HCM City, March 1 -- Ho Chi Minh City needs to adopt policies and channel financial resources to develop a carbon credit market in an effort to cut greenhouse gas emissions and respond to global warming, experts said.

Speaking at a seminar on February 29, Dr. Su Dinh Thanh, Director of the University of Economics HCM City, the event's organiser, said it was vital for the city to establish a carbon credit market to shape standards and trends for other localities to promote the carbon market.

"The establishment of a carbon credit market will create green financial resources for technological innovation enterprises in the city," Thanh said.

The city is preparing for a pilot phase of carbon trading, which is set to begin in 2025, with full...