Idemitsu Vietnam shares vision on Vietnam’s carbon market at Solar & Storage Live Vietnam 2026

On July 08 and 09, 2026, Idemitsu Vietnam participated in the Solar & Storage Live Vietnam event at the Sky Expo Exhibition Center (HCMC). At the event, the Company’s representative shared in-depth insights on strategic directions and technological solutions to promote the sustainable development of the domestic carbon credit market.

Solar & Storage Live Vietnam is a large-scale annual renewable energy event, attracting over 6,550 attendees and 167 prestigious domestic and international speakers. This year’s conference focused on discussing the comprehensive landscape of the energy transition, aiming toward a clean and sustainable future in Vietnam.

A highlight of the event was the in-depth panel discussion on the carbon credit market. Representing Idemitsu Vietnam, Mr. Koji Nishimiya – Senior Advisor of the Company– alongside international experts, provided strategic perspectives. The domestic carbon market is regarded as a crucial component in Vietnam’s energy transition process. However, according to Mr. Nishimiya, carbon credits should not be viewed as a substitute for direct emission reductions.

Mr. Koji Nishimiya, Senior Advisor of Idemitsu Vietnam at event (2nd person from the right)

First and foremost, businesses must still prioritize technological innovation, improve energy efficiency, and transition to lower-emission fuel sources. Carbon credits play a supplementary role, helping businesses offset emissions that cannot yet be mitigated through existing technical and operational solutions. This is particularly noteworthy for heavy industries such as oil and gas, power, cement, and steel. In these sectors, entirely eliminating emissions in the short term is not only technologically challenging but also requires immense capital investment. An effectively designed carbon market can create additional financial incentives for businesses to invest in emission reduction projects, while simultaneously helping the economy move closer to its carbon neutrality goals.

However, this potential can only be translated into value when the market is built on a reliable foundation. According to Mr. Nishimiya, the core element is the Measurement, Reporting, and Verification (MRV) system. Without accurate emissions data, unified calculation methodologies, and transparent verification processes, it will be difficult for the market to accurately determine the exact volume of emission reductions or removals a single credit represents.

The current data gap is also one of Vietnam’s major challenges. To establish emission quotas, evaluate the effectiveness of emission reductions, and accurately price credits, an updated inventory data system aligned with international standards is essential. This is not only a technical requirement but also a prerequisite for consolidating the trust of businesses, investors, and international partners.

In this context, digital technology can play a vital role. Idemitsu is actively researching and testing digital MRV (dMRV)—a digital measurement, reporting, and verification system utilizing satellite data. This solution opens up the possibility of large-scale project monitoring, enhancing data consistency, and reducing monitoring costs. However, for this technology to be widely adopted, it requires a recognized methodology, clear verification standards, and corresponding assessment capabilities from regulatory bodies.

Experience from Japan and other developed markets demonstrates that a carbon market cannot be formed simply by establishing a trading exchange. A complete ecosystem simultaneously requires reliable data, clear credit standards, transparent operational mechanisms, and seamless coordination among the Government, businesses, investors, and project developers.

Building on its deep experience in the energy sector and long-term commitment to Vietnam, Idemitsu Vietnam will continue to support the development of the technologies, data systems, and implementation capabilities needed for a credible carbon market. As transparency becomes the standard and trust becomes the foundation, Vietnam’s carbon market can move beyond its strong potential to become a practical, effective, and sustainable instrument for the country’s energy transition.