New Guidelines on monitoring Domestic Carbon Trade Exchange (CTX)

On May 12, 2026, the Ministry of Finance officially issued Circular No. 48/2026/TT-BTC providing guidelines on the supervision of transactions of greenhouse gas (GHG) emission quotas and carbon credits on the domestic Carbon Trade Exchange (CTX), and the reporting regime of the Stock Exchange, the Vietnam Securities Depository and Clearing Corporation to the State Securities Commission regarding the operation of the domestic Carbon Trade Exchange (CTX).

Scope and Subjects of application

The Circular applies directly to entities participating in transactions on the domestic Carbon Trade Exchange (CTX), with the main entities responsible for supervision including Carbon trading members, the Hanoi Stock Exchange (HNX), and the Vietnam Exchange (VNX).

Other related agencies and subjects include: The State Securities Commission (SSC), the Vietnam Securities Depository and Clearing Corporation (VSDC), and carbon depository members.

Key focus of transaction supervision

Supervisory activities must be carried out in a unified, regular, and continuous manner to ensure that the market operates openly, transparently, fairly, and to protect the legitimate rights and interests of all parties. Management agencies will pay special attention to and strictly handle acts of colluding, enticing others to buy or sell, or using trading methods combined with spreading false rumors or providing misleading information to manipulate the prices of quotas and carbon credits.

Responsibilities of agencies

• Vietnam Exchange (VNX): Responsible for issuing professional regulations, supervision criteria, and supervising the HNX and carbon trading members.
• Hanoi Stock Exchange (HNX): Obligated to issue the Transaction Supervision Process and directly supervise based on system data combined with public information to promptly detect abnormal transactions. HNX has the right to request subjects to report, explain, and provide related information.
• Vietnam Securities Depository and Clearing Corporation (VSDC): Must supervise carbon depository members in depository activities and transaction settlement, and provide information for supervision upon request.
• Trading Members: Required to implement the supervision reporting indicator system issued by VNX, while fully providing data, documents, and explanations to management agencies.

Reporting regime

VNX (in coordination with HNX) shall submit quarterly and annual reports to SSC regarding trading activities, transaction monitoring results, and carbon trading members. VNX and HNX shall also provide ad hoc reports and reports upon SSC's request.

VSDC shall submit quarterly and annual reports to SSC regarding depository operations, transaction settlement activities, and carbon depository members, as well as ad hoc reports and reports upon SSC's request.

VNX, VSDC, and HNX shall submit ad hoc written reports within 24 hours from the occurrence of any event or incident affecting trading, depository, or transaction settlement activities, together with response measures and corrective actions.

Effectiveness

Circular 48/2026/TT-BTC officially takes effect from May 12, 2026.

View the full text of the Circular here.