Vietnam steps up cooperation with UNCITRAL on trade law, carbon market
VOV.VN - Vietnam is expanding cooperation with the United Nations Commission on International Trade Law (UNCITRAL) to enhance its capacity in international commercial law and promote the development of a cross-border carbon credit market.
Ambassador Vu Le Thai Hoang, Permanent Representative of Vietnam to the United Nations and other international organizations in Vienna, held a working session with Anna Joubin-Bret, Secretary of UNCITRAL, ahead of the 58th session of the Commission, scheduled to take place from July 7 to 23 in Vienna.
During the meeting, the two sides had an in-depth discussion on cooperation between Vietnam and UNCITRAL based on the Memorandum of Understanding (MoU) signed in 2023 between Vietnam’s Ministry of Foreign Affairs and the UNCITRAL Secretariat.
The memorandum of understanding lays the foundation for enhancing technical assistance and strengthening Vietnam’s legal capacity in the field of international trade. This includes promoting the adoption of UNCITRAL legal instruments in Vietnam, organizing training programs for legal officials, judges, and lawyers, and providing legislative consultancy and support in line with Vietnam’s commercial legal framework with international standards.
Speaking at the meeting, Ambassador Vu Le Thai Hoang expressed appreciation for UNCITRAL’s support for Vietnam in recent years through technical assistance and capacity-building projects.
The Ambassador affirmed that Vietnam hailed the role and efforts of UNCITRAL in strengthening the capacity of developing countries in formulating and implementing international trade law.
He expressed confidence that the forthcoming signing of a new memorandum of understanding between the Ministry of Foreign Affairs of Vietnam and the UNCITRAL Secretariat, to take place during the 58th session of the Commission, will serve as a basis for further enhancing substantive cooperation between Vietnam and UNCITRAL in the coming period.
Anna Joubin-Bret highly appreciated Vietnam’s active participation in UNCITRAL’s Working Groups, particularly during its first term from 2019 to 2025, and welcomed the country’s re-election for the 2025–2031 term with a high number of votes.
She affirmed UNCITRAL’s readiness to work closely with the Ministry of Foreign Affairs and relevant Vietnamese agencies to effectively implement concrete activities under the framework of the MoU.
The two sides also discussed Vietnam’s initiative proposing that UNCITRAL study the development of an international legal framework for the cross-border carbon credit market.
The initiative has been recognized as highly practical, given the growing expansion of carbon trading in the absence of a clear legal framework.
To implement the initiative, Vietnam’s Ministry of Foreign Affairs is working with UNCITRAL to organize an international side event on the carbon credit market, scheduled for July 15 as part of the Commission’s 58th session.
The event will provide an opportunity for Vietnam and other countries to share experience in developing domestic carbon markets and contribute to the international discussion on establishing a legal framework for this emerging issue.
UNGA President congratulates Vietnam on re-election to UNCITRAL
VOV.VN - President of the 79th session of the UN General Assembly (UNGA) Philemon Yang congratulated Vietnam on the country’s re-election to the UN Commission on International Trade Law (UNCITRAL) for the 2025-2031 term.
