Carbon market operations: Global perspectives and the implications for Viet Nam

HUY HOANG NGUYEN VU, BINH NGUYEN NGUYEN, HUONG TRAN THI

School of Economics and Management, Hanoi University of Science and Technology

Abstract

Climate change has created major environmental, economic, and social challenges, leading many countries to adopt carbon taxes and emissions trading systems (ETS) as key emission reduction tools. This study reviews the implementation of carbon markets worldwide and analyzes their roles, mechanisms, challenges, and development solutions through bibliometric and content analysis of 82 Scopus-indexed articles published over the past decade. The findings show that carbon markets contribute to emission reduction, cost optimization, green technology innovation, and improved environmental governance. However, challenges such as price volatility, financialization risks, and data security remain. The study also proposes recommendations for Viet Nam, including improving allocation mechanisms, stabilizing prices, strengthening market connectivity, and promoting technological adoption.

Keywords: Carbon market, operation, mechanism, bibliometrics, literature review

(This article was published in the Vietnam Economic&Financial Review, Vol 2, Issue 3, June 2026)

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