Despite the approaching official operational roadmap for the Carbon Border Adjustment Mechanism (CBAM), misinformation persists, preventing businesses from fully understanding its implications, which in turn leads to ineffective strategies and resource wastage.
To improve competitiveness for the steel industry, businesses have been advised to optimise technology, save energy, and implement product quality standards, experts said.
Vietnam's wood industry has opportunities to engage in the carbon market as the whole world is pushing ahead for a greener economy, heard a recent dialogue in Ho Chi Minh City.
The European Union (EU)’s Carbon Border Adjustment Mechanism (CBAM) will impact 75% of Malaysia’s exports to the bloc, according to the Securities Commission Malaysia (SC).
The World Trade Organisation (WTO) estimated that steel export value may drop by 4% under the impact of the EU Carbon Border Adjustment Mechanism (CBAM). A drop in demand will lead to a reduction of about 0.8% in output.
Adherence to foreign markets’ sustainability standards and capitalisation of existing free trade agreement will help Vietnam boost overseas shipments to realise its set target of 6% growth in export revenue in 2024, according to the Ministry of Industry and trade (MoIT).
The slowdown in global economic recovery, rice export restrictions, and COP28’s historic deal to phase out fossil fuels are among the most notable events of the world’s economy in 2023 as selected by the Economic News Department of the Vietnam News Agency.
Responding to the European Union (EU)’s Carbon Border Adjustment Mechanism (CBAM) will help Vietnamese firms avoid being left behind in the process of developing the sustainable value chain and the green economy, according to experts.
As the European Union (EU)’s Carbon Border Adjustment Mechanism (CBAM) will enter into application in its transitional phase from October 1, 2023, Vietnamese businesses are forced to join in the “green race” in the context that Vietnam is the union's largest trading partner in the Association of Southeast Asian Nations (ASEAN).
A training workshop on methods of inventory, mitigation, and greenhouse gas emission reporting for steel businesses was jointly organised by the International Finance Corporation and the Vietnam Steel Association (VSA) in Hanoi on September 12, gathering representatives from nearly 60 steel-producing firms.
Thai business operators may not be ready to comply with the Carbon Border Adjustment Mechanism (CBAM) of the European Union (EU), according to Thailand’s Department of Trade Negotiations.
