The environmental protection law 2020, No 72/2020/QH14, came into effect on January 1st, 2022, and included a provision for the establishment and operation of a carbon market. This will contribute to Vietnam’s commitment to achieving net-zero emissions by 2050 and align with the socialist-oriented market economy – one of the three main breakthroughs for Vietnam in the 2021-2025 period recorded in the XIII National Congress of the Communist Party. However, one year after the law came into effect, the carbon market is still in the development phase aiming to test a carbon-credit trading platform by 2025. Achieving this goal requires the participation of relevant stakeholders, especially government agencies outlined in the law and the willingness to participate in the business sector.