Big potential
According to Green Earth, the latest income report from Tesla - a US clean energy and electric vehicle manufacturer shows that carbon credit revenue has skyrocketed to a record level.
In just one quarter, Tesla generated $692 million from the sale of prescribed credits, accounting for nearly 30% of the company's net income. For the whole year, that figure has skyrocketed to $2.76 billion, reflecting a 54% increase compared to 2023. Tesla's success in the carbon credit market shows that the demand for high-quality carbon credits is still strong, providing an important tool for businesses to guide developing regulations.
Associate Professor, Dr. Dam Hoang Phuc - Director of the Automotive Engineering Training Program, Hanoi University of Science and Technology - said that in Europe and the US, many automakers have participated in the carbon market and brought in great profits, even having the potential to become one of the main sources of revenue.
"Usually it will be calculated based on the emissions of each car sold. The company has many low-emission models in the product range, so the more cars can be produced and the more carbon credits can be earned" - Mr. Phuc explained.
Currently, VinFast is Vietnam's leading electric vehicle manufacturer, expanding its market share to many other countries in the world. Therefore, if carbon credits are sold in Vietnam and other markets around the world, this will certainly be a significant benefit for this car company as well as the economy.
Redshawadvisors commented that the carbon market is ready to welcome a new addition in the form of electric vehicle credit (EV). The introduction of EV credit in the carbon market offers a significant opportunity to further encourage the application of electric vehicles and reduce carbon emissions from transportation.
Need for Government support to take advantage of carbon credits
Currently, major electric vehicle companies in the world have taken advantage of carbon credits to increase revenue. Domestic enterprises can participate in the carbon market by selling carbon credits to gasoline car manufacturers or trading carbon credits on international markets on exchanges such as the European carbon Exchange (TS).
However, the Vietnamese electric vehicle industry needs support mechanisms from the Government to truly take advantage of carbon credits. For example, the authorities need to build a measurement, reporting and verification system to accurately determine the level of CO2 savings, develop a domestic carbon trading market so that businesses can easily buy and sell credits and offer additional incentives for electric vehicle businesses participating in the carbon market...
Vietnam needs to build a legal framework and support policies to develop the electric vehicle credit market. Infrastructure development is a key factor for the electric vehicle market to develop strongly, by investing in expanding the national network of charging stations.
Expanding urban green areas and combining with the development of electric vehicles will help reduce air pollution, contributing to improving the quality of life.
Connecting businesses and promoting carbon credit trading to promote electric vehicle credit trading. An important solution is to build an electric vehicle credit trading floor, similar to the international carbon credit market. This exchange will create a seamless channel for businesses to buy and sell credits, promoting the participation of businesses in reducing emissions.
Developing the electric vehicle credit market in Vietnam is an important solution to accelerate the electrification of traffic, reduce air pollution and move towards sustainable development. By building a strong legal framework and support policies, encouraging investment in production and infrastructure, along with promoting carbon credit trading, Vietnam can create a favorable environment for the development of electric vehicles and this credit market. Learning from the world's successful models will help Vietnam build a green, modern and sustainable transportation system in the future.
Opportunity to receive carbon credits from electric vehicle charging station developers
Recently in January 2025, V-GREEN - Vingroup's charging station development company signed an agreement with Taiwan's green energy company eTreego (China) on developing the VinFast electric vehicle charging station network. V-GREEN and eTreego will aim to deploy 100,000 charging ports in 3 key markets in the region, Indonesia, the Philippines and Vietnam, from now until 2030.
One of the goals of the agreement is to promote other green transformation initiatives, including developing a carbon credit certification project for its charging stations. The certification of carbon credit products and services helps businesses that own credits benefit from incentives from green finance as well as convert them into money when necessary.
