Recent global efforts to combat climate change have accelerated, with nations adopting carbon strategies such as carbon taxes and emission trading system (ETS) to support their net-zero commitments. These initiatives enable governments to enforce mitigation while maintaining their dual goal of fostering economic growth. Vietnam, a developing country, has emerged as a proactive participant by launching a national ETS, drawing from international best practices and domestic geographical advantages. This article examines the process and challenges involved in designing and implementing an ETS in Vietnam, exploring the necessary policy frameworks, institutional structures, and market mechanisms. It highlights key considerations such as the selection of sectors and entities to be covered, the allocation of emission allowances, and the establishment of new market management solutions. This article concludes with strategic recommendations to support the development of a successful and sustainable ETS mechanism in developing country like Vietnam.

As the Association of Southeast Asian Nations (ASEAN) becomes an influential actor in international investment rule-making, this article scrutinizes the environmental provisions within ASEAN investment agreements and evaluates their adequacy in preserving ASEAN member states’ (AMS) regulatory autonomy for environmental protection. Through a comprehensive survey of fifteen plurilateral investment agreements, the study conducts a comparative analysis with international treaty practices to determine the effectiveness of these provisions in reconciling environmental concerns with foreign investment promotion objectives. These findings reveal that environmental provisions in ASEAN investment agreements are often vague or narrowly tailored, limiting their ability to provide adequate regulatory space for AMS to implement necessary environmental measures. This article concludes by offering recommendations for enhancing environmental provisions in future ASEAN investment agreements to ensure a more balanced approach safeguarding both investment promotion and environmental regulation rights of AMS.