Vietnam is actively addressing climate change, aiming to achieve net-zero emissions by 2050. A carbon market has already been established in compliance with Decree No. 06/2022/ND-CP and the Law on Environmental Protection of 2020, with operations anticipated to begin in 2028 or 2029. However, the current legal system does not specifically address carbon taxation. Nevertheless, a carbon tax is a financial tool that would help Vietnam meet its obligations abroad, including those outlined in the 2015 Paris Agreement. To date, while Vietnam may have achieved certain successes in addressing climate change, the current legal provisions still present challenges concerning the pricing mechanism, the monitoring, reporting, and verification (MRV) system, and the exchange of information across sectors. Adding a carbon tax to the Law on Environmental Protection Tax of 2010 and making the rules about who has to pay taxes and how much clearer could help solve these problems. Additionally, to set a fair tax rate and a strong MRV system, there needs to be better coordination between sectors, more support for small and medium-sized businesses, and the use of best practices from other countries. Vietnam wants to have net-zero emissions by 2050, and the carbon market and a carbon tax working together would make that goal easier to reach. This method would also provide Vietnam a stronger voice in climate talks around the world.