Low-emission development is set to become a major trend among countries today, aiming for a green and sustainable economic development. Vietnam, one of the countries heavily affected by climate change and greenhouse effect, faces both opportunities and challenges in this transition. Applying desk research method and Force Field Analysis (FFA) approach, this study analyzes driving factors and barriers of establishing a carbon credit market in Vietnam within the context of the Net Zero 2050 commitment. The paper identifies four primary driving forces for carbon market development in Vietnam such as natural resources, strong international commitments, global partnerships, and legal foundation. However, these drivers are currently outweighed by several key barriers, including legal limitations, technical infrastructure, market structure, unfavorable conditions of international carbon credit trading, and limited engagement of business-community. The paper recommends completing a synchronized legal framework, improving and standardizing the MRV system, establishing a mechanism of transparent benefit-sharing, and strengthening the role of private sector in order to develop a sustainable carbon credit market aligned with Net Zero 2050 strategy.
