credits on carbon depository and settlement system.

5. The Ministry of Agriculture and Environment shall restore registration accounts or GHG emission quotas, carbon credits on the National registry system at written request of competent authorities as per the law. GHG emission quotas and carbon credits that have been restored shall be transferred to freezing sub-accounts to general registration sub-accounts on the National registry system. Where carbon credits currently deposited at VSDC are restored, the Ministry of Agriculture and Environment shall send written request to VSDC to restore carbon credits on depository and carbon transaction payment system.

1. Within 5 working days from the date on which Decision on assignment of GHG emission quotas comes into force, the Ministry of Agriculture and Environment shall finalize GHG emission quota registration on the National registry system. Registration information of GHG emission quotas includes:

a) Information on assigned GHG emission quotas includes: assignment stage; total quantity of GHG emission quotas and corresponding serial numbers; domestic code of GHG emission quotas;

b) Information on agencies and organizations in possession of GHG emission quota includes:

List of agencies and organizations in possession of GHG emission quotas;

Information on each agency and organization in possession of GHG emission quotas includes: name of the agency, organization; TIN of the agency, organization; name of facility affiliated to the agency, organization and to which GHG emission quotas is assigned; quantity of GHG emission quotas assigned to each facility affiliated to the agency, organization; serial number corresponding to quantity of GHG emission quotas assigned to each facility affiliated to the agency, organization.

2. Where a facility transfers or borrows GHG emission quotas in accordance with Article 18, Article 19 hereof, National registry system shall adjust quantity of registered GHG emission quotas and corresponding serial number on the basis of transfer and borrowing results.

3. The Ministry of Agriculture and Environment, on the date on which registration of GHG emission quotas completes, shall:

a) send information on GHG emission quotas recorded in registration accounts to agencies and organization in possession of GHG emission quotas via electronic means;

b) send list of agencies and organizations in possession of GHG emission quotas registered on National registry system, information on domestic codes of GHG emission quotas to HNX and VSDC via electronic means.

4. The Ministry of Agriculture and Environment shall inform HNX and VSDC about and publicly post on National registry system information pertaining to the first trading day and the last trading day at least 7 working days before the first trading day of GHG emission quotas.

1. In respect of carbon credits within domestic carbon credit exchange and offset mechanisms, within 5 working days from the date on which the Ministry of Agriculture and Environment receives notice of a field-governing ministry pertaining to issuance of carbon credits issuance or from the date on which the Ministry of Agriculture and Environment promulgates decision on issuance of carbon credits, the Ministry of Agriculture and Environment shall finalize registration of carbon credits on the National registry system.

2. In respect of carbon credits compliant with Article 6.2 and Article 6.4 of the Paris Agreement according to Clause 5a and Clause 5b Article 3 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP, within 5 working days from the date on which the Ministry of Agriculture and Environment receives notice of agencies and organizations issuing carbon credits, the Ministry of Agriculture and Environment shall finalize registration of carbon credits on the National registry system.

3. Registration information of carbon credits includes: name of program, project; name of carbon credit exchange, offset mechanism; total quantity of issued carbon credits; domestic code of carbon credits.

4. The Ministry of Agriculture and Environment, on the date on which registration of carbon credits is complete, shall:

a) send information on quantity of carbon credits recorded on registration accounts to organizations participating in programs and projects via electronic means;

b) send domestic codes of carbon credits to VSDC and HNX via electronic means.

5. In respect of carbon credits compliant with domestic carbon credit exchange and offset mechanisms or Article 6.2 of the Paris Agreement, the Ministry of Agriculture and Environment shall record information on agencies and organizations in possession of carbon credits on National registry system on the date on which carbon credit registration is implemented.

In respect of carbon credits compliant with Article 6.4 of the Paris Agreement, the Ministry of Agriculture and Environment shall record information on agencies and organizations in possession of carbon credits on the National registry system after verifying carbon credits for exchange on carbon exchange in accordance with Point b Clause 3 Article 19 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP.

6. Information on agencies and organizations in possession of carbon credits includes:

a) List of agencies and organizations in possession of carbon credits;

b) Information on each agency and organization in possession of carbon credits, including: Name of the agency, organization; TIN of the agency and organization; quantity of issued carbon credits for carbon credits compliant with domestic exchange and offset, Article 6.2 of the Paris Agreement or quantity of carbon credits verified for exchange on carbon exchange for carbon credits compliant with Article 6.4 of the Paris Agreement; serial number corresponding to quantity of carbon credits.

7. The Ministry of Agriculture and Environment shall inform the HNX and VSDC about and publicly post on National registry system information on the first trading day at least 7 working days before the first trading day of carbon credits.

1. The Ministry of Agriculture and Environment shall be solely entitled to issuance and management of domestic code, serial numbers of GHG emission quotas and carbon credits on the National registry system.

2. Domestic code shall be unique, stored as electronic data, and not be re-issued after termination. Domestic code shall only be terminated if all GHG emission quotas or carbon credits issued in the same domestic code have been terminated in accordance with Article 12 and Article 13 hereof.

3. Domestic code of GHG emission quotas consists of 6 letter in the structure below: VN-[Assignment year]; where VN represents Vietnam’s national code, assignment year consists of 4 digits representing the first calendar year of assignment stage of GHG emission quotas.

4. Domestic code of carbon credits consists of 9 letters in the structure below: [Code of carbon credit exchange, offset mechanism]-[Code of project]-[The last 2 digits of calendar year in which reduction in GHG emission is verified]; where:

Code of carbon credit exchange, offset mechanism refers to identification code of carbon credit exchange, offset mechanism which consists of 3 letters or 3 digits;

Code of project refers to identification code of carbon credit project which consists of 4 letters or 4 digits.

5. Serial numbers of GHG emission quotas consist of 16 letters in the structure below: [domestic code of GHG emission quotas]-[Series of GHG emission quotas]; where:

Series of GHG emission quotas consist of 10 digits corresponding to the order of each unit in total quantity of GHG emission quotas assigned in one stage.

6. In respect of carbon credits verified for exchange on carbon exchange according to Clause 3 Article 19 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP, serial numbers of carbon credits consist of 19 digits in the structure below: [Domestic code of carbon credits]-[Series of carbon credits], where:

Series of carbon credits consist of 10 digits corresponding to the order of each unit of carbon credits in total quantity of carbon credits assigned in one program or project.

1. The Ministry of Agriculture and Environment shall cancel registration of GHG emission quotas on the National registry system if:

a) GHG emission quotas are transferred by facilities in accordance with Article 18 hereof;

b) GHG emission quotas are borrowed by facilities in accordance with Article 19 hereof;

c) GHG emission quotas are relinquished by facilities in accordance with Article 21 hereof;

d) GHG emission quotas of facilities are not relinquished or transferred in accordance with Point c Clause 7 Article 19 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP.

2. For cases detailed under Points a, b, and c Clause 1 of this Article, the Ministry of Agriculture and Environment shall cancel registration of GHG emission quotas on the National registry system in accordance with Clause 2 Article 18, Clause 2 Article 19, and Clause 2 Article 21 hereof.

3. For case detailed under Point d Clause 1 of this Article, the Ministry of Agriculture and Environment shall, after 30 days from the time limit for relinquishing GHG emission quotas of the assignment stage, cancel registration of GHG emission quotas on the National registry system. Where GHG emission quotas to be revoked are being deposited at VSDC, the Ministry of Agriculture and Environment shall send written request for withdrawal to VSDC. The Ministry of Agriculture and Environment shall, upon receiving confirmation of withdrawal from VSDC, cancel registration of GHG emission quotas at general registration sub-accounts on the National registry system.

4. Cancellation of registration of GHG emission quotas includes termination of GHG emission quotas and corresponding serial numbers on the National registry system. Where all GHG emission quotas to be terminated are issued under the same domestic code, the Ministry of Agriculture and Environment shall terminate the corresponding domestic code.

1. The Ministry of Agriculture and Environment shall cancel registration of carbon credits on the National registry system if:

a) Carbon credits have been used to offset GHG emission in accordance with Article 20 hereof;

b) Carbon credits are cancelled at the discretion of account holders;

c) Carbon credits are revoked according to decisions of competent authorities as per the law.

2. For case under Point a Clause 1 of this Article, the Ministry of Agriculture and Environment shall cancel registration of carbon credits at offset sub-accounts on the National registry system in accordance with Article 20 hereof.

3. For case under Point b Clause 1 of this Article:

a) Registration account holder shall submit application for voluntary cancellation of carbon credits using Form No. 1 under Appendix I attached hereto: in person or via post service to the Ministry of Agriculture and Environment or online via National public service portal or National identification application;

b) Within 2 working days from the date on which the Ministry of Agriculture and Environment receives the application, the Ministry of Agriculture and Environment shall cancel registration of carbon credits under general registration sub-accounts on the National registry system and issue notice of cancellation using Form No. 2 under Appendix I attached hereto to registration account holder. Where quantity of carbon credits requested for cancellation exceeds the balance of general registration sub-accounts, the Ministry of Agriculture and Environment shall send notice of rejection to account holder and state reasons for rejection.

4. For case under Point c Clause 1 of this Article:

a) The Ministry of Agriculture and Environment shall cancel registration of revoked carbon credits under general registration sub-accounts on the National registry system. Where carbon credits to be revoked are being deposited at VSDC, the Ministry of Agriculture and Environment shall send withdrawal request to VSDC;

b) The Ministry of Agriculture and Environment shall, after receiving confirmation of withdrawal from VSDC, cancel registration of revoked carbon credits under general registration sub-accounts on the National registry system.

5. Cancellation of registration of carbon credits includes termination of carbon credits and cancellation of corresponding serial numbers on the National registry system. Where all carbon credits to be revoked are issued under the same domestic code, the Ministry of Agriculture and Environment shall terminate the corresponding domestic code. The Ministry of Agriculture and Environment shall inform HNX and VSDC about cancellation of registration of carbon credits at least 3 working days before the date on which registration cancellation occurs.

1. Registration accounts shall declare quantity of GHG emission quotas and carbon credits that they wish to deposit and information on accounts to which GHG emission quotas and carbon credits are deposited on the National registry system.

2. The National registry system shall transfer GHG emission quotas and carbon credits from general registration sub-accounts to pending sub-accounts. Where balance of general registration sub-accounts is insufficient, the National registry system shall reject the operation and inform registration account holders.

3. The Ministry of Agriculture and Environment shall, at the end of each working day, consolidate and send list of registration account holders wishing to deposit GHG emission quotas and carbon credits to VSDC in form of electronic files. Such list must include identifying information of registration account holders, deposit accounts of GHG emission quotas, carbon credits, and quantity of GHG emission quotas and carbon credits deposited corresponding to each deposit account.

4. Within 1 working day from the date on which VSDC receives the list, VSDC shall send confirmation of successful deposit to the Ministry of Agriculture and Environment. In case of rejection, VSDC shall send notice and state reason for rejection.

5. Where written confirmation of successful deposit sent by VSDC has been received, GHG emission quotas and carbon credits shall be transferred from pending sub-accounts to balance sub-accounts.

1. Deposited GHG emission quotas and carbon credits are withdrawn if:

a) Registration account holders request withdrawal of deposited GHG emission quotas and carbon credits;

b) Deposited GHG emission quotas are withdrawn to facilitate cancellation of registration of GHG emission quotas in accordance with Point d Clause 1 Article 12 hereof;

c) GHG emission quotas and carbon credits are frozen at written request of competent authorities as per the law;

d) Carbon credits are revoked according to decisions of competent authorities as per the law.

2. Deposit withdrawal under Point a Clause 1 of this Article shall be carried out as follows:

a) Registration account holder shall declare quantity of deposited GHG emission quotas and carbon credits that he/she wishes to withdraw on the National registry system. Where balance of balance sub-accounts is insufficient, National registry system shall reject the withdrawal and inform registration account holder;

b) The Ministry of Agriculture and Environment shall, at the end of each working day, consolidate and send list of registration account holders wishing to withdraw deposited GHG emission quotas and carbon credits to the VSDC in form of electronic files. Such list must include identifying information of registration account holders, deposit accounts of GHG emission quotas, carbon credits, and quantity of GHG emission quotas and carbon credits deposited corresponding to each deposit account;

c) Within 1 working day from the date on which VSDC receives the list, VSDC shall send confirmation of successful withdrawal to the Ministry of Agriculture and Environment. In case of rejection, VSDC shall send notice and state reason for rejection.

d) Where written confirmation of successful withdrawal sent by VSDC has been received, deposited GHG emission quotas and carbon credits shall be transferred from balance sub-accounts to general registration sub-accounts.

3. Deposit withdrawal under Point b Clause 1 of this Article shall be carried out as follows:

a) Within at most 1 working day after the last trading day of GHG emission quotas of one stage, the Ministry of Agriculture and Environment shall send request for withdrawal of all GHG emission quotas of facilities that have not been transferred or relinquished on the National registry system of the stage to VSDC.

b) Where written confirmation of successful withdrawal sent by VSDC has been received, deposited GHG emission quotas shall be transferred from balance sub-accounts to general registration sub-accounts.

4. Deposit withdrawal under Point c Clause 1 of this Article shall be carried out in accordance with Clause 4 Article 8 hereof.

5. Deposit withdrawal under Point d Clause 1 of this Article shall be carried out in accordance with Clause 4 Article 13 hereof.

1. VSDC shall file reports on transaction results and balance of GHG emission quotas and carbon credits on deposit accounts to the Ministry ò Agriculture and Environment at the end of each trading day.

2. The Ministry of Agriculture and Environment shall update balance and serial numbers of GHG emission quotas and carbon credits for relevant parties on the National registry system on the basis of reports filed by VSDC.

1. Cases where ownership of GHG emission quotas and carbon credits is transferred outside of carbon trading system include:

a) Agencies and organizations undergo partial division, total division, acquisition, merger;

b) Ownership transfer is required by judgment or decision of the court, or decision of judgment enforcing authority, or decision of arbitration as per the law.

2. Transfer of ownership of GHG emission quotas and carbon credits outside of carbon trading system shall be carried out on the following principles:

a) GHG emission quotas and carbon credits of which ownership is requested for transfer must be in general registration sub-accounts;

b) Agencies and organizations engaged in transfer of ownership of GHG emission quotas and carbon credit outside of carbon trading system shall be legally responsible for:

Accuracy and authenticity of application for ownership transfer of GHG emission quotas and carbon credits outside of carbon trading system;

Violations that are committed before and after submitting application for ownership transfer of GHG emission quotas and carbon credits outside of carbon trading system;

Disputes and damage that occur as a result of implementation of judgments or decisions of the court, or decisions of judgment enforcing authority, or decisions of arbitrations as per the law;

c) Organizations engaged in verification of application for ownership transfer of GHG emission quotas and carbon credits outside of carbon trading system shall be legally responsible for accuracy, authenticity, and legitimacy of the verification process and document contents as per the law;

d) The Ministry of Agriculture and Environment shall receive, process, review legitimacy, and approve on the basis of provided application; shall not be held accountable for violations committed by applicants before and after submission of application for ownership transfer of GGH emission quotas and carbon credits outside of carbon trading system; shall not be held accountable for disputes or damage related to judgments, decisions of the court, or decisions of arbitration, or decisions of judgment enforcing authorities;

dd) The Ministry of Agriculture and Environment shall transfer ownership of GHG emission quotas and carbon credits in accordance with judgments and decisions of the court; or decisions of judgment enforcing authorities; or decisions of arbitration as per the law as a related organization exercising decisions and shall not be held accountable for disputes or damage (if any) related to judgments or decisions of the court; decisions of judgment enforcing authorities; decisions of arbitrations.

3. Agencies and organizations shall submit application for transfer of ownership of GHG emission quotas and carbon credits outside of carbon trading system in person or via post service to the Minister of Agriculture and Environment or online at National public service portal or National identification application.

4. The application consists of:

a) Application for ownership transfer of GHG emission quotas and carbon credits using Form No. 3 under Appendix I attached hereto;

b) Copies and original copies or certified true copies of documents proving partial division, total division, acquisition, merger of applicants (if applicable);

c) Copies and original copies or certified true copies of judgments or decisions of the court; judgments or decisions of arbitration (if any); decision on judgment enforcement of competent authorities as per the law (if any) which specify transfer of ownership of GHG emission quotas and carbon credits (if applicable);

d) Copies and original copies or certified true copies of written agreements of relevant organizations pertaining to transfer of ownership of GHG emission quotas and carbon credits (if any).

5. The Ministry of Agriculture and Environment shall, within 2 working days from the date on which they receive application, inform applicants about legitimacy of the application. Where application is inadequate, applicants shall revise the application within 5 working days from the date on which they are informed.

6. Within 5 working days from the date on which the Ministry of Agriculture and Environment receives adequate application, the Ministry of Agriculture and Environment shall review, update ownership on the National registry system, and issue result notice to applicants using Form No. 4 under Appendix I attached hereto. In case of rejection, the Ministry of Agriculture and Environment shall send the application back to the applicants and state reason for rejection.

1. Registration account holders shall transfer GHG emission quotas in accordance with Clause 7 Article 19 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP. The National registry system shall transfer GHG emission quotas and carbon credits from general registration sub-accounts to transfer sub-accounts. Where quantity of GHG emission quotas requested for transfer exceeds the balance of general registration sub-accounts, the National registry system shall send notice of rejection to registration account holders.

2. The Ministry of Agriculture and Environment shall increase registration quantity of GHG emission quotas of the next stage and decrease registration quantity of GHG emission quotas of the current stage according to the transferred quantity and cancel registration of GHG emission quotas under transfer sub-accounts on the National registry system; send information on transferred GHG emission quotas to registration account holders via electronic means.

1. Registration account holders shall borrow GHG emission quotas in accordance with Clause 6 Article 19 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP. The National registry system shall transfer GHG emission quotas from general registration sub-accounts to borrow sub-accounts. Where GHG emission quotas requested for borrowing exceeds balance of GHG emission quotas of the next stage on general registration sub-accounts or exceeds GHG emission quotas available to be borrowed, the National registry system shall send notice of rejection to registration account holders.

2. The Ministry of Agriculture and Environment shall decrease registration quantity of GHG emission quotas of the next stage and increase registration quantity of GHG emission quotas of the current stage according to the borrowed quantity and cancel registration of GHG emission quotas under borrow sub-accounts on the National registry system; send information on borrowed GHG emission quotas to registration account holders via electronic means.

1. Registration account holders shall offset GHG emission quotas with carbon credits in accordance with Clause 8 Article 19 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP. The National registry system shall transfer carbon credits under general registration sub-accounts to offset sub-accounts. Where carbon credits requested to be used to offset exceeds the carbon credits under general registration sub-accounts or exceeds carbon credits available to be used to offset, the National registry system shall send notice of rejection to registration account holders.

2. The Ministry of Agriculture and Environment shall decrease GHG emission quotas under general registration sub-accounts, increase GHG emission quotas under relinquishment sub-accounts corresponding to the quantity of carbon credits used, cancel registration of carbon credits used for offset under offset sub-accounts on the National registry system; send information on carbon credits used to offset GHG emission quotas to registration account holders via electronic means.

1. Registration account holders shall relinquish GHG emission quotas in accordance with Point b Clause 5 Article 19 of Decree No. 06/2022/ND-CP amended by Decree No. 119/2025/ND-CP dated June 9, 2025 of the Government. The National registry system shall transfer GHG emission quotas from general registration sub-accounts to relinquishment sub-accounts. Where quantity of GHG emission quotas requested for transfer exceeds the balance of general registration sub-accounts, the National registry system shall send notice of rejection to registration account holders.

2. The Ministry of Agriculture and Environment shall cancel registration of relinquished GHG emission quotas under relinquishment sub-accounts on the National registry system; send information on relinquished GHG emission quotas to registration account holders via electronic means.

1. Information exchange and professional cooperation between the Ministry of Agriculture and Environment, VDSC, and HNX shall be implemented on the following principles:

a) Information exchange and professional cooperation between parties must adhere to regulations on domestic carbon exchange, this Circular, memorandum of understanding on cooperation between the Ministry of Agriculture and Environment, VDSC, VNX, and HNX;

b) Exchanged data must be timely, accurate, adequate, and consistent between systems;

c) Data exchange shall be implemented via safe and secure connection channels and in a manner that ensures information security and integrity in accordance with regulations on cyber information safety;

d) Data on the National registry system under management of the Ministry of Agriculture and Environment is the original data for comparison and adjustment purposes in case of discrepancy between systems unless the discrepancies concern data related to deposit, transaction, payment of GHG emission quotas and carbon credits.

2. Data exchange between the National registry system, carbon deposit and payment system of VSDC, and carbon trading system of HNX shall be prioritized via separate, safe communication channels or encrypted application interface.

3. Format and structure of data message and frequency of information exchange shall be elaborated in technical connection guidelines and memorandum of understanding on cooperation between the parties.

1. Reconciliation of data pertaining to details of transactions, ownership balance, information on deposit accounts of GHG emission quotas and carbon credits shall be implemented at the end of each working day.

2. VSDC shall consolidate and send reconciliation reports to the Ministry of Agriculture and Environment at the end of each working day. These reports include:

a) Reports on detail payment results;

b) Reports on end-of-day deposit balance of all deposit accounts.

3. The Ministry of Agriculture and Environment shall reconcile received data with data on the National registry system. Where discrepancies are found, the Ministry of Agriculture and Environment shall cooperate with relevant agencies and organizations in determining causes and implementing rectifying measures.

1. The National registry system shall be arranged, managed, and operated in accordance with technical solutions so as to ensure information safety, security, data integrity, and continuous operation; information provision, use, and exchange shall conform to regulations of the law on state secret protection, cyberinformation safety, and relevant law provisions.

2. The Ministry of Agriculture and Environment shall disclose information on the National registry system as follows:

a) The Minister of Agriculture and Environment shall disclose the following information on a monthly basis by the 20^th of the following month at the latest:

List of carbon credit programs and projects that have been registered in the month and accumulated by the end of the month;

Total GHG emission quotas and carbon credits that have been registered and cancelled in the month and accumulated by the end of the month;

b) The Ministry of Agriculture and Environment shall disclose the following information on an annual basis by January 30 of the following year at the latest:

List of carbon credit programs and projects that have been registered in the year and accumulated by December 31;

Total GHG emission quotas and carbon credits that have been registered and cancelled in the month and accumulated by December 31;

c) The Ministry of Agriculture and Environment shall disclose the following information once every two years within 45 days from the date on which an assignment period of GHG emission quotas ends:

Total GHG emission quotas that have been assigned in the period;

Consolidated reports on market-wide compliance, including GHG emission quotas that have been relinquished, transferred to the next period, borrowed from the next assignment period, terminated, and offset by carbon credits;

d) The Ministry of Agriculture and Environment shall disclose the following information within 72 hours from the moment in which relevant events occur:

Issuance and cancellation of domestic code of GHG emission quotas and carbon credits;

Issuance and cancellation of serial number of GHG emission quotas and carbon credits;

Information on incidents, partial or total suspension of the National registry system;

dd) The Ministry of Agriculture and Environment shall disclose working hours of the system on the National registry system.

3. Organizations of which facilities are assigned with GHG emission quotas and organizations in possession of carbon credits have the responsibility to report to the Ministry of Agriculture and Environment and disclose information on the National registry system within 24 hours from the moment in which accidents affecting account control or access or causing deviation of account data or potentially affecting operation of the National registry system occur.

4. Organizations participating in the National registry system have the responsibility to maintain security of login information, transaction information, and relevant data; must not disclose, use, or provide information in a manner that contradicts regulations of the law.

5. VNX and VSDC shall file reports to the Ministry of Agriculture and Environment as follows:

a) VSDC shall file quarterly and annual reports using Form No. 1 under Appendix II attached hereto to the Ministry of Agriculture and Environment. The reports shall concern total deposit accounts registered in reporting period, total registered deposit accounts by the end of reporting period; total registered GHG emission quotas and carbon credits by the end of reporting period; total value of payment for GHG emission quota and carbon credit transactions in reporting period; scale of carbon depository participants;

b) VNX shall file quarterly and annual reports using Form No. 2 under Appendix II attached hereto to the Ministry of Agriculture and Environment. The reports shall concern total quantity and total value of transactions of each type of GHG emission quotas and carbon credits in reporting period; closing price of the last trading day in reporting period, deviation in trading price of GHG emission quotas and carbon credits relative to previous reporting periods; scale of carbon depository participants;

c) Submission deadline and data cutoff date of periodic reports:

In respect of quarterly reports: data cutoff date shall be the last working day inclusive in the reporting quarter; submission deadline shall be before the 20^th of the first month of the following quarter;

In respect of annual reports: data cutoff date shall be the last working day inclusive of the reporting year; submission deadline shall be before January 30 of the following year;

d) VSDC and VNX shall file irregular reports to the Ministry of Agriculture and Environment within 24 hours after technical issues of carbon trading system or carbon trading deposit and payment system occur and server data connection with the National registry system or issues that disable GHG emission quota and carbon credit transactions or transaction payment occur;

dd) VSDC and VNX have the responsibility to provide information, data, and documents relating to transaction, deposit, and transaction payment at written request of the Minister of Agriculture and Environment in service of governance operations or international reports. Contents and submission deadline shall conform to written request of the Ministry of Agriculture and Environment.

1. Technical incidents and professional errors that occur during operation of the National registry system shall be promptly, transparently dealt with in a manner that respects legitimate rights and benefits of participating actors.

2. Rectification of errors relating to data on ownership of GHG emission quotas and carbon credits shall be implemented on the basis of adequate presenting documents and approval granted by competent authorities in accordance with regulations on operation of National registry system.

3. In case of force majeure such as natural disasters, fire, cyber attack, or serious technical issues, the National registry system can be partially or entirely suspended temporarily. Temporary suspension or restoration of operation of the National registry system shall be communicated to relevant parties within 24 hours from the moment in which incidents occur and publicly disclosed in accordance with Point d Clause 2 Article 24 hereof.

4. All database of the National registry system shall be backed up in accordance with regulations on document and archive of the Ministry of Agriculture and Environment.

1. Department of Climate Change has the responsibility to advise and assist the Ministry of Agriculture and Environment in:

a) Taking charge and assuming responsible to the Minister of Agriculture and Environment for arranging, managing, operating the National registry system stably, safely, and effectively;

b) Registering, cancelling registration, issuing, and managing domestic code and serial numbers of all GHG emission quotas and carbon credits in Vietnamese territory;

c) Arranging opening, management, freezing, restoration, and termination of registration accounts for participants in accordance with this Circular;

d) Receiving and processing request for operations sent by registration account holders on the National registry system in accordance with this Circular;

dd) Performing technical operations, professional operations, and risk management in order to ensure information safety and security; receiving and processing feedback of agencies and organizations pertaining to the use of the National registry system; resolving and rectifying incidents that occur or disrupt the National registry system during operation in accordance with this Circular;

e) Acting as liaison of the Ministry of Agriculture and Environment in cooperating with VSDC, VNX, and HNX in developing, signing, and arranging operation of memorandum of understanding on cooperation between the parties in arranging operation of domestic carbon exchange;

g) Taking charge and cooperating with relevant parties in reconciling information, recording, updating, connecting, sharing, accessing, using data on the National registry system;

h) Developing, promulgating, and propagating professional guidelines on use of the National registry system; arranging training and advanced training for participants in the National registry system;

i) Filing reports and disclosing information on the National registry system in accordance with Article 24 hereof;

k) Developing and requesting competent authorities to approve solutions relating to personnel, funding for maintenance, operation, and development of the National registry system.

2. Department of Digital Transformation

a) Takes charge, cooperates with Department of Climate Change in maintaining information safety, security, and continuous operation of technical infrastructures of the National registry system in accordance with cyberinformation safety laws;

b) Takes charge of developing and maintaining solutions for data connection, safe data exchange, and synchronization between the National registry system and VSDC, HNX, and other national digital platforms as per the law;

c) Takes charge and cooperates with Department of Climate Change in developing, promulgating, and arranging implementation of solutions for incident provision and response and plans for periodic data backup for all database of the National registry system in order to ensure data recovery in case of incidents;

d) Cooperates with Department of Climate Change in maintaining, operating, and upgrading software and technical infrastructures of the National registry system;

dd) Cooperates with Department of Climate Change in resolving technical incidents and cyber security incidents related to the National registry system, ensuring rectification and restoration of operation of the system as soon as possible.

1. VSDC, VNX, and HNX shall closely cooperate with Department of Climate Change in adequately implementing relevant regulations under this Circular and memorandum of understanding on cooperation between the parties in market operation and resolution of arising incidents.

2. Entities under Clause 5, Clause 6, and Clause 7 Article 2 hereof:

a) Provide truthful, accurate information for account registration and documents requesting professional operations and assume legal responsibility for provided information;

b) Maintain security of login credentials of registration accounts; manage and assume responsibility for all transactions performed from their accounts;

c) Fully comply with procedures and regulations under this Circular and guidelines of Department of Climate Change during use of the National registry system.

This Circular comes into force from March 30, 2026.

1. Director of Department of Climate Change has the responsibility to arrange, guide, and examine implementation of this Circular.

2. Director of Department of Digital Transformation, figureheads of relevant entities affiliated to the Ministry of Agriculture and Environment, VSDC, VNX, HNX, and relevant agencies, organizations are responsible for the implementation of this Circular.

3. Difficulties that arise during implementation of this Circular shall be reported to the Ministry of Agriculture and Environment (via Department of Climate Change)./.