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 global climate change impacts become more apparent, countries are implementing various policies to achieve carbon neutrality that can be categorized into direct regulations and market-based indirect regulations. The latter, utilizing economic incentives, is considered more efficient in transforming corporate behavior and promoting voluntary efforts for carbon reduction. In alignment with international trends, South Korea has introduced the Emission Trading System (ETS) in 2015. Despite this, the domestic carbon market remains underdeveloped, with low ETS participation, particularly in the aquaculture sector. In order to activate external projects under the ETS, this study proposes short-term strategies including linking ETS with popular eco-friendly energy distribution projects, developing standardized monitoring techniques, and integrating carbon reduction initiatives with other support mechanisms such as direct payment programs. Long-term strategies focus on developing new methodologies for external projects, promoting the use of renewable energy, and enhancing technologies to reduce energy consumption in aquaculture operations. By implementing these strategies, the study aims to enhance the participation of the aquaculture sector in carbon reduction efforts, contributing to the overall goal of carbon neutrality.

The process that a new energy policy introduces and merges into the formal social system is an important but difficult journey for the transition to the low carbon society. Meanwhile, the government was obliged to allocate carbon emission reduction, the companies are called obligatory participants through emissions trading scheme were building an internal greenhouse gas reduction system to reduce Risk and to respond this new system. However, the internal response and reduction system of the Waste Field are easy to exposure to the ETS Risk because the local government employee is unaware of the ETS. Thus, it is necessary to establish a framework for rational decision making institutions through analyzing the existing system of greenhouse gas energy target management system. This study was predicted for the first phase emissions trading allowances based on excess or deficiency received through the 2015 quota allocation applications and explained the process proceeded in greenhouse gas energy target management system by the Jeju Special Self-case analysis of the waste sector, predicted potentially losses cost during the first phase in the emissions trading credits that are traded on the KRX market price. Furthermore, throughout the sensitivity analysis of major waste process parameter suggested the internal system to reduce greenhouse gas emissions directly as well as external policies by the direct participation of citizens through the local recycling center expansion. After all, this study suggested the need for the construction of internal and external system corresponding to these systemic risk.