Which entities shall formulate and implement programs and projects according to carbon exchange and offsetting mechanisms in Vietnam?

Which entities shall formulate and implement programs and projects according to carbon exchange and offsetting mechanisms in Vietnam?

Pursuant to Clause 1 and 2, Article 20 of the Decree 06/2022/NĐ-CP stipulating entities formulating and implementing programs and projects according to carbon exchange and balancing mechanisms in Vietnam as follows:

1. Entities formulating and implementing programs and projects according to carbon exchange and balancing mechanisms

a) Vietnamese organizations that wish to formulate and execute these programs and projects;

b) Foreign organizations that wish to formulate and execute these programs and projects in Vietnamese territory.

2. Entities specified in Clause 1 of this Article that execute programs and projects according to carbon exchange and offsetting mechanisms of UNFCCC, the international treaties and agreements to which the Socialist Republic of Vietnam is a signatory shall submits applications for approval of the programs or projects to the Ministry of Natural Resources and Environment through one of the following media: submitting in person, online or by postal service. An application for approval of the project includes:

a) An application form for approval of the program or project according to Form No. 03 of Appendix V issued herewith;

b) Documents of the program or project formulated according to guidelines of the Ministry of Natural Resources and Environment applicable to the regulations of The UNFCCC, treaties and agreements to which the Socialist Republic of Vietnam is a signatory;

c) A technical report or a verification report for the program or project of a particular verification authority according to guidelines of the Ministry of Natural Resources and Environment applicable to the regulations of The UNFCCC, treaties and agreements to which the Socialist Republic of Vietnam is a signatory;

d) A copy extracted from the master book or a certified true copy of each license and document relevant to specialized operation of the program or project according to applicable regulations.

What are regulations on assessment and approval of programs and projects according to carbon exchange and offsetting mechanisms in Vietnam?

Pursuant to Clause 3, 4 and 5, Article 20 of the Decree 06/2022/NĐ-CP stipulating assessment and approval of programs and projects according to carbon exchange and offsetting mechanisms in Vietnam as follows:

3. The programs or projects according to carbon exchange and offsetting mechanisms shall be assessed and approved according to UNFCCC, the international treaties and agreements to which the Socialist Republic of Vietnam is a signatory.

a) Within 05 working days after receiving the application, the Ministry of Natural Resources and Environment shall decide whether to accept the application if it is valid, or request supplementation of the application if it is not valid. Deadline for supplementation of the application must not exceed 15 working days after a written request for supplementation of the application is issued;

b) Within 30 working days after receiving the valid application, the Ministry of Natural Resources and Environment shall assess the application for approval of the program or project through collection of opinions of relevant authorities. The enquired authorities shall be responsible for responding in writing within 7 working days after receiving the enquiry form attached with the application;

c) Within 03 working days after the assessment result is available, the Minister of Natural Resources and Environment shall consider and approve the program or project and notify the applicant . If the application is rejected, explanation must be provided.

4. The Minister of Natural Resources and Environment shall promulgate regulations on the assessment of programs or projects according to carbon exchange and balancing mechanisms within UNFCCC and appoint climate authorities change to act as standing agencies for assessment.

5. The entities prescribed in Clause 1 of this Article that carry out the program or project according to carbon exchange and balancing mechanisms beyond the scope of UNFCCC, the international treaties and agreements to which the Socialist Republic of Vietnam is a signatory on the territory of Vietnam shall:

a) Submit registration information to the Ministry of Natural Resources and Environment according to Form No. 04 of Appendix V issued herewith when they register the programs or projects;

b) Annually provide information about execution of the programs or projects to the Ministry of Natural Resources and Environment according to Form No. 05 of Appendix V issued herewith before December 31 during the period of executing the programs or projects.

Best regards!