| Abstract | This study is to understand the carbon market readiness of listed and pre-listed enterprises in Vietnam's carbon-intensive sectors—thermal power, cement, steel, and other heavy manufacturing— which account for the majority of national greenhouse gas emissions and represent the first compliance cohort under the country's emerging Emissions Trading Scheme (ETS), as Vietnam pursues its net-zero economy target by 2050. Specifically, it examines how regulatory pressures, corporate capabilities, and stakeholder expectations shape enterprise preparedness for carbon market participation across strategic, technical, governance, and financial readiness dimensions. Using a qualitative multiple-case study design, data were collected through 12 semi-structured expert interviews for eight case copanies in the thermal, power, cement, steel, and other heavy manufacturing industries and experts from government, financial and investment fund and GHG consulting agency, alongside corporate disclosures and regulatory documents, analyzed through four theoretical lenses: Institutional Theory, Resource-Based View, Stakeholder Theory, and Signaling Theory. The research reveals a notable divergence about carbon readiness: the most heavily regulated firms are not necessarily the most strategically prepared, while market-driven enterprises often advance faster under a dual force of regulatory push and market pull. While ESG adoption has increased, most interviewed firms remain at early stages of developing MRV systems, carbon accounting processes, and board-level oversight, with MRV capability identified as the universal primary bottleneck. ESG governance maturity emerges as a critical enabler of internal technical capacity. Based on these insights, the study proposes a conceptual readiness framework and a strategic roadmap to support Vietnam's carbon-intensive enterprises in transitioning from basic compliance to active engagement in the national carbon market, thereby strengthening both corporate resilience and the integrity of Vietnam's future carbon trading system. |
