Circular 48/2026/TT-BTC Guiding the supervision of transactions in greenhouse gas emission allowances and carbon credits on domestic carbon trading exchanges, and reporting procedures for the Securities Exchange Company, Central Depository and Clearing Corporation of Vietnam to the Securities Commission regarding domestic carbon trading exchange activities.

CIRCULAR
Guidelines for Monitoring Transactions of Carbon Emission Allowance and Carbon Credit on the Domestic Carbon Trading Exchange and Reporting Procedures by the Stock Exchange Office, Central Depository and Clearing Company of Vietnam to the Securities Commission regarding Domestic Carbon Trading Activities
Căn cứ Nghị định số 06/2022/NĐ-CP của Chính phủ quy định giảm nhẹ phát thải khí nhà kính và bảo vệ tầng ô-dôn được sửa đổi, bổ sung bởi Nghị định số 119/2025/NĐ-CP và Nghị định số 83/2026/NĐ-CP;
Căn cứ Nghị định số 29/2026/NĐ-CP của Chính phủ về sàn giao dịch carbon trong nước;
Căn cứ Nghị định số 29/2025/NĐ-CP của Chính phủ quy định chức năng, nhiệm vụ, quyền hạn và cơ cấu tổ chức của Bộ Tài chính được sửa đổi, bổ sung bởi Nghị định số 166/2025/NĐ-CP;
Theo đề nghị của Chủ tịch Ủy ban Chứng khoán Nhà nước;

Bộ trưởng Bộ Tài chính ban hànhCircular hướng dẫn giám sát giao dịch hạn ngạch phát thải khí nhà kính, tín chỉ carbon trên sàn giao dịch carbon trong nước và chế độ báo cáo của Sở giao dịch chứng khoán, Tổng công ty lưu ký và bù trừ chứng khoán Việt Nam với Ủy ban Chứng khoán Nhà nước về hoạt động sàn giao dịch carbon trong nước.

CHAPTER I GENERAL PROVISIONS

Article 1. Scope of Application

This Circular provides guidelines for monitoring transactions of carbon emission allowances and carbon credits on the domestic carbon trading exchange, as well as reporting procedures by the Stock Exchange Office, Central Depository and Clearing Company of Vietnam to the Securities Commission regarding domestic carbon trading activities.

Article 2. Applicability

1. The subject of transaction monitoring is entities participating in transactions on the domestic carbon trading exchange as specified in Article 7 of Decree No. 29/2026/NĐ-CP (hereinafter referred to as the monitored subjects).

2. Entities conducting transaction monitoring

a) Trading members of carbon emission allowances and carbon credits (hereinafter referred to as carbon trading members);

b) Hanoi Stock Exchange;

c) Vietnam Stock Exchange.

3. Related parties

a) Securities Commission;

b) Central Depository and Clearing Company of Vietnam;

c) Trading members of carbon emission allowances and carbon credits (hereinafter referred to as carbon trading members);

d) Entities, organizations, or individuals related to the operation, organization, and management of the domestic carbon trading exchange, registration, trading, and settlement of transactions involving carbon emission allowances and carbon credits within the scope of the domestic carbon trading exchange.

Article 3. Interpretation of Terms

In this Circular, the following terms are understood as follows:

1. Transaction of carbon emission allowances and carbon credits refers to the buying and selling of carbon emission allowances and carbon credits through the carbon trading system of Hanoi Stock Exchange.

2. Monitoring criteria for transactions refer to specific content and parameters established by Vietnam Stock Exchange.

3. Abnormal transaction is a transaction that triggers the monitoring criteria set by Vietnam Stock Exchange.

4. Transaction suspected of violating the law refers to an abnormal transaction identified and analyzed by Hanoi Stock Exchange, Vietnam Stock Exchange as potentially violating regulations on transactions involving carbon emission allowances and carbon credits on the domestic carbon trading exchange.

5. Monitoring reporting indicators for carbon trading members refer to content developed and guided by Vietnam Stock Exchange for carbon trading members to monitor their activities in buying and selling carbon emission allowances and carbon credits on the domestic carbon trading exchange.

6. Rumor refers to unverified information related to entities owning carbon emission allowances and carbon credits, or transactions involving carbon emission allowances and carbon credits within the carbon trading system that has not been confirmed by an authorized entity or organization.

3. Abnormal transactions are those that trigger the transaction monitoring criteria established by the Vietnam Stock Exchange.

4. A transaction suspected of violating the law is an abnormal transaction identified and determined by the Vietnam Stock Exchange, Ho Chi Minh Stock Exchange as a transaction suspected of violating regulations under the law concerning carbon emission allowances trading on the domestic carbon exchange market.

5. Reporting indicators for monitoring transactions apply to carbon trading members and are established and guided by the Vietnam Stock Exchange for carbon trading members to monitor their activities related to carbon emission allowances and carbon credits on the domestic carbon exchange market.

6. Rumors are unverified information concerning an entity that owns carbon emission allowances or carbon credits, or concerning carbon emission allowances or carbon credits, or transactions involving such allowances or credits on the carbon trading system, which has not been confirmed or verified by a competent authority, organization, or individual.

Chapter II MONITORING OF CARBON EMISSION ALLOWANCE AND CARBON CREDIT TRADING ON THE DOMESTIC CARBON TRADING EXCHANGE PLATFORMS

Article 4. Principles of Organization and Methodology for Monitoring Carbon Emission Allowance and Carbon Credit Trading on the Domestic Carbon Trading Exchange Platform

1. The monitoring of carbon emission allowance and carbon credit trading shall be carried out uniformly, regularly, continuously, timely, and in close coordination between the Vietnam Stock Exchange, the Hanoi Stock Exchange, carbon trading members to ensure that the domestic carbon trading exchange platform operates transparently, fairly, and legally, protecting the lawful rights and interests of all participants.

2. Carbon trading members shall be responsible for monitoring the activities of entities opening accounts or trading in carbon emission allowances and carbon credits on their own member platforms and reporting to the Vietnam Stock Exchange and the Hanoi Stock Exchange as prescribed.

3. The Hanoi Stock Exchange shall monitor the trading activities of carbon emission allowances and carbon credits based on transaction data from the carbon trading system, reports and related documents of carbon trading members, reports and related documents of the entities being monitored, other relevant agencies or organizations, in combination with information collected from mass media sources and rumors to promptly identify and report unusual transactions that may involve legal violations to the Vietnam Stock Exchange.

4. The Vietnam Stock Exchange shall monitor the trading activities of carbon emission allowances and carbon credits based on reports and transaction data from the Hanoi Stock Exchange, reports and related documents of carbon trading members, reports and related documents of entities being monitored, other relevant agencies or organizations, in combination with information collected from mass media sources and rumors to promptly identify and report suspicious transactions that may involve legal violations to the Securities Commission.

Article 5. Content of Monitoring Carbon Emission Allowance and Carbon Credit Trading by the Stock Exchange

The Vietnam Stock Exchange and Hanoi Stock Exchange shall conduct monitoring aimed at identifying any transactions that exhibit signs of legal violations in carbon trading on the domestic carbon trading exchange platform, including:

1. Engaging in collusive behavior or soliciting others to buy, sell, or use other trading methods or combining false rumors with the dissemination of misleading information to manipulate the price of carbon emission allowances and carbon credits on the domestic carbon trading exchange platform.

2. Other violations related to the trading of carbon emission allowances and carbon credits on the domestic carbon trading exchange platform as prescribed by law.

Article 6. Rights and Obligations of the Vietnam Stock Exchange

1. Develop and issue business regulations for implementing monitoring activities, criteria for monitoring transactions on the carbon trading system applicable to the Hanoi Stock Exchange, and reporting standards for transaction monitoring after obtaining the Securities Commission's approval.

2. Develop and issue cooperation regulations for monitoring carbon emission allowances and carbon credits between the Vietnam Stock Exchange, the Hanoi Stock Exchange, and carbon trading members.

3. Supervise the Hanoi Stock Exchange in carrying out its transaction monitoring activities on the carbon trading system according to the criteria and standards issued by the Vietnam Stock Exchange.

4. Monitor carbon trading members' compliance with their responsibilities for monitoring the activities of entities opening accounts or engaging in transactions involving carbon emission allowances and carbon credits within their member platforms.

5. Require carbon trading members and entities being monitored to report, explain, and provide relevant information and documents related to carbon emission allowance and carbon credit transactions to support transaction monitoring efforts.

6. Cooperate with the Securities Commission in conducting inspections of carbon emission allowances and carbon credits trading activities that show signs of legal violations.

Article 7. Rights and Obligations of the Hanoi Stock Exchange

1. To develop and promulgate the Procedures for Monitoring Carbon Emission Allowance Trading to ensure effective monitoring work is carried out.

2. To require carbon trading members, subject entities to report, explain, and provide relevant information and documents related to carbon emission allowance trading for the purpose of monitoring carbon emission allowance trading.

3. To cooperate with the Securities Commission in conducting inspections on carbon emission allowance trading activities that show signs of legal violations.

Article 8. Obligations of Carbon Trading Members and Carbon Depository Members

1. Obligations of Carbon Trading Members

a) To comply with the provisions set forth in Clauses 1, 3, and 4 of Article 14 and Clause 2 of Article 19 of Decree No. 29/2026/NĐ-CP;

b) To implement the application of reporting indicators for monitoring carbon emission allowance trading as issued by the Vietnam Stock Exchange;

c) To ensure that orders placed in the system are orders from trading accounts of carbon emission allowances and credits already registered with the Vietnam Securities Depository and Clearing Corporation;

d) To be responsible for providing full information, documents, data, and explanations to the Vietnam Stock Exchange, Hanoi Stock Exchange for the monitoring work on domestic carbon trading floor and to the Securities Commission during inspections of domestic carbon trading activities.

2. Obligations of Carbon Depository Members
Carbon depository members shall be responsible for complying with the provisions set forth in Clauses 5 and 6 of Article 15, as well as obligations under Clause 2 of Article 23 of Decree No. 29/2026/NĐ-CP.

Article 9. Rights and Obligations of the Vietnam Securities Depository and Clearing Corporation

1. To provide information at the request of the Vietnam Stock Exchange, Hanoi Stock Exchange to support monitoring activities related to carbon emission allowances and credits trading.

2. To monitor depository members in their compliance with regulations on depository and settlement operations for carbon emission allowance trading as stipulated in Decree No. 29/2026/NĐ-CP and the rules of the Vietnam Securities Depository and Clearing Corporation based on the data from the depository and settlement system, reports, and documents of depository members, and relevant organization's documentation (if necessary). In case of discovering signs of legal violations related to domestic carbon trading activities by a depository member, report to the Securities Commission for handling in accordance with regulations.

3. To cooperate with the Securities Commission in conducting inspections on carbon emission allowance trading activities that show signs of legal violations (as needed).

4. To conduct reviews of account opening information and settlement operations related to carbon emission allowances and credits for participants in trading to ensure compliance with the provisions at Point a, Point b of Clause 4 of Article 13 of Decree No. 29/2026/NĐ-CP.

Article 10. Rights and Obligations of the Securities Commission

1. To provide comments on business regulations for implementing supervision work, trading criteria for carbon trading system transactions to be applied at the Hanoi Stock Exchange, reporting indicators for supervising carbon trading transactions as established by the Vietnam Stock Exchange.

2. To take the lead and cooperate with relevant agencies in conducting inspections of domestic carbon trading activities based on reports from the Vietnam Stock Exchange, Hanoi Stock Exchange, Central Depository and Clearing Company of Vietnam regarding transactions showing signs of legal violations.

3. When conducting inspections of domestic carbon trading activities as provided for at point a clause 3 Article 33 Decree No. 29/2026/NĐ-CP, the Securities Commission may request supervised subjects and carbon trading members to report, explain, and provide relevant information and documents concerning transactions in greenhouse gas emission allowances and carbon credits.

4. To conduct meetings with supervised subjects, carbon trading members, and related organizations or individuals when conducting inspections of domestic carbon trading activities.

5. To comply with the provisions at points b, d, e clause 3 Article 33 Decree No. 29/2026/NĐ-CP.

Article 11. Responsibilities of Supervised Subjects

1. To cooperate with the Securities Commission, Vietnam Stock Exchange, Hanoi Stock Exchange, Central Depository and Clearing Company of Vietnam, carbon trading members, and competent authorities as required by law when requested to do so.

2. To provide full information, documents, data, and explanations in response to requests from the Vietnam Stock Exchange and Hanoi Stock Exchange during supervisory work on domestic carbon trading activities.

3. To provide full information, documents, data, explanations, and cooperation when requested by the Securities Commission during inspections of domestic carbon trading activities.

Article 12. Supervision Reporting

1. Carbon trading members shall submit periodic, sudden, and as-requested reports on supervisory work to the Vietnam Stock Exchange and Hanoi Stock Exchange regarding results of supervision on greenhouse gas emission allowances and carbon credits. Specific contents of the report are governed by the regulations of the Vietnam Stock Exchange.

2. Carbon depositaries shall submit periodic, sudden, and as-requested reports to the Central Depository and Clearing Company of Vietnam concerning the custody, settlement status of greenhouse gas emission allowances and carbon credits. Specific contents of the report are governed by the regulations of the Central Depository and Clearing Company of Vietnam.

3. The Vietnam Stock Exchange shall submit a report on supervisory work with signs of legal violations to the Securities Commission within 24 hours from when such violations were discovered. The report must include an analysis of each case, specifying signs of legal violations in carbon trading activities and recommending measures for handling.

4. The Central Depository and Clearing Company of Vietnam shall submit a report on supervised carbon depositaries with signs of legal violations related to custody and settlement status of greenhouse gas emission allowances and carbon credits on the domestic carbon exchange within 24 hours from when such violations were discovered. The report must specify signs of legal violations and recommend measures for handling.

5. The Vietnam Stock Exchange, Hanoi Stock Exchange, and Central Depository and Clearing Company of Vietnam shall submit sudden and as-requested supervisory reports to the Securities Commission.

6. Supervision reporting by the Vietnam Stock Exchange, Hanoi Stock Exchange, and Central Depository and Clearing Company of Vietnam submitted to the Securities Commission shall be in written or electronic form. Electronic reports are to be sent through a dedicated information reporting software system as notified by the Securities Commission.

Chapter III REGULATIONS FOR REPORTING OF THE STOCK EXCHANGE, HOSE, AND VIETNAM CLEARING AND SETTLEMENT CORPORATION TO THE SECURITIES COMMISSION ON THE ACTIVITIES OF DOMESTIC CARBON TRADING MARKET

Article 13. Content of the Report by the Stock Exchange

1. The Vietnam Stock Exchange shall, in conjunction with the Hanoi Stock Exchange, submit a regular quarterly and annual report to the Securities Commission on the trading activities on the domestic carbon market, monitoring results, and member traders. The contents of the report include:

a) The issuance of regulations and operational procedures related to services provided on the domestic carbon market in accordance with applicable provisions;

b) Approval of registration, suspension, or termination of participation in the carbon trading system by carbon traders; mediation results at the request of carbon traders when disputes arise from activities on the domestic carbon market;

c) Trading activity status on the domestic carbon market;

d) Monitoring and enforcement actions taken by the Hanoi Stock Exchange to fulfill its rights and obligations under Decree No. 29/2026/NĐ-CP, this Circular, and the regulations of the Vietnam Stock Exchange;

e) Monitoring of transactions with suspicious legal violations.

2. The Vietnam Stock Exchange and the Hanoi Stock Exchange shall promptly report to the Securities Commission on trading activities on the domestic carbon market and monitoring results upon request.

Article 14. Content of the Report by Vietnam Clearing and Settlement Corporation

1. Vietnam Clearing and Settlement Corporation shall submit regular quarterly and annual reports to the Securities Commission on its operations, clearing and settlement of greenhouse gas emission allowances, carbon credits, and carbon traders. The contents of the report include:

a) The issuance of regulations related to services provided on the domestic carbon market in accordance with applicable provisions;

b) Approval of registration, suspension, or termination of participation in the clearing and settlement system by carbon traders;

c) Status of clearing and settlement of greenhouse gas emission allowances and carbon credits;

d) Monitoring and enforcement actions taken against carbon traders for compliance with obligations related to clearing and settlement of greenhouse gas emission allowances and carbon credits under Decree No. 29/2026/NĐ-CP and the regulations of Vietnam Clearing and Settlement Corporation.

2. In addition to regular reporting, Vietnam Clearing and Settlement Corporation shall promptly report to the Securities Commission on its operations, clearing and settlement activities, and carbon traders upon request.

2. In addition to the periodic reporting mentioned above, Vietnam Securities Depository and Clearing Corporation reports on an urgent basis and upon request from the Securities Commission regarding activities related to the custody, settlement of carbon emission allowances and carbon credits, and carbon trading members.

Article 15. Reporting Period, Format and Method of Receipt of Reports

1. Reporting period for data

a) Quarterly report: from the first day of the first month in the reporting period to the last day of the final month in the reporting quarter;

b) Annual report: from January 1st to December 31st of the reporting year.

2. Reporting deadlines

a) Quarterly and annual regular reports are submitted by the Vietnam Securities Exchange, Vietnam Depository and Clearing Corporation (VDCC) in accordance with the provisions of Clause 5, Article 31 of Decree No. 29/2026/NĐ-CP;

b) The Vietnam Securities Exchange and the Hanoi Stock Exchange must submit an urgent written report to the Securities Commission within 24 hours from the occurrence of events or incidents affecting carbon trading systems and measures for handling such incidents;

c) VDCC must submit an urgent written report to the Securities Commission within 24 hours from the occurrence of events or incidents affecting registration, clearing, and settlement activities related to greenhouse gas emission allowances, carbon credits, and measures for handling such incidents;

d) In cases where necessary, the Securities Commission may require the Vietnam Securities Exchange, Hanoi Stock Exchange, VDCC, and other relevant entities to submit a written report. The Vietnam Securities Exchange, Hanoi Stock Exchange, VDCC, and other relevant entities must submit reports to the Securities Commission in accordance with the specified time limit and content of the request.

3. Report format

a) The Vietnam Securities Exchange submits regular quarterly and annual reports to the Securities Commission according to the form prescribed in Appendix I attached to this Circular;

b) VDCC submits regular quarterly and annual reports to the Securities Commission according to the form prescribed in Appendix II attached to this Circular.

4. Method of receipt
Reports from the Vietnam Securities Exchange, Hanoi Stock Exchange, and VDCC submitted to the Securities Commission are in both paper and electronic document formats. Electronic documents must be sent through a dedicated reporting information system software as notified by the Securities Commission.

Chapter IV EFFECTIVE DATE OF IMPLEMENTATION

Article 16. Effective Date

1. This Circular takes effect from May 12, 2026.

2. In case any legal documents cited in this Circular are amended, supplemented, or replaced by new legal documents, the provisions of the new documents shall be applied.

3. The Securities Commission, Vietnam Securities Exchange, Hanoi Stock Exchange, VDCC, carbon trading members, carbon registration members, and relevant agencies and organizations bear responsibility for implementing this Circular.

Central Committee of the Communist Party of Vietnam:

Central Party Office and various Party Committees;

Office of the General Secretary;

Office of the President;

Office of the Government:

National Assembly Office;

Prime Minister, Deputy Prime Ministers;

Vietnam Fatherland Front Central Committee:

Ethnic Affairs Committee and various Committees of the National Assembly;

Ministries and agencies at the same level as ministries:

Supreme People's Court:

Supreme People's Procuratorate;

National Audit Office;

People's Councils, People's Committees of provinces and municipalities directly under Central Government;

Department of Legal Text Examination and Implementation of Law, Ministry of Justice;

Vietnam Chamber of Commerce and Industry;

Units under the Ministry of Finance;

Gazette:

National Database on Laws;

Electronic Information System of the Ministry of Finance;

Electronic Information System of the Securities Commission;

Lvu: VT, UBCK (70b). I

Appendix I
QUARTERLY AND ANNUAL REGULAR REPORTS OF THE VIETNAM SECURITIES EXCHANGE
(Issued by the Minister of Finance on May 12, 2026)

(Effective as of Circular No. 48/2026/TT-BTC dated May 12, 2026)

VIETNAM SECURITIES EXCHANGE

To: Securities Commission

1. Regarding the issuance, supplementation, and amendment of regulations, procedures at the Vietnam Securities Exchange and Hanoi Stock Exchange

2. Regarding the approval of registration, suspension, or termination of participation in the domestic carbon trading system by trading members

Scope

Initial quantity

Quantity during period

Column 4: shows members whose participation was suspended or terminated during the reporting period

Column 5: shows total number of active trading members at the end of the reporting period = [Initial quantity (Column 2) + Increase within period (Column 3) - Decrease within period (Column 4)]

Column 6: provides specific information on new member names (if increase), terminated member names (if decrease) along with specific reasons

3. Intermediary mediation activities at the Vietnam Securities Exchange

Total number of mediation cases related to domestic carbon trading exchange transactions during the reporting period

Total number of other mediation cases during the reporting period

Total number of mediation cases related to domestic carbon trading exchange transactions that were resolved during the reporting period

Column 1: Reflects the number of mediation case files concerning transactions on the domestic carbon exchange market handled by the Vietnam Stock Exchange during the reporting period.

Column 2: shall indicate the number of mediation cases in other fields of the Vietnam Stock Exchange that occurred during the reporting period.

Column 3: shall indicate the number of mediation cases concerning transactions on domestic carbon trading exchange of the Vietnam Stock Exchange that were resolved during the reporting period.

Column 4: shall indicate the number of mediation cases in other fields of the Vietnam Stock Exchange that were resolved during the reporting period.

Column 5: shall indicate the number of ongoing and unresolved mediation cases of the Vietnam Stock Exchange during the reporting period.

Paragraph 4: Regarding domestic carbon trading market transactions

Form 1:

Column 1: shall indicate the serial number of commodities traded during the reporting period.

Column 2: shall specify the specific type of emission allowance quota and carbon credit during the reporting period.

Column 3: shall indicate the number of subjects participating in trading of emission allowance quotas or carbon credits.

Column 1: shall indicate the serial number of emission allowance quotas and carbon credits traded during the reporting period.

Column 2: shall specify the specific type of emission allowance quota and carbon credit during the reporting period.

Column 3: shall indicate the code assigned to identify emission allowance quotas or carbon credits within Vietnam's territory.

Column 4: shall indicate the total trading volume of emission allowances and carbon credits successfully traded during the reporting period.

Column 5: shall indicate the total transaction value corresponding to the traded commodity volume during the reporting period.

Column 6: shall indicate the closing price of emission allowance quotas and carbon credits on the last day of the reporting period.

Column 7: shall indicate the percentage change in trading price compared to the closing price of the last day of the previous reporting period = [(Closing Price of the Last Day of the Reporting Period - Closing Price of the Last Day of the Previous Reporting Period) / Closing Price of the Last Day of the Previous Reporting Period] x 100

Form 2:

- Quarterly/Annual Report for Emission Allowance Trading (by Product Code):

Column 1: shall indicate the specific time period of the reporting (quarterly or annually).

Column 2: shall specify the product code for emission allowances traded on the exchange.

Column 3: shall indicate the total trading volume of emission allowances successfully traded during the reporting period.

Column 4: shall indicate the percentage change in trading volume (%) compared to the previous reporting period = [(Total Trading Volume This Period - Total Trading Volume Previous Period) / Total Trading Volume Previous Period] x 100

Column 5: shall indicate the total transaction value of emission allowances corresponding to the traded commodity volume during the reporting period.

Column 6: shall indicate the percentage change in transaction value (%) compared to the previous reporting period = [(Total Transaction Value This Period - Total Transaction Value Previous Period) / Total Transaction Value Previous Period] x 100

Column 7: shall indicate the cumulative trading volume from January 1 of the reporting year up to and including the end of the current reporting period.

Column 8: shall indicate the cumulative transaction value from January 1 of the reporting year up to and including the end of the current reporting period.

Column 9: shall indicate the daily average trading volume during the reporting period = Total Trading Volume in Period (Column 3) / Number of Actual Trading Days

Column 10: shall indicate the percentage change in daily average trading volume (%) compared to the previous reporting period = [(Daily Average Trading Volume This Period (Column 9) - Daily Average Trading Volume Previous Period) / Daily Average Trading Volume Previous Period] x 100

Column 11: shall indicate the daily average transaction value during the reporting period = Total Transaction Value in Period (Column 5) / Number of Actual Trading Days

Column 12: shall indicate the percentage change in daily average transaction value (%) compared to the previous reporting period = [(Daily Average Transaction Value This Period (Column 11) - Daily Average Transaction Value Previous Period) / Daily Average Transaction Value Previous Period] x 100

- Quarterly/Annual Report for Carbon Credit Trading (by Product Code):

Column 1: shall indicate the specific time period of the reporting (quarterly or annually).

Column 2: shall specify the type of carbon credit traded.

Column 3: shall indicate the product code assigned for carbon credits traded on the exchange.

Column 4: shall indicate the total trading volume of carbon credits successfully traded during the reporting period.

Column 5: shall indicate the percentage change in trading volume (%) compared to the previous reporting period = [(Total Trading Volume This Period - Total Trading Volume Previous Period) / Total Trading Volume Previous Period] x 100

Column 6: shall indicate the total transaction value corresponding to the traded commodity volume during the reporting period.

Column 7: shall indicate the percentage change in value (%) of the reporting period compared to the previous reporting period = [(Total transaction value this period - Total transaction value last period) / Total transaction value last period] x 100

Column 8: shall indicate the cumulative trading volume from January 1st of the year of report until the end of the current reporting period

Column 9: shall indicate the cumulative transaction value from January 1st of the year of report until the end of the current reporting period

Column 10: shall indicate the average daily trading volume for the reporting period = Total trading volume in the period (Column 4) / Actual number of trading days

Column 11: shall indicate the percentage change in the average daily trading volume (%) for the reporting period compared to the previous reporting period = [(Average daily trading volume this period - Average daily trading volume last period) / Average daily trading volume last period] x 100

Column 12: shall indicate the average transaction value per day during the reporting period = Total transaction value in the period (Column 6) / Actual number of trading days

Column 13: shall indicate the percentage change in the average daily transaction value (%) for the reporting period compared to the previous reporting period = [(Average daily transaction value this period - Average daily transaction value last period) / Average daily transaction value last period] x 100.

5. Monitoring results for the Hanoi Stock Exchange

6. Regarding monitoring, inspection, and handling of violations by carbon trading members

a) Regarding monitoring activities, inspections, and monitoring results for carbon trading members

b) Regarding the results of violation handling

Column 1: shall indicate the content of the violation

Column 2: shall indicate the total number of unresolved cases by the Vietnam Stock Exchange in the previous reporting period

Column 3: shall indicate the number of cases with suspicious violations identified by the Vietnam Stock Exchange during the current reporting period

Column 4: shall indicate the total number of cases handled by the Vietnam Stock Exchange according to its authority during the current reporting period

Column 5: shall indicate the total number of cases reported to the Securities Commission by the Vietnam Stock Exchange

Column 6: shall indicate the total number of unresolved cases received and deemed valid by the Vietnam Stock Exchange but not yet resolved in the current reporting period = unresolved cases from the previous period transferred + new cases during the current period - cases resolved during the current period

Column 7: specify the violator, time of violation

7. Monitoring activities for carbon trading with indications of legal violations

Column 1: shall indicate the content of the report

Column 2: shall indicate the number of new cases in the current reporting period

Column 3: number of cases reported by the Vietnam Stock Exchange to the Securities Commission regarding indications of violations/reporting as required

Column 4: shall indicate the remaining unresolved cases at the end of the current reporting period by the Vietnam Stock Exchange

Column 5: detail the securities codes reported to the Securities Commission

8. Proposals and recommendations (if any)

To: DIRECTOR GENERAL OF THE VIETNAM STOCK EXCHANGE

- As above; VIETNAM STOCK EXCHANGE (Signed, stamped, and with full name)

- File: VT,(…b) (Signed, stamped, and with full name) (Accompanied by Circular No. 48/2026/TT-BTC dated May 12, 2026

Appendix II
QUARTERLY AND YEARLY REGULAR REPORT OF THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION
AND VIETNAM SECURITIES SETTLEMENT CORPORATION

MINISTRY OF FINANCE)

Report on

Activities of securities depository and trading in greenhouse gas emission allowances and carbon credits, and monitoring of carbon depositors
To: Securities Commission

1. Regarding the issuance, supplementation, and amendment of regulations, procedures at the Vietnam Securities Depository and Clearing Corporation

2. Regarding the approval for registration, suspension, termination of participation in the securities depository and trading system by carbon depositors
Subject

Beginning period quantity

Unit: Accounts

STT

Column 4: shall indicate the number of new carbon deposit accounts successfully opened in the system during the reporting period

Column 5: shall indicate the number of carbon deposit accounts that have been closed or terminated according to regulations during the reporting period

Column 6: shall indicate the total number of active carbon deposit accounts at the end of the reporting period

b) Balance of greenhouse gas emission allowances and carbon credits deposited

Unit: Allowance/Carbon Credit

STT

Type of goods

Beginning period

Column 1: Reflects the sequential numbers of types of carbon emission allowances and carbon credits traded during the reporting period.

Column 2: Reflects the specific names of types of carbon emission allowances and carbon credits during the reporting period.

Column 3: shall reflect the total volume of greenhouse gas emission allowances and carbon credit balances currently held in the system at the commencement of the reporting period.

Column 4: shall reflect the volume of greenhouse gas emission allowances and carbon credits corresponding to those deposited into the registry system, transactions involving the trading of greenhouse gas emission allowances and carbon credits during the reporting period.

Column 5: shall reflect the volume of greenhouse gas emission allowances and carbon credits withdrawn from deposit during the reporting period.

Column 6: total remaining volume of greenhouse gas emission allowances and carbon credit balances in the registry account at the end of the reporting period.

c) Data on transactions involving greenhouse gas emission allowances and carbon credits

- Total value of payments for greenhouse gas emission allowance transactions completed during the reporting period: … Vietnamese Dong

- Total value of payments for carbon credit transactions completed during the reporting period: … Vietnamese Dong

- Number of cases of delayed or inability to complete payment for greenhouse gas emission allowances and carbon credits in the reporting period (if any): …

4. Regarding monitoring, handling of violations by carbon registry members

a) Regarding monitoring activities and results

b) Regarding results of violation handling

Column 1: shall reflect the nature of the violation

Column 2: shall reflect the total number of unresolved cases by Vietnam Securities Depository and Clearing Corporation during the previous reporting period

Column 3: shall reflect the number of cases with suspicious violations identified by Vietnam Securities Depository and Clearing Corporation during the reporting period

Column 4: shall reflect the total number of cases handled by Vietnam Securities Depository and Clearing Corporation within its authority during the reporting period

Column 5: shall reflect the total number of cases reported to the Securities Commission by Vietnam Securities Depository and Clearing Corporation

Column 6: shall reflect the total number of unresolved cases received by Vietnam Securities Depository and Clearing Corporation that are valid but not yet resolved during the reporting period = sum of unresolved cases from the previous period plus new cases in the current period minus cases resolved in the current period

Column 7: specify the violator, time of violation

5. Proposals and recommendations (if any)

- File: VT, (…b)