The impending implementation of the European Union's Carbon Border Adjustment Mechanism (CBAM) is poised to have a considerable effect on Vietnamese exporters, especially those operating within the steel, cement, aluminium, and fertiliser sectors. Lieu Phan, senior partner, and Loc Huynh, associate at Dentons LuatViet, delve into the ramifications of CBAM and emphasised the significance of strategic planning and active engagement in policy development to maintain competitiveness in the global market.

Vietnam’s steel production industry is taking initial steps in shifting to greener production and minimising emissions to adjust to the requirements of major markets such as the EU.

Many manufacturers in Vietnam are to face more challenges in reporting total verified greenhouse gas emissions of goods exported to the EU.

The introduction of the EU’s carbon border policy will be particularly crucial for Vietnamese steel companies, as they are among the top emitters of greenhouse gases domestically.

As the EU's Carbon Border Adjustment Mechanism (CBAM) takes effect on October 1, 2023, steel manufacturers are still confused about how to meet the new requirements.

Steel exporters will need a robust response following the European Union’s new carbon border tax, which will be valid from October.

Fears were expressed at a recent workshop that the Carbon Border Adjustment Mechanism (CBAM), to be implemented by the EU on October 1, may have a significant impact on Vietnamese businesses exporting to Europe.

The EU’s Carbon Border Adjustment Mechanism could help Vietnam set up a carbon market, so long as taxes are used to balance economic growth and emissions.

A project on the impact assessment of the EU’s Carbon Border Adjustment Mechanism (CBAM) and recommendations on carbon tax policies for Vietnam officially kicked off this month.

Amidst the wide impacts of the Industrial Revolution 4.0 on the labour market, the launch of the dual vocational training programme in Germany by CBAM in collaboration with Stiftung Bildung & Handwerk (SBH) Education Group in Ho Chi Minh City has attracted a large number of students and parents.

SBH, a non-governmental education and non-profit corporation from Germany, and College of Business Administration and Management (CBAM) have signed a co-operation agreement on "double occupation" in Germany, offering opportunities for Vietnamese workers to acquire international working skills.