Academic regional analysis; pre-launch sceptical take on enforcement and liquidity
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East Asia Forum · Australia / Regional · Vietnam opens Southeast Asia's first mandatory carbon exchange
March 2026 pre-launch analysis arguing Vietnam's carbon market faces a 'reality check' on enforcement capacity, data verification infrastructure, and the risk of thin pilot-phase liquidity that could undermine price signals. The first-day price around $5/tCO2e is well below EU ETS (~€65) and China's market (~$12), which the Forum flagged as a long-run challenge for industrial competitiveness.
“Vietnam's carbon market faces a reality check , enforcement doubts and thin liquidity risk remain.”