Circular No. 11/2026/TT-BNNMT stipulates the management and operation of the National Registry System for Greenhouse Gas Emission Quotas and Carbon Credits.

CIRCULAR

Providing for management and operation of the National Registration System
on greenhouse gas emission quotas and carbon credits 

Pursuant to the Environmental Protection Law No. 72/2020/QH14 amended and supplemented by Law No. 11/2022/QH15, Law No. 16/2023/QH15, Law No. 18/2023/QH15, Law No. 47/2024/QH15, Law No. 54/2024/QH15, and Law No. 146/2025/QH15;

Pursuant to the Government Decree No. 06/2022/NĐ-CP dated January 7, 2022 on reducing greenhouse gas emissions and protecting the ozone layer, amended and supplemented by the Government Decree No. 119/2025/NĐ-CP dated June 9, 2025;

Pursuant to the Government Decree No. 29/2026/NĐ-CP dated January 19, 2026 on domestic carbon trading;Pursuant to the Government Decree No. 35/2025/NĐ-CP dated February 25, 2025 on the functions, tasks, powers, and organizational structure of the Ministry of Agriculture and Rural Development;

At the proposal of the Director of the Department of Climate Change;

The Minister of Agriculture and Rural Development promulgates this Circular providing for management and operation of the National Registration System on greenhouse gas emission quotas and carbon creditsChapter I

GENERAL PROVISIONS.

Article 1. Scope of Regulation
This Circular regulates the management and operation of the National Registration System on greenhouse gas emission quotas and carbon credits (hereinafter referred to as the National Registration System).

Article 2. Applicability

This Circular applies to the following agencies and organizations:

1. Units under the Ministry of Agriculture and Rural Development.

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

3. Vietnam Stock Exchange (VNX).

4. Hanoi Stock Exchange (HNX).

5. Agencies and organizations with bases allocated greenhouse gas emission quotas as stipulated in Clause 2, Article 12 of the Government Decree No. 06/2022/NĐ-CP dated January 7, 2022 on reducing greenhouse gas emissions and protecting the ozone layer, amended and supplemented by the Government Decree No. 119/2025/NĐ-CP dated June 9, 2025 (hereinafter referred to as the Government Decree No. 06/2022/NĐ-CP amended and supplemented by the Government Decree No. 119/2025/NĐ-CP).

6. Agencies and organizations within the territory of Vietnam with programs and projects registered under the mechanisms for carbon credit exchange and offset as stipulated in Clause 5, Article 3 of the Government Decree No. 06/2022/NĐ-CP amended and supplemented by the Government Decree No. 119/2025/NĐ-CP.

7. Other agencies and organizations related to the management, operation, and use of the National Registration System.

Article 3. Explanation of Terms

In this Circular, the following terms shall be understood as follows:

1. Domestic code is a string of characters assigned to identify greenhouse gas emission quotas or carbon credits within the territory of Vietnam.

2. Serial number is a unique string of characters assigned to each unit of greenhouse gas emission quota or carbon credit on the National Registration System.

3. Registration account is an electronic account for accessing and using the National Registration System.

4. Sub-account is a component of the registration account on the National Registration System, established to record and manage the quantity of greenhouse gas emission quotas and carbon credits according to each transaction.

Article 4. Principles of Management and Operation of the National Registration System

1. Compliance with all legal provisions on the organization and development of carbon markets and other relevant legal provisions.

2. Ensuring transparency, accuracy, timeliness, security, and confidentiality.

3. Centralized and unified management of all greenhouse gas emission quotas and carbon credits on the National Registration System. Information recorded and stored on the National Registration System includes: list of owners, quantity, domestic code, serial number, status, and history of activities carried out on the National Registration System.

4. Ensuring close and synchronized data coordination, stable connectivity in data exchange between the National Registration System and the carbon trading system, securities depository, and settlement systems.

5. All business transactions arising from registration accounts on the National Registration System must be verified through the national public service portal's electronic identity verification platform. Transactions verified have legal value equivalent to documents signed by the legal representative of the registration account holder.

6. Transactions, business operations, and procedures related to account management, deposit, withdrawal, and other operations prescribed in this Circular shall be conducted electronically on the National Registration System. Information exchange and processing shall be carried out through pre-established electronic functions and fields on the National Registration System, except as provided in Point b, Clause 1, Article 13 and Clause 1, Article 17 of this Circular.

7. Business operations prescribed in Chapter IV of this Circular shall only be performed on greenhouse gas emission quotas and carbon credits recorded on the Common Registration sub-account of the National Registration System.

Chapter II

MANAGEMENT OF REGISTRATION ACCOUNTS

Article 5. Entities Entitled to Obtain Registration Accounts
Agencies and organizations specified in Clauses 5 and 6, Article 2 of this Circular shall be entitled to obtain registration accounts on the National Registration System.

Article 6. Principles of Issuance and Management of Registration Accounts

1. Agencies and organizations entitled to obtain registration accounts shall only be issued one registration account on the National Registration System. If an agency or organization has more than one base allocated greenhouse gas emission quotas, it shall use the issued registration account to manage and monitor the quotas and fulfill compliance obligations at each base.

2. The identification code of the registration account shall be issued and linked to the tax code of the agency or organization.

3. Business transactions on the National Registration System shall be conducted through a create-and-approve mechanism. The registration account holder shall bear full responsibility for registering, managing, assigning personnel to create and approve transactions, and other activities arising from their account.

4. The registration account holder shall be responsible for registering and maintaining information of at least two individuals as contact points with the Ministry of Agriculture and Rural Development through the National Registration System to support operational and coordination work. Minimum information includes: name, position, email address, and contact phone number.

3. Transactions on the National Registration System shall be conducted under a mechanism for creating and approving transactions. The account holder bears full responsibility for registration, management, allocation of personnel to create and approve transactions, and all activities arising from their account.

4. The account holder is responsible for registering and maintaining information of at least two individuals who will serve as points of contact with the Ministry of Agriculture and Environment through the National Registration System for operational and coordination purposes. The minimum information includes: full name, position, email address, and contact phone number.

Article 7. Types of sub-accounts in the registration account

Each registration account is composed of functional sub-accounts to manage greenhouse gas emission quotas and carbon credits throughout their lifecycle. These sub-accounts include:

1. General Registration Sub-account: Records the quantity of greenhouse gas emission quotas and carbon credits legally owned by the registration account holder that have not been traded or used for other transactions.

2. Transaction Balance Sub-account: Records the balance of greenhouse gas emission quotas and carbon credits deposited with Vietnam Securities Depository Corporation.

3. Transfer Sub-account: Records the quantity of greenhouse gas emission quotas transferred from the current period to the next period.

4. Loan Sub-account: Records the quantity of greenhouse gas emission quotas from the next period borrowed for use in the current period.

5. Offset Sub-account: Records the quantity of carbon credits used to offset greenhouse gas emissions.

6. Surrender Sub-account: Records the quantity of greenhouse gas emission quotas surrendered by the registration account holder.

7. Pending Deposit Sub-account: Records the quantity of greenhouse gas emission quotas and carbon credits deposited by the registration account holder and awaiting confirmation from Vietnam Securities Depository Corporation.

8. Frozen Sub-account: Records the quantity of greenhouse gas emission quotas and carbon credits that are frozen.

Article 8. Registration, updating, closing, freezing, and unfreezing the registration account, freezing and unfreezing the registration account

1. The registration of accounts on the National Registration System is carried out in accordance with Article 18 of Decree No. 06/2022/NĐ-CP, amended and supplemented by Decree No. 119/2025/NĐ-CP.

2. When there are changes to information about the registration account, the account holder must update the information on the National Registration System. The account holder is responsible for the accuracy of the information and documents provided on the National Registration System.

3. The account holder must close the account on the National Registration System and be responsible for issues arising from the closure of the registration account. Closure of the account on the National Registration System shall be carried out when the following conditions are met:

a) The registration account has no balance of greenhouse gas emission quotas or carbon credits;

b) All obligations to surrender greenhouse gas emission quotas for the account holding such quotas have been fulfilled;

c) There are no transactions transferring ownership of greenhouse gas emission quotas or carbon credits outside the carbon trading system, or transactions pending settlement or processing on domestic carbon trading platforms.

4. The Ministry of Agriculture and Environment shall freeze the registration account or greenhouse gas emission quotas and carbon credits on the National Registration System upon written request from the competent authority as prescribed by law.

In cases where the greenhouse gas emission quotas or carbon credits to be frozen are located in the General Registration Sub-account, the Ministry of Agriculture and Environment will transfer the greenhouse gas emission quotas or carbon credits to the Frozen Sub-account on the National Registration System.

In cases where the greenhouse gas emission quotas are deposited with Vietnam Securities Depository Corporation, the Ministry of Agriculture and Environment will send a request to withdraw the deposit to Vietnam Securities Depository Corporation. Upon receiving confirmation of withdrawal from Vietnam Securities Depository Corporation, the Ministry of Agriculture will transfer the greenhouse gas emission quotas to the Frozen Sub-account on the National Registration System.

In cases where carbon credits are deposited with Vietnam Securities Depository Corporation, the Ministry of Agriculture and Environment will notify Vietnam Securities Depository Corporation to freeze the carbon credits on the securities depository and trading system according to the request of the competent authority.

5. The Ministry of Agriculture and Environment shall unfreeze the registration account or greenhouse gas emission quotas and carbon credits on the National Registration System upon written request from the competent authority as prescribed by law. When unfrozen, the greenhouse gas emission quotas and carbon credits will be transferred from the Frozen Sub-account to the General Registration Sub-account on the National Registration System. In cases of unfreezing carbon credits deposited with Vietnam Securities Depository Corporation, the Ministry of Agriculture and Environment will send a notification requesting unfreezing to Vietnam Securities Depository Corporation to unfreeze the carbon credits on the securities depository and trading system.

Chapter III
REGISTRATION, ISSUANCE OF DOMESTIC CODES AND CANCELLATION OF REGISTRATION
GREENHOUSE GAS EMISSION QUOTAS AND CARBON CREDITS

Article 9. Registration of Greenhouse Gas Emission Quotas

1. Within five working days from the date the Decision on the allocation of greenhouse gas emission quotas becomes effective, the Ministry of Agriculture and Environment completes the registration of greenhouse gas emission quotas on the National Registration System. Information registered for greenhouse gas emission quotas includes:

a) Information on allocated greenhouse gas emission quotas including: allocation period; total quantity of greenhouse gas emission quotas along with corresponding serial numbers; domestic code of the greenhouse gas emission quotas;

b) Information on the agencies and organizations owning the greenhouse gas emission quotas including:

List of agencies and organizations owning the greenhouse gas emission quotas;

Information on each agency and organization owning the greenhouse gas emission quotas including: name of the agency or organization; tax identification number of the agency or organization; name of the facility allocated greenhouse gas emission quotas under the agency or organization; quantity of greenhouse gas emission quotas allocated to each facility under the agency or organization; corresponding serial numbers for the quantity of greenhouse gas emission quotas allocated to each facility under the agency or organization.

2. In cases where facilities transfer or borrow greenhouse gas emission quotas as stipulated in Articles 18 and 19 of this Circular, the National Registration System adjusts the quantity of registered greenhouse gas emission quotas and corresponding serial numbers based on the results of the transfers or loans.

3. On the day the registration of greenhouse gas emission quotas is completed, the Ministry of Agriculture and Environment shall perform the following actions:

a) Send to the agencies and organizations owning the greenhouse gas emission quotas information on the greenhouse gas emission quotas recorded in the registration account via electronic means;

b) Send to the Hanoi Stock Exchange and Vietnam Securities Depository Corporation the list of agencies and organizations owning the greenhouse gas emission quotas registered on the National Registration System, and the domestic code of the greenhouse gas emission quotas via electronic means.

4. The Ministry of Agriculture and Environment shall notify the Hanoi Stock Exchange, Vietnam Securities Depository Corporation, and publicly announce on the National Registration System the information on the first trading day and the latest trading day, which must be at least seven working days before the first trading day, of the greenhouse gas emission quotas.

Article 10. Registration of Carbon Credits

1. For carbon credits under the domestic carbon credit trading and offset mechanism, within five working days from the date the Ministry of Agriculture and Environment receives notification from the sector management agency regarding the issuance of carbon credits or from the date the Ministry of Agriculture and Environment issues the decision on the issuance of carbon credits, the Ministry of Agriculture and Environment completes the registration of carbon credits on the National Registration System.

2. For carbon credits under Article 6.2 and Article 6.4 of the Paris Agreement as stipulated in Clause 5a, Clause 5b of Article 3 of Decree No. 06/2022/ND-CP amended and supplemented by Decree No. 119/2025/ND-CP, within five working days from the date of receiving notification from the issuing authority or organization, the Ministry of Agriculture and Environment completes the registration of carbon credits on the National Registration System.

3. Information for registering carbon credits includes: name of the program/project; name of the carbon credit trading and offset mechanism; total quantity of issued carbon credits; domestic code of carbon credits.

4. On the day completing the registration of carbon credits, the Ministry of Agriculture and Environment shall perform:

a) Sending to participating organizations information about the quantity of carbon credits recorded on their registration account via electronic means;

b) Sending to Vietnam Securities Depository Corporation and Hanoi Stock Exchange information about the domestic code of carbon credits via electronic means.

5. For carbon credits under the domestic carbon credit trading and offset mechanism, Article 6.2 of the Paris Agreement, the Ministry of Agriculture and Environment records information about the ownership of carbon credits by agencies and organizations on the National Registration System on the day of carbon credit registration.

For carbon credits under Article 6.4 of the Paris Agreement, the Ministry of Agriculture and Environment records information about the ownership of carbon credits by agencies and organizations on the National Registration System after completing the confirmation of carbon credits for trading on the carbon exchange market as prescribed in Point b Clause 3 Article 19 of Decree No. 06/2022/ND-CP amended and supplemented by Decree No. 119/2025/ND-CP.

6. Information about the ownership of carbon credits by agencies and organizations includes:

a) List of agencies and organizations owning carbon credits;

b) Information about each agency and organization owning carbon credits including: Name of agency/organization; tax code of agency/organization; quantity of carbon credits issued for cases of carbon credits under the domestic trading and offset mechanism, Article 6.2 of the Paris Agreement or quantity of carbon credits confirmed for trading on the carbon exchange market for cases of carbon credits under Article 6.4 of the Paris Agreement; serial number corresponding to the quantity of issued carbon credits.

7. The Ministry of Agriculture and Environment notifies the Hanoi Stock Exchange, Vietnam Securities Depository Corporation and publicly announces on the National Registration System the information about the first trading day at least seven working days before the first trading day of carbon credits.

Article 11. Issuance and Management of Domestic Codes and Serial Numbers for Emission Allowances and Carbon Credits

1. The Ministry of Agriculture and Environment is the sole authority responsible for issuing and managing domestic codes and serial numbers for emission allowances and carbon credits on the National Registration System.

2. The domestic code is unique, stored in electronic form and cannot be reissued after cancellation. A domestic code can only be canceled if the entire quantity of emission allowances or carbon credits issued under the same domestic code has been canceled according to Articles 12 and 13 of this Circular.

3. The domestic code for emission allowances consists of six characters structured as: VN-[Year of Allocation]; where VN is the country code of Vietnam, and the year of allocation is four digits representing the first year of the allocation period for emission allowances.

4. The domestic code for carbon credits consists of nine characters structured as: [Carbon Credit Trading and Offset Mechanism Code]-[Project Code]-[Last Two Digits of the Calendar Year in which Emissions Reductions were Confirmed]; where:

The carbon credit trading and offset mechanism code is a unique identifier for the carbon credit trading and offset mechanism issued, consisting of three characters which are letters or numbers;

The project code is a unique identifier for the carbon credit project, consisting of four characters which are letters or numbers.

5. The serial number for emission allowances consists of sixteen characters structured as: [Domestic Code of Emission Allowances]-[Range of Serial Numbers for Emission Allowances]; where:

The range of serial numbers for emission allowances is a sequence of ten digits corresponding to the order number of each unit within the total quantity of emission allowances allocated during the period.

6. For carbon credits confirmed for trading on the carbon exchange market as prescribed in Clause 3 Article 19 of Decree No. 06/2022/ND-CP amended and supplemented by Decree No. 119/2025/ND-CP, the serial number for carbon credits consists of nineteen characters structured as: [Domestic Code of Carbon Credits]-[Range of Serial Numbers for Carbon Credits], where:

The range of serial numbers for carbon credits is a sequence of ten digits corresponding to the order number of each unit of carbon credits within the total quantity of carbon credits issued for a program or project.

Article 12. Cancellation of Emission Allowance Registration

1. The Ministry of Agriculture and Environment cancels the registration of emission allowances on the National Registration System in the following cases:

a) Emission allowances transferred by the entity according to Article 18 of this Circular;

b) Emission allowances borrowed by the entity according to Article 19 of this Circular;

c) Emission allowances surrendered by the entity according to Article 21 of this Circular;

d) Emission allowances of the entity not surrendered or transferred according to Point c Clause 7 Article 19 of Decree No. 06/2022/ND-CP amended and supplemented by Decree No. 119/2025/ND-CP.

2. In cases prescribed in Points a, b, and c Clause 1 of this Article, the Ministry of Agriculture and Environment cancels the registration of emission allowances on the National Registration System according to Clause 2 Article 18, Clause 2 Article 19, and Clause 2 Article 21 of this Circular.

3. In the case prescribed in Point d Clause 1 of this Article, thirty days from the deadline for surrendering emission allowances of the allocated phase, the Ministry of Agriculture and Environment cancels the registration of emission allowances on the National Registration System. If the surrendered emission allowances are deposited with Vietnam Securities Depository Corporation, the Ministry of Agriculture and Environment sends a request to withdraw the deposit to Vietnam Securities Depository Corporation. After receiving confirmation of withdrawal from Vietnam Securities Depository Corporation, the Ministry of Agriculture and Environment cancels the registration of the surrendered emission allowances at the General Registration sub-section on the National Registration System.

4. The cancellation of emission allowance registration includes the cancellation of the quantity of emission allowances and the corresponding serial numbers on the National Registration System. If the entire quantity of emission allowances canceled was issued under the same domestic code, the Ministry of Agriculture and Environment cancels the corresponding domestic code.

Article 13. Cancellation of Carbon Credit Registration

1. The Ministry of Agriculture and Environment shall cancel carbon credit registration on the National Registration System in the following cases:

a) The carbon credits have been used to offset greenhouse gas emissions as stipulated in Article 20 of this Circular;

b) The carbon credits are voluntarily registered for cancellation by the account holder;

c) The carbon credits are revoked according to the decision of the competent authority as prescribed by law.

2. In the case specified in point a, Clause 1 of this Article, the Ministry of Agriculture and Environment shall cancel the carbon credit registration at the Offset sub-account on the National Registration System as prescribed in Article 20 of this Circular.

3. In the case specified in point b, Clause 1 of this Article:

a) The account holder submits the Voluntary Cancellation Request Form for Carbon Credit Registration according to Model No. 01 attached as Appendix I of this Circular via one of the following methods: directly or through postal service to the Ministry of Agriculture and Environment or online at the National Public Service Portal or the National Identity Application;

b) Within two working days from the date of receipt of the request form submitted by the account holder, the Ministry of Agriculture and Environment shall cancel the carbon credit registration at the General Registration sub-account on the National Registration System and notify the account holder of the confirmation of the cancellation of carbon credit registration according to Model No. 02 attached as Appendix I of this Circular. If the quantity of carbon credits requested for cancellation exceeds the balance at the General Registration sub-account, the Ministry of Agriculture and Environment shall send a notification rejecting the cancellation of carbon credit registration to the account holder and specify the reasons.

4. In the case specified in point c, Clause 1 of this Article:

a) The Ministry of Agriculture and Environment shall cancel the number of carbon credits revoked at the General Registration sub-account on the National Registration System. If the revoked carbon credits are deposited with Vietnam Securities Depository Corporation, the Ministry of Agriculture and Environment shall send a withdrawal request to Vietnam Securities Depository Corporation;

b) After receiving the confirmation of withdrawal from Vietnam Securities Depository Corporation, the Ministry of Agriculture and Environment shall cancel the number of carbon credits revoked at the General Registration sub-account on the National Registration System.

5. The cancellation of carbon credit registration includes the cancellation of the quantity of carbon credits and corresponding serial numbers on the National Registration System. If all the carbon credits canceled were issued under the same domestic code, the Ministry of Agriculture and Environment shall cancel the corresponding domestic code. The cancellation of carbon credit registration shall be notified by the Ministry of Agriculture and Environment to the Hanoi Stock Exchange and Vietnam Securities Depository Corporation at least three working days before the cancellation date.

Chapter IV
DEPOSIT, WITHDRAWAL OF DEPOSIT AND TRANSFER OF OWNERSHIP RIGHTS

Article 14. Deposit of Emission Allowances and Carbon Credits

1. The account holder shall notify the quantity of emission allowances and carbon credits required for deposit along with the information of the allowance deposit account and carbon credit deposit account on the National Registration System.

2. The National Registration System shall transfer the quantity of emission allowances and carbon credits from the General Registration sub-account to the Pending Deposit sub-account. If the balance at the General Registration sub-account of the account holder is insufficient, the National Registration System shall reject and notify the account holder.

3. At the end of each working day, the Ministry of Agriculture and Environment shall compile and send a list of account holders requiring the deposit of emission allowances and carbon credits to Vietnam Securities Depository Corporation in electronic form, specifying the identification information of the account holder, the allowance deposit account and carbon credit deposit account, and the quantity of emission allowances and carbon credits to be deposited corresponding to each deposit account.

4. Within one working day from the date of receipt of the list, Vietnam Securities Depository Corporation shall send a confirmation of successful deposit to the Ministry of Agriculture and Environment. If rejected, Vietnam Securities Depository Corporation shall send a notification and specify the reasons.

5. Upon receipt of the confirmation of successful deposit from Vietnam Securities Depository Corporation, the quantity of emission allowances and carbon credits deposited shall be transferred from the Pending Deposit sub-account to the Transaction Balance sub-account.

Article 15. Withdrawal of Deposited Emission Allowances and Carbon Credits

1. The cases of withdrawing deposited emission allowances and carbon credits include:

a) The account holder requests the withdrawal of deposited emission allowances and carbon credits;

b) Emission allowances are withdrawn to implement the cancellation of Emission Allowance Registration as stipulated in point d, Clause 1 of Article 12 of this Circular;

c) Emission allowances and carbon credits are frozen upon written request of the competent authority as prescribed by law;

d) Carbon credits are revoked according to the decision of the competent authority as prescribed by law.

2. The withdrawal process for the case specified in point a, Clause 1 of this Article shall be carried out as follows:

a) The account holder shall notify the quantity of emission allowances and carbon credits to be withdrawn on the National Registration System. If the balance at the Transaction Balance sub-account is insufficient, the National Registration System shall reject and notify the account holder;

b) At the end of each working day, the Ministry of Agriculture and Environment shall compile and send a list of account holders requiring the withdrawal of deposited emission allowances and carbon credits to Vietnam Securities Depository Corporation in electronic form, specifying the identification information of the account holder, the allowance deposit account and carbon credit deposit account, and the quantity of emission allowances and carbon credits to be withdrawn corresponding to each deposit account;

c) Within one working day from the date of receipt of the list, Vietnam Securities Depository Corporation shall send a confirmation of successful withdrawal to the Ministry of Agriculture and Environment. If rejected, Vietnam Securities Depository Corporation shall send a notification and specify the reasons;

d) Upon receipt of the confirmation of successful withdrawal from Vietnam Securities Depository Corporation, the quantity of emission allowances and carbon credits deposited shall be transferred from the Transaction Balance sub-account to the General Registration sub-account.

3. The withdrawal process for the case specified in point b, Clause 1 of this Article shall be carried out as follows:

a) Not later than one working day after the last transaction of the emission allowances of a phase, the Ministry of Agriculture and Environment shall send a request to withdraw the entire untransferred and unreturned emission allowances of the entity for that phase to Vietnam Securities Depository Corporation;

b) Upon receipt of the confirmation of successful withdrawal from Vietnam Securities Depository Corporation, the quantity of emission allowances deposited shall be transferred from the Transaction Balance sub-account to the General Registration sub-account.

4. The withdrawal process for the case specified in point c, Clause 1 of this Article shall be carried out as prescribed in Clause 4 of Article 8 of this Circular.

5. The withdrawal process for the case specified in point d, Clause 1 of this Article shall be carried out as prescribed in Clause 4 of Article 13 of this Circular.

Article 16. Updating Information on Ownership of Emission Allowance Quotas and Carbon Credits on the National Registration System

1. At the end of each trading day, the Vietnam Securities Depository Corporation shall submit to the Ministry of Agriculture and Rural Development a report on the results of transaction settlements and the balance of ownership of emission allowance quotas and carbon credits on deposit accounts.

2. Based on the report from the Vietnam Securities Depository Corporation, the Ministry of Agriculture and Rural Development shall update the balance of ownership and serial numbers of emission allowance quotas and carbon credits for relevant parties on the National Registration System.

Article 17. Transfer of Ownership of Emission Allowance Quotas and Carbon Credits Outside the Carbon Trading System system inter-business transactionn

1. Cases involving the transfer of ownership of emission allowance quotas and carbon credits outside the carbon trading system include:

a) Division, separation, consolidation, merger, or dissolution of agencies or organizations;

b) Transfer of ownership pursuant to court judgments or decisions, enforcement agency decisions, or arbitral awards or decisions as provided by law.

2. The transfer of ownership of emission allowance quotas and carbon credits outside the carbon trading system shall be carried out according to the following principles:

a) The emission allowance quotas and carbon credits proposed for transfer of ownership must be within the General Registration sub-item;

b) Agencies or organizations transferring ownership of emission allowance quotas and carbon credits outside the carbon trading system shall bear legal responsibility for the following matters:

The accuracy and truthfulness of the ownership transfer documentation for emission allowance quotas and carbon credits outside the carbon trading system;

Violations occurring before and after the submission of the ownership transfer documentation for emission allowance quotas and carbon credits outside the carbon trading system;

Disputes and damages arising from the execution of court judgments or decisions; enforcement agency decisions; arbitral awards or decisions as provided by law;

c) Organizations participating in the verification of ownership transfer documentation for emission allowance quotas and carbon credits outside the carbon trading system shall bear legal responsibility for the accuracy, truthfulness, and legality of the verification and the contents of the documents and materials within the scope of the verification as provided by law;

d) The Ministry of Agriculture and Rural Development shall accept, process, and examine the validity based on the submitted documentation; it shall not be responsible for violations by agencies or organizations occurring before and after the submission of the ownership transfer documentation for emission allowance quotas and carbon credits outside the carbon trading system; it shall not be responsible for disputes or damages arising (if any) related to court judgments or decisions; enforcement agency decisions; arbitral awards or decisions as provided by law;

đ) The Ministry of Agriculture and Rural Development shall carry out the transfer of ownership of emission allowance quotas and carbon credits according to court judgments or decisions; or enforcement agency decisions; or arbitral awards or decisions as provided by law, acting as a relevant organization required to execute the decision and shall not be responsible for disputes or damages arising (if any) related to court judgments or decisions; enforcement agency decisions; arbitral awards or decisions as provided by law.

3. Agencies or organizations shall submit one set of ownership transfer documentation for emission allowance quotas and carbon credits outside the carbon trading system through one of the following methods: directly or via postal service to the Ministry of Agriculture and Rural Development or online at the National Public Service Portal or the National Identity Application.

4. The documentation includes:

a) A request form for the transfer of ownership of emission allowance quotas and carbon credits according to Form No. 03 attached as Appendix I to this Circular;

b) A copy with the original for comparison or a certified copy of documents proving division, separation, consolidation, merger, or dissolution of agencies or organizations in cases of division, separation, consolidation, merger, or dissolution of agencies or organizations;

c) A copy with the original for comparison or a certified copy of court judgments or decisions; arbitral awards or decisions (if any); enforcement agency decisions of competent authorities as provided by law (if any), including information on the transfer of ownership of emission allowance quotas and carbon credits (in cases of transfer of ownership pursuant to court judgments or decisions; arbitral awards or decisions; or enforcement agency decisions as provided by law);

d) A copy with the original for comparison or a certified copy of agreements among relevant organizations agreeing to the transfer of ownership of emission allowance quotas and carbon credits (if any).

5. Within two working days from the date of receipt of the documentation, the Ministry of Agriculture and Rural Development shall notify agencies or organizations about the validity of the documentation. In case the documentation is invalid, agencies or organizations shall complete the documentation within no more than five working days from the date of notification.

6. Within five working days from the date of receipt of valid documentation, the Ministry of Agriculture and Rural Development shall review, update ownership on the National Registration System, and notify the result in writing according to Form No. 04 attached as Appendix I to this Circular to agencies or organizations. In case of rejection, the Ministry of Agriculture and Rural Development shall return the documentation to agencies or organizations and clearly state the reasons.

Chapter V
TRANSFER, LOAN, SET-OFF AND PAYMENT OF EMISSION ALLOWANCE QUOTAS
LIMIT ON GREENHOUSE GAS EMISSIONS

Article 18. Transfer of Emission Allowance Quotas

1. Account holders shall implement the transfer of emission allowance quotas in accordance with Clause 7, Article 19 of Decree No. 06/2022/ND-CP amended and supplemented by Decree No. 119/2025/ND-CP. The National Registration System shall transfer the quantity of emission allowance quotas and carbon credits from the General Registration sub-item to the Transfer sub-item. If the requested quantity of emission allowance quotas for transfer exceeds the balance of emission allowance quotas in the General Registration sub-item, the National Registration System shall notify the account holder of refusal.

2. The Ministry of Agriculture and Rural Development shall adjust the registration quantity of emission allowance quotas for the next period upwards, adjust the registration quantity of emission allowance quotas for the current period downwards corresponding to the transferred amount, and cancel the registration of the transferred quantity of emission allowance quotas in the Transfer sub-item on the National Registration System; and provide the account holder with information on the transferred emission allowance quotas via electronic means.

Article 19. Borrowing Emission Allowance Quotas

1. The account holder registers to borrow emission allowance quotas in accordance with Clause 6 of Article 19 of Decree No. 06/2022/ND-CP amended and supplemented by Decree No. 119/2025/ND-CP. The National Registration System transfers the quantity of emission allowance quotas from the General Registration sub-item to the Borrowing sub-item. In cases where the requested borrowing quota exceeds the remaining quota balance for the next phase on the General Registration sub-item or exceeds the allowable borrowing quota, the National Registration System sends a rejection notice to the account holder.

2. The Ministry of Agriculture and Environment adjusts the reduction of the registered emission allowance quota for the next phase, increases the registered emission allowance quota for the current phase corresponding to the borrowed amount, and cancels the registered borrowing quota on the Borrowing sub-item on the National Registration System; sends information about the borrowed emission allowance quota to the account holder via electronic means.

Article 20. Using Carbon Credits to Offset Emissions

1. The account holder uses carbon credits to offset emissions in accordance with Clause 8 of Article 19 of Decree No. 06/2022/ND-CP amended and supplemented by Decree No. 119/2025/ND-CP. The National Registration System transfers the quantity of carbon credits from the General Registration sub-item to the Offset sub-item. In cases where the requested carbon credits exceed the remaining balance on the General Registration sub-item or exceed the allowable usage for offsetting, the National Registration System sends a rejection notice to the account holder.

2. The Ministry of Agriculture and Environment reduces the registered carbon credit quantity on the General Registration sub-item, increases the registered emission allowance quota on the Surrender sub-item corresponding to the quantity of carbon credits used for offsetting, cancels the registered carbon credits used for offsetting on the Offset sub-item on the National Registration System; sends information about the carbon credits used for offsetting emissions to the account holder via electronic means.

Article 21. Surrendering Emission Allowance Quotas

1. The account holder registers to surrender emission allowance quotas in accordance with Point b of Clause 5 of Article 19 of Decree No. 06/2022/ND-CP amended and supplemented by Decree No. 119/2025/ND-CP dated June 9, 2025. The National Registration System transfers the quantity of emission allowance quotas from the General Registration sub-item to the Surrender sub-item. In cases where the requested surrender exceeds the remaining quota balance on the General Registration sub-item, the National Registration System sends a rejection notice to the account holder.

2. The Ministry of Agriculture and Environment cancels the registered emission allowance quota that has been surrendered on the Surrender sub-item on the National Registration System; sends information about the surrendered emission allowance quota to the account holder via electronic means.

Chapter VI
COORDINATION OF SYSTEM OPERATIONS, REPORTING REGIMES, INFORMATION DISCLOSURE AND RESPONSIBILITIES OF THE PARTIES
DISCLOSURE OF INFORMATION AND RESPONSIBILITIES OF THE PARTIES

Article 22. Principles of Coordination and Data Exchange Methods

1. Information exchange and business coordination activities between the Ministry of Agriculture and Environment, Vietnam Securities Depository Corporation, and Hanoi Stock Exchange shall be carried out according to the following principles:

a) Information exchange and business coordination among the parties must comply with domestic carbon trading market regulations, this Circular, and the Memorandum of Understanding between the Ministry of Agriculture and Environment, Vietnam Securities Depository Corporation, Vietnam Stock Exchange, and Hanoi Stock Exchange;

b) Exchanged data must ensure timeliness, accuracy, completeness, and synchronization among systems;

c) Data exchange processes must be conducted through secure channels ensuring security, confidentiality, and integrity of information in accordance with laws on cybersecurity;

d) Data on the National Registration System managed by the Ministry of Agriculture and Environment is the original data for verification and adjustment in case of discrepancies among systems, except for data related to depositary, trading, and settlement activities of emission allowance quotas and carbon credits.

2. Data exchange between the National Registration System and the depositary and trading settlement system of Vietnam Securities Depository Corporation, and the carbon trading system of Hanoi Stock Exchange shall be prioritized through dedicated, secure transmission channels or encrypted application programming interfaces.

3. The format, structure of electronic messages, and frequency of information exchange are detailed in technical guidance documents for connection and memorandums of understanding.

Article 23. Reconciliation of Information

1. Detailed transaction data, ownership balances, and depositary account information for emission allowance quotas and carbon credits are reconciled regularly at the end of each working day.

2. Vietnam Securities Depository Corporation compiles and sends reconciliation reports to the Ministry of Agriculture and Environment at the end of each working day, including:

a) Detailed payment results report;

b) Summary of daily closing balances of all depositary accounts.

3. The Ministry of Agriculture and Environment verifies received data against data on the National Registration System. In case of discrepancies, the Ministry of Agriculture and Environment collaborates with relevant agencies and organizations to determine the cause and implement corrective measures.

Article 24. Reporting Regimes, Information Disclosure, and Confidentiality

1. The National Registration System is organized, managed, and operated according to technical solutions ensuring information security, data integrity, continuous operation, and compliance with laws on state secrets protection, cybersecurity, and related laws.

2. The Ministry of Agriculture and Environment discloses information on the National Registration System as follows:

a) Monthly disclosure no later than the 20th of the following month, including:

List of carbon credit programs and projects registered during the month and cumulatively up to the end of the month;

Total quantity of newly registered and canceled emission allowance quotas and carbon credits during the month and cumulatively up to the end of the month;

b) Annual disclosure no later than January 30 of the following year, including:

List of carbon credit programs and projects registered during the year and cumulatively up to December 31;

Total quantity of newly registered and canceled emission allowance quotas and carbon credits during the year and cumulatively up to December 31;

c) Biennial disclosure no later than 45 days after the end of the allocation period, including:

Total quantity of allocated emission allowance quotas;

Summary report on market compliance, including the quantity of emission allowance quotas surrendered, transferred to the next period, borrowed from the next allocation period, canceled, and the quantity of carbon credits used for offsetting;

d) Disclosure within 72 hours of event occurrence, including:

Issuance, cancellation of domestic codes for emission allowance quotas and carbon credits;

Issuance, cancellation of serial numbers for emission allowance quotas and carbon credits;

Information on incidents, partial or full suspension of the National Registration System operations;

e) Disclosure of operating hours on the National Registration System.

3. Organizations with allocated emission allowance quotas and organizations holding carbon credits have the responsibility to report to the Ministry of Agriculture and Environment and disclose information on the National Registration System within 24 hours of events affecting account control, access, or causing data discrepancies or potentially impacting the National Registration System operations.

4. Organizations participating in the National Registration System have the responsibility to maintain confidentiality of access information, transaction information, and related data; they may not disclose, use, or provide information contrary to regulations.

5. Vietnam Stock Exchange and Vietnam Securities Depository Corporation implement reporting regimes to the Ministry of Agriculture and Environment as follows:

a) Vietnam Securities Depository Corporation implements quarterly and annual reporting by written submission using Form No. 01 attached as Appendix II of this Circular to the Ministry of Agriculture and Environment regarding the total number of depositary accounts registered during the reporting period and cumulatively up to the end of the reporting period; total balances of emission allowances and carbon credits deposited up to the end of the reporting period; total value of transactions in emission allowances and carbon credits during the reporting period; scale of carbon depositary members;

b) Vietnam Stock Exchange implements quarterly and annual reporting by written submission using Form No. 02 attached as Appendix II of this Circular to the Ministry of Agriculture and Environment regarding the total volume and total value of transactions of each type of emission allowance and carbon credits during the reporting period; closing price of the last trading day of the reporting period, price fluctuation of emission allowances and carbon credits compared to the previous reporting period; scale of carbon trading members;

c) Deadline and time for finalizing periodic reports:

For quarterly reports: the deadline for finalizing data is the last working day of the reporting quarter; the reporting deadline is before the 20th of the first month of the following quarter;

For annual reports, the deadline for finalizing data is the last working day of the reporting year; the reporting deadline is before January 30 of the following year;

d) Vietnam Securities Depository Corporation and Vietnam Stock Exchange submit extraordinary reports in writing to the Ministry of Agriculture and Environment within 24 hours of technical system incidents affecting carbon trading or depositary and trading settlement systems, disrupting data connectivity with the National Registration System or causing trading and settlement disruptions of emission allowance quotas and carbon credits;

e) Vietnam Securities Depository Corporation and Vietnam Stock Exchange have the responsibility to provide information, data, and documents related to trading, depositary, and trading settlement activities upon written request from the Ministry of Agriculture and Environment for state management purposes or international reporting obligations. The deadlines and contents of the reports are implemented according to the written requests of the Ministry of Agriculture and Environment.

Article 25. Management of Incidents and Suspension of Operations of the National Registration System

1. Technical incidents and operational errors occurring during the operation of the National Registration System must be handled promptly, transparently, ensuring the rights and legitimate interests of participating subjects.

2. The correction of errors related to data on greenhouse gas emission quotas and carbon credits must be carried out based on complete documentation and approved by the competent authority according to the operational regulations of the National Registration System.

3. In cases of force majeure such as natural disasters, fires, cyber attacks, or serious technical incidents, the National Registration System may temporarily suspend part or all of its operations. The suspension or resumption of operations of the National Registration System must be notified to relevant parties within 24 hours from the time of the incident and publicly announced in accordance with point d, Clause 2, Article 24 of this Circular.

4. The entire database of the National Registration System shall be backed up in accordance with the regulations on archives and storage of the Ministry of Agriculture and Environment.

Article 26. Responsibilities of Units under the Ministry of Agriculture and Environment

1. The Climate Change Department shall be responsible for advising and assisting the Ministry of Agriculture and Environment in performing the following tasks:

a) Taking the lead and being accountable to the Minister of Agriculture and Environment for organizing, managing, operating stably, safely, and effectively the National Registration System;

b) Implementing registration, deregistration, issuance, and unified management of domestic codes and serial numbers for all greenhouse gas emission quotas and carbon credits within the territory of Vietnam;

c) Organizing the opening, management, freezing, unfreezing, and closing of registration accounts for participating subjects in accordance with the provisions of this Circular;

d) Receiving and processing requests for transaction services from account holders on the National Registration System in accordance with the provisions of this Circular;

đ) Implementing technical, operational, and risk management measures to ensure information security; receiving and processing feedback from agencies and organizations regarding the use of the National Registration System; handling and rectifying incidents or suspending operations of the National Registration System during its operation in accordance with the provisions of this Circular;

e) Serving as the focal point of the Ministry of Agriculture and Environment in coordinating with the Vietnam Securities Depository Corporation, the Vietnam Stock Exchange, and the Hanoi Stock Exchange to develop, sign, and implement Memorandums of Cooperation between the parties to organize the operation of the domestic carbon trading platform;

g) Taking the lead and coordinating with relevant parties to reconcile information, record, update, connect, share, exploit, and use data on the National Registration System;

h) Developing, promulgating, and disseminating operational guidelines for using the National Registration System; organizing training activities to enhance the capacity of participating subjects in the National Registration System;

i) Reporting and disclosing information on the National Registration System in accordance with Article 24 of this Circular;

k) Developing and submitting to the competent authority for approval plans concerning personnel and funding to maintain, operate, and develop the National Registration System.

2. The Digital Transformation Department

a) Taking the lead and coordinating with the Climate Change Department to ensure information security and continuous operation of the technical infrastructure of the National Registration System in accordance with laws on cybersecurity;

b) Taking the lead in building and maintaining secure and synchronized data exchange solutions between the National Registration System and the systems of the Vietnam Securities Depository Corporation, the Hanoi Stock Exchange, and other national digital platforms in accordance with regulations;

c) Taking the lead and coordinating with the Climate Change Department to develop, promulgate, and implement contingency plans, incident response plans, and regular data backup plans for the entire database of the National Registration System to ensure data recovery capability when incidents occur;

d) Coordinating with the Climate Change Department to maintain, operate, and upgrade the software and technical infrastructure of the National Registration System;

đ) Coordinating with the Climate Change Department to handle technical and cybersecurity incidents related to the National Registration System, ensuring timely resolution and restoration of system operations.

Article 27. Responsibilities of Other Participating Parties

1. The Vietnam Securities Depository Corporation, the Vietnam Stock Exchange, and the Hanoi Stock Exchange shall closely coordinate with the Climate Change Department to comply with relevant provisions in this Circular and the Memorandum of Cooperation among the parties in operating the market and handling incidents.

2. The entities specified in Clauses 5, 6, and 7 of Article 2 of this Circular:

a) Providing truthful and accurate information for account registration declarations and transaction request documents and bearing full legal responsibility for the provided information;

b) Securing login information for registration accounts; managing and being responsible for all transactions conducted from their own accounts;

c) Adhering strictly to all procedures and regulations stipulated in this Circular and the guidance of the Climate Change Department during the use of the National Registration System.

Chapter VII
IMPLEMENTATION PROVISIONS

Article 28. Effective Date

This Circular takes effect from March 30, 2026.

Article 29. Implementation

1. The Director of the Climate Change Department shall be responsible for organizing, guiding, and supervising the implementation of this Circular.

2. The Directors of the Digital Transformation Department, heads of units under the Ministry of Agriculture and Environment, the Vietnam Securities Depository Corporation, the Vietnam Stock Exchange, the Hanoi Stock Exchange, and related agencies and organizations shall be responsible for implementing this Circular.

3. During the implementation process, if any issues arise, they should be reported to the Ministry of Agriculture and Environment (through the Climate Change Department) for guidance or resolution.