New official amendments to Vietnam’s ETS decree – the main law governing the country’s nascent carbon market – have emerged since our last update in December 2024. The program features a pilot phase, slated to start as early as June 2025 – albeit without much function given that the country still lacks a national carbon registry. The country’s government competencies were reorganised over Q1, with a newly-created ministry in charge of the ETS since early March. A major meeting about the ETS decree on 24 March saw Vietnam’s prime minister announce the program’s initial scope: about 150 emitters in thermal power generation, cement manufacture, and iron & steel production will be covered in the pilot phase. Officials also established the program’s tradable units (allowances and offsets), as well as designating Hanoi’s stock exchange as the venue for trading.