Vietnam reinforces collaborative efforts with the United Nations Commission on International Trade Law
Vietnam is set to deepen its cooperation with the United Nations Commission on International Trade Law (UNCITRAL) as the two parties prepare to sign a Memorandum of Understanding (MoU) at the 58th session of UNCITRAL. This MoU is expected to serve as a cornerstone for intensifying substantive cooperation between Vietnam and UNCITRAL in the coming time.
The upcoming MoU follows a series of discussions focused on Vietnam's initiative to develop an international legal framework for the cross-border carbon credit market. Ambassador Vũ Lê Thái Hoàng, Permanent Representative of Vietnam to the United Nations and other international organisations in Vienna, recently held a working session with Secretary of the UNCITRAL, Anna Joubin-Bret.
The symposium, scheduled for July 15, coordinated by Vietnam's foreign ministry in collaboration with UNCITRAL, is a potential cornerstone for future cooperation between Vietnam and UNCITRAL in the field of carbon trading. The symposium aims to advance Vietnam's carbon credit market initiative, which has been recognised as highly practical due to the rapid expansion of carbon trading.
In addition to technical assistance and legal capacity-building in international trade law, the agreement will also provide legislative advisory support to align Vietnam's commercial legal framework with international standards. Training programmes for legal professionals, judges, and lawyers are included in the cooperation.
UNCITRAL is ready to collaborate closely with Vietnam's Ministry of Foreign Affairs and relevant agencies. The commission has commended Vietnam's active participation in UNCITRAL working groups and acknowledged the country's re-election for the 2025-2031 term with high votes.
Ambassador Hoàng expressed gratitude for UNCITRAL's support through technical assistance and capacity-building projects. He affirmed that Vietnam values the commission's roles and efforts in strengthening developing nations' capabilities in building and implementing international trade law. The ambassador also emphasised Vietnam's commitment to implementing UNCITRAL's legal documents in the country.
Notably, there is currently no comprehensive legal framework for carbon trading. With the growing importance of carbon trading and the need for a robust international legal framework, Vietnam's initiative to develop such a framework is timely and significant.
As the details of the MoU are yet to be officially announced, it is essential to consult official announcements or press releases from Vietnam's Ministry of Foreign Affairs or UNCITRAL directly for specific information regarding the agreement. The meeting between Ambassador Hoàng and Joubin-Bret focused on cooperation under the 2023 Memorandum of Understanding (MoU) between Vietnam's Ministry of Foreign Affairs and UNCITRAL's Secretariat, providing a glimpse into the potential areas of collaboration between the two parties.
- The upcoming MoU between Vietnam and the United Nations Commission on International Trade Law (UNCITRAL) is expected to expand cooperation in various areas, including policy-and-legislation and AI, particularly focusing on Vietnam's initiative to establish a legal framework for the cross-border carbon credit market.
- In addition to technical assistance and legal capacity-building in international trade law, the agreement will also concern legislative advisory support to align Vietnam's commercial legal framework with international standards, encompassing training programs for legal professionals, judges, and lawyers.
- The cooperation between Vietnam and UNCITRAL in the field of carbon trading, as highlighted by the symposium scheduled for July 15, is of great significance, given the timeliness and importance of developing a comprehensive legal framework for carbon trading, thereby contributing to the general news and politics debates on labor and trade.
