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While free trade agreements open many opportunities to member economies, they also present challenges for emerging economies like Vietnam that have carbon-intensive industrial sectors. The EU, for example, is considering taxing and/or restricting the import of products that are low quality and have high greenhouse gas (GHG) emissions. Such Border Carbon Adjustments (BCAs) would be put in place to avoid carbon leakage when companies transfer production to countries that are less strict. Sectors covered by the proposed EU BCA would likely include steel, iron, cement, fertilizers, aluminum and electricity and could be phased in as soon as 2023. Vietnam could experience significant impacts of such requirements, due to the large role of exports in Vietnam’s economic growth and the high carbon intensity of its industrial consumption.

RCEE – NIRAS has been selected under INVEST ‘s initiative to support the development of an accurate and competitive carbon labeling system in Vietnam. RCEE-NIRAS will propose, to MOIT, a plan for the Vietnamese carbon labeling system. The plan will include four main elements: institutional arrangements, regulatory framework, regulatory initiatives, and capacity building needs (viz. monitoring, reporting, and verification) for government stakeholders, verification bodies, and companies. The plan will respond to Vietnam’s unique GHG context as well as the emerging, global trend of carbon labeling.

This technical support will target the private sector in export sectors to enhance their ability to meet the expected requirements of BCA Laws and in that process, help MOIT to understand the needs from private sector towards carbon reporting obligation and carbon reduction commitment. A plan for the Vietnamese carbon labeling system will be necessary for MOIT and other government agencies so that Vietnamese government can provide better support to the private sectors to fulfil the relevant carbon obligations.

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