Integrating Carbon Credits into ESG Strategy: A Qualitative Study through Sustainability Reports of High-Emission Listed Companies in Vietnam from 2023 to 2024

Abstract

The year 2025 marks a pivotal milestone as Vietnam
approved the Carbon Market Development Project under
Decision No. 232/QĐ-TTg dated January 24, 2025,
placing significant pressure on high-emission enterprises
to transform their business models. This study explores
how listed companies integrate carbon credits into their
Environmental, Social, and Governance (ESG)
strategies through multiple case study content analysis.
By analyzing Annual Reports and Sustainability Reports
(2023-2024) of five companies—HPG, HT1, PPC, and
HSG (high-emission group) and VNM (comparative
case)—the research identifies three integration models
aligned with the international Abatement-Offset-Trading
typology: (1) internal emission reduction; (2) carbon
offsetting; and (3) carbon credit commercialization.
Within the studied sample, findings show evidence of a
shift from passive compliance toward strategic disclosure
during 2023-2024, while identifying four key barriers: lack
of regulatory guidance, investment costs, specialized
human resources, and greenwashing risks. The paper
contributes three key points: (1) a classification
framework of three integration models (AOT) applicable
in Vietnam, (2) empirical evidence on corporate behavior
during the 2023-2024 pivotal period, and (3) policy
implications based on barriers identified from data for
advancing the domestic carbon market