Vietnam Eyes Entry into $40B Southeast Asian Carbon Capture Market

Vietnam is eyeing entry into the Southeast Asian carbon capture, utilization, and storage (CCUS) market, which experts estimate to be worth $40 billion. Specialists highlight that establishing a clear, transparent, and stable legal framework is crucial for Vietnam's growth potential in this sector and for attracting investment. Petrovietnam, the state-owned oil and gas giant, is expected to play a leading role in new energy development. A robust legal system would not only empower Petrovietnam but also enhance investor confidence, encouraging both domestic and foreign enterprises to invest, transfer technology, and cooperate in developing large-scale CCUS projects. Businesses in Ho Chi Minh City are already exploring opportunities within the carbon market. Vietnam's commitment to decarbonization is further evidenced by its approval of a carbon credit agreement with Singapore under the Paris Agreement. Green finance is also seen as a vital tool for unlocking Vietnam's low-carbon transition, underscoring the nation's strategic approach to balancing economic growth with environmental protection.