The FDP sets out a phased development concept for NDUM, which is based on unmanned wellhead platforms at each of the Nam Du and U Minh fields tied back to a floating production and storage unit, with processed gas exported onshore through a 34km pipeline tied into an existing trunkline to the Ca Mau industrial complex in southwest Vietnam.

The first phase of the FDP envisages the Nam Du field initially being brought onstream, accelerating first gas to Vietnam and revenues to Jadestone to help fund the development of U Minh production in the second phase. The FDP contemplates drilling two wells from each platform to support a plateau rate of 80 million standard cubic feet per day. Following receipt of Petrovietnam’s endorsement, the FDP will be considered for approval by the Ministry of Industry and Trade.

The next steps in the development process include finalising the gas sales agreement, which is well advanced with the gas buyer, to formalise the heads of terms agreed in January 2024. A financing plan, which could involve bringing in development partners, would be progressed in parallel with major contract tenders.

The Nam Du and U Minh fields are located off southwest Vietnam in shallow waters of 50-60m. The fields are located on Block 46/07 and Block 51 PSCs respectively, which Jadestone operates with 100 per cent working interests. Nam Du and U Minh have been independently assessed to contain gross aggregate 2C resources of 171.3 billion standard cubic feet of gas and 1.6 million barrels of oil liquids.

Adel Chaouch, executive chairman of Jadestone, commented, “Our Vietnam gas assets are fundamental to Jadestone’s investment case and are central to our strategic aim of being the leading Asia-Pacific upstream independent. Development of the discovered resource base will drive significant organic growth and value creation for our shareholders, with further material upside possible from additional prospects and leads across our licence position.”

“Submission of an FDP is therefore a major milestone in the commercialisation of the Nam Du/U Minh discoveries and demonstrates real momentum in our engagement with the Vietnam government. The development of Nam Du/U Minh would be a win-win for both Jadestone and Vietnam, delivering affordable gas supplies with a lower GHG intensity to the southwest of the country, creating and sustaining jobs and economic benefits,” Chaouch said.

Vietnam is researching a pilot for digital asset and cryptocurrency exchange. How does the Vietnam Blockchain Association (VBA) assess the impact of this on blockchain startups and the Vietnamese economy?

Phan Duc Trung, chairman of the Vietnam Blockchain Association

Vietnam has the opportunity to become a regional hub for blockchain application, attracting international investors. Establishing a sandbox will provide conditions for businesses to experiment and develop innovative blockchain application models.

The controlled testing mechanism has a positive impact on fostering innovation, serving as a foundation to promote the application of blockchain in various sectors such as finance, healthcare, education, and logistics. This will create a sustainable innovative ecosystem, driving digital transformation in businesses and society.

A December resolution addressed AI, cloud computing, blockchain, semiconductors, quantum technology, nanotech, and sets specific goals for 2030 as well as a vision for 2045.

When applied to daily life, blockchain tech will become a digital asset, with fintech being the first industry to be impacted. The government’s selection of a cryptocurrency exchange platform for experimentation is just the beginning of this process.

According to a TripA report, Vietnam currently has approximately 20 million people who own cryptocurrency assets, accounting for over 21 per cent of the population and ranking fifth globally. With a legal framework and appropriate policies in place, legitimising these resources will have a significant impact on boosting the economy.

What are the association’s expectations for the implementation of a regulatory sandbox in Vietnam in blockchain and digital assets?

The VBA is currently researching and exchanging views with localities, especially the central city of Danang, on the implementation of a sandbox.

In January, we signed a cooperation agreement with the People’s Committee of Danang to research and propose specialised policy mechanisms for an international financial centre.

We aim to become a bridge to seek innovative startups operating in blockchain technology application, thereby building better policies after implementing the sandbox in Danang.

Moving forward, we will continue to engage with localities to better pinpoint the specific trial options for applying blockchain technology, primarily in the financial sector. A clear legal framework is crucial for localities to establish appropriate legal corridors.

Do the VBA’s members face any legal barriers in operating or testing new technologies?

Cryptocurrency and digital assets in Vietnam are still in a legal gray area.

Currently, Vietnam does not have a specific legal framework to manage these types of assets, including cryptocurrencies, digital tokens, and other forms of blockchain assets.

The State Bank of Vietnam does currently not recognise cryptocurrencies as a legitimate means of payment, while the Ministry of Finance and related agencies are still researching to develop appropriate regulations fit for the future.

The lack of a clear legal framework puts businesses and investors at risk, especially in raising capital, trading and protecting their rights. At the same time, this also poses challenges in state management, anti-money laundering, and financial fraud prevention. Many businesses are aware of this, so they tend to shift to overseas areas with clearer legal frameworks, such as Europe, where there are attractive policies for innovative startups.

Fundamentally, the digital assets show a cross-border and global nature. With a clear legal framework in place, activities related to digital assets and cryptocurrencies in Vietnam will be more convenient, helping to explore and promote the community in applying high technology in practice.

What can Vietnam learn from sandbox models in blockchain around the world?

Sandbox models around the world are being implemented very effectively, such as in the city of Lugano in Switzerland, which has promoted blockchain technology in payment sectors, financial applications, and also in terms of attraction of investment activities.

We conducted surveys in Lugano and found that the banking and finance sector contributes to 40-50 per cent of the GDP, with 8,400 employees working in financial institutions. Lugano’s strengths lie in its low tax policies and stable legal environment, making it very attractive to investors.

The city has also established a startup investment fund worth the equivalent of over $110 million, regularly supporting startups, investing in innovative projects, organising global blockchain events to draw in blockchain businesses to Lugano, and building a community of experts.

Many sandbox models in the world have been successful and have brought about great potential. However, the challenge of simultaneously testing and building a legal framework is significant, requiring thorough research.

Vietnam’s legal system is currently lacking an institutional mechanism for carbon labelling, photo Le Toan

The Department of Climate Change (DCC), under the Ministry of Agriculture and Environment, is working with international partners and consultants to implement voluntary carbon labelling for business products in Vietnam.

The initiative, sponsored by the Energy Transition Partnership, is to be carried out from now to May 2026. The target is to provide technical input and necessary support for the DCC to design and introduce a voluntary carbon labelling scheme, and prepare the private sector for carbon accounting and carbon emission reduction through a pilot programme in selected sectors.

It will assess the existing domestic policy framework and infrastructure and identify what is needed further for effective voluntary carbon labelling in Vietnam. Lessons learnt from international case studies will be used to propose enabling policies, regulations, and capacity-building measures for the Ministry of Agriculture and Environment.

According to the multidisciplinary consulting company RCEE-NIRAS, the programme will propose a design for voluntary carbon labelling, including technical components, certification and verification, institutional arrangements, implementation procedures, and capacity-building.

After that, the consultant unit will pilot the designed units in selected sectors based on a set of criteria. It will include awareness-raising, training, and communication activities to encourage the carbon labelling concept for Vietnam’s energy-intensive export sectors.

“Vietnam’s legal framework has no institutional mechanism for carbon labelling. The pilot implementation of a carbon labelling programme, based on voluntary participation, contributes to enhancing capabilities and increasing competitive advantages for businesses. In terms of technical support, the implementing agency aims to develop policies to assist the private sector in building capacity for inventory, assessment, and other sustainable development efforts,” said Hoang Anh, an expert at RCEE-NIRAS.

It is anticipated that 11 industry groups or sub-sectors will be affected by international mechanisms such as the European Union’s Carbon Border Adjustment Mechanism (CBAM), which include energy-intensive and high-emission industries, as well as sectors currently impacted by energy transition policies.

“Thus, we are considering selecting these industries for qualitative and quantitative assessment. These industries include aluminium, cement, chemicals, electrical equipment, food processing, iron and steel, plastics, and more,” said Hoang Anh.

DCC deputy director Nguyen Tuan Quang said, “Carbon labelling will help reduce carbon leakage or carbon shifting between countries, which meets the demand of developed countries applying the CBAM. It will also be a solution to enhance the businesses’ competitive capacity in the context it is a short time before the EU imposes emission taxes.”

The transitional period for the CBAM began in October 2023 and will continue until the end of 2025. During this period, importers of goods must submit reports that include the carbon price due in the country of origin for the emissions. This primarily applies to goods with a high risk of carbon leakage, such as iron and steel, cement, aluminium, fertilisers, electricity, and hydrogen.

After the transitional period, importers will be required to acquire certificates corresponding to the carbon price applicable under EU rules. After the transitional period, importers will be required to acquire certificates corresponding to the carbon price applicable under EU rules.

Voluntary carbon labelling has been implemented in many countries and has proven highly successful in guiding businesses and citizens to recognise the importance of reducing greenhouse gas emissions through smart production and consumption activities.

The PWC’s 2024 Voice of the Consumer Survey, which collected the perspectives of more than 20,000 consumers from over 30 countries and territories, indicated that consumers are willing to spend an average of 9.7 per cent more on sustainably produced or sourced goods, even as cost-of-living and inflationary concerns weigh.

The survey also suggested that more than 80 per cent of consumers said they are willing to pay more for sustainable produced or sourced goods. In terms of a price premium, some consumers are willing to pay on average 9.7 per cent more for goods that meet specific environmental criteria, including locally sourced, made from recycled or eco-friendly materials, produced in a supply chain with a lower carbon footprint, and more.

Sabine Durand-Hayes, global consumer markets leader of PwC France, said, “Consumers are increasingly feeling the squeeze of inflation and rising prices in essential goods such as groceries, however in that context, they are prioritising products that are sustainably produced and sourced. In the year ahead, companies must balance consumer affordability and environmental impact if they are to source and retain consumers.”

Around the world, many businesses have adopted carbon labelling and reaped significant benefits. In Japan, companies like Panasonic and Sony implemented this work for electronic products, boosting sales by meeting the demands of environmentally conscious consumers. Similarly, in Europe, major retailers such as Tesco and Marks & Spencer have applied carbon labelling to food products, enhancing brand image.