The Impact of Carbon Tax Policy on Corporate Competitiveness and Production Costs: Lessons for Vietnam

Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17277231 129 ISRG PUBLISHERS Abbreviated Key Title: Isrg J Econ Bus Manag ISSN: 2584-0916 (Online) Journal homepage: https://isrgpublishers.com/isrgjebm/ Volume – III Issue - V (September-October) 2025 Frequency: Bimonthly The Impact of Carbon Tax Policy on Corporate Competitiveness and Production Costs: Lessons for Vietnam Hoang Thi Thu Hien1*, La Thi Thu Trang2, Quang Manh Nguyen3 1,2,3 Banking Academy of Vietnam 12 Chua Boc, Dong Da, Hanoi | Received: 29.09.2025 | Accepted: 04.10.2025 | Published: 06.10.2025 *Corresponding author: Hoang Thi Thu Hien Banking Academy of Vietnam 12 Chua Boc, Dong Da, Hanoi Abstract This study analyzes the role of carbon taxation in reducing emissions and facilitating the transition toward a low-carbon economy. Drawing on international experiences from both developed and developing countries, the authors examine the impacts of carbon taxes on production costs and corporate competitiveness. The study further emphasizes that the effectiveness of carbon taxation requires complementary support mechanisms such as financial incentives, preferential loans, training, and technical assistance to enable firms to adapt to carbon costs while fostering investment in clean technologies and improving production efficiency. A qualitative research approach is employed to extract lessons learned, identify policy gaps, and propose solutions that help small and medium-sized enterprises adapt to carbon-related costs, while encouraging larger firms to invest in clean technologies and optimize production processes. The findings provide valuable policy insights for Vietnam in designing a feasible carbon tax roadmap, thereby fostering green transformation, improving energy efficiency, and maintaining the competitiveness of the national economy. Keywords: Tax policy, Carbon tax, Greenhouse gas emission reduction, Green transition Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17277231 130 1. Introduction Amid mounting international pressure to reduce greenhouse gas (GHG) emissions, many countries have adopted carbon pricing instruments such as carbon taxes or emissions trading systems (ETS) to internalize environmental costs into economic activities. These mechanisms are widely regarded as effective economic tools to incentivize emission reductions and facilitate the transition toward a low-carbon economy. Empirical assessments in OECD and G20 countries suggest that well-designed carbon pricing schemes do not necessarily erode international competitiveness, though specific impacts depend on tax levels, sectoral structures, and accompanying support policies (OECD, 2022). Globally, various countries and regions have implemented carbon pricing instruments to simultaneously curb GHG emissions and safeguard domestic business competitiveness. The European Union has introduced the Carbon Border Adjustment Mechanism (CBAM), which ensures that imported goods bear carbon costs equivalent to those of products manufactured within the bloc, thereby encouraging clean technology adoption and mitigating ―carbon leakage‖ (Siy, Wang, Zheng, & Hu, 2023). Japan, South Korea, and Canada have employed carbon taxes or ETS schemes, which raise production costs while simultaneously stimulating technological innovation and shielding domestic firms from competition with producers operating under laxer emission regulations. Recent studies indicate that firms with high emission intensity tend to experience lower profitability and market valuation compared with low-emission firms when carbon pricing policies are enacted, reflecting higher operational costs for ―brown‖ enterprises, whereas ―green‖ firms or those investing early in clean technologies gain competitive advantages (Han & Zhao, 2024). Hence, carbon pricing not only reduces emissions but also reshapes investment decisions, long-term strategies, industrial structures, and capital flows, while sending market signals that foster a shift toward low-emission projects, accelerate the energy transition, and contribute to global emission reductions. In Vietnam, the government has issued Decision No. 232/QĐ-TTg, approving the establishment of a domestic carbon market as part of efforts to gradually develop a carbon pricing mechanism, assist businesses and the economy in adapting to emission reduction policies, and move toward the net-zero target by 2050 (Government Portal, 2025; Thư viện Pháp luật, 2025). This decision outlines the roadmap and guiding principles for carbon market development, highlighting the importance of support mechanisms for enterprises—particularly energy-intensive sectors—to simultaneously reduce emissions and maintain competitiveness in the context of international integration. Some scholars argue that Vietnam may adopt a low initial carbon price with gradual increases to avoid economic shocks while still providing market signals to firms (Nguyen & Pham, 2021). In addition, recent macroeconomic models indicate that carbon taxes would have uneven impacts across sectors, necessitating appropriate support mechanisms to ensure fairness and feasibility (Pham, 2025). This study employs a qualitative approach, analyzing international experiences on the impacts of carbon taxes on production costs and business competitiveness, from which valuable lessons for Vietnam are drawn. Based on this analysis, the paper identifies policy gaps and challenges, particularly in supporting mechanisms for firms, emission monitoring tools, and integration with international markets. Furthermore, it examines the potential effects of carbon taxation on production costs and competitiveness in Vietnam’s key industries, offering policy recommendations to help enterprises proactively adapt, invest in clean technologies, and improve energy efficiency. At the same time, the study aims to inform policymakers in designing a carbon taxation system tailored to domestic socioeconomic conditions that both achieves emission reduction targets and preserves the competitiveness of the national economy, thereby contributing to Vietnam’s commitment to achieving net-zero emissions by 2050. The paper is structured as follows: Section 1 presents the context, research objectives, and methodological approach. Section 2 reviews international experiences with carbon taxation, focusing on impacts on production costs and competitiveness. Section 3 assesses Vietnam’s current policy landscape and firms’ adaptive capacity. Section 4 synthesizes lessons learned, discusses practical implications, and provides policy recommendations for Vietnam in developing and implementing a carbon taxation scheme. 2. Literature Review Carbon taxation is widely regarded as a pivotal instrument in greenhouse gas (GHG) pricing policy, grounded in the ―polluter pays‖ principle, which compels economic actors to internalize the social costs of emissions and incentivizes the adoption of green technologies (Aldy & Stavins, 2012). Globally, three main models are commonly applied: (i) direct taxation of fossil fuels based on carbon content, as in Sweden, where a tax exceeding EUR 130 per ton of CO₂ has reduced emissions by over 25% while GDP has continued to grow (OECD, 2022; World Bank, 2022); (ii) the imposition of a fixed tax per ton of CO₂ emissions, often with a gradual increase to allow firms to adapt and facilitate the energy transition; and (iii) hybrid approaches that combine carbon taxation with market-based mechanisms to enhance flexibility and economic efficiency. Worldwide, dozens of carbon pricing instruments are currently in operation, covering a substantial share of global emissions, demonstrating that well-designed carbon pricing can achieve emission reduction targets while supporting economic growth. In developed countries, carbon taxes are typically introduced early, with relatively high rates and clear institutional frameworks, designed to achieve environmental objectives without undermining economic competitiveness. OECD (2022) highlights Sweden as a pioneer, implementing a carbon tax as early as 1991; today, the rate stands at approximately EUR 137 per ton of CO₂—the highest globally—and has enabled significant emission reductions alongside steady GDP growth. Similarly, Finland and Norway adopted carbon taxation in the early 1990s, reflecting a broader European trend of utilizing carbon pricing as a structural instrument for energy system transformation (World Bank, 2022). European experience demonstrates that a stable and sufficiently high carbon price, complemented by supportive measures such as renewable energy investment and technological innovation incentives, can deliver a dual dividend: reducing emissions while sustaining economic growth. By contrast, emerging and developing economies have generally adopted a more cautious approach, often implementing carbon taxes at low levels or limiting their scope. In Japan, the current carbon tax rate is 289 JPY per ton of CO₂ (approximately USD 2–3 per ton), introduced in 2012. This tax has primarily symbolic and policy-signaling functions, encouraging firms to reduce emissions without imposing significant burdens on energy-intensive sectors Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17277231 131 such as heavy industry and transportation (Joo et al., 2023). South Korea, meanwhile, launched its Emissions Trading Scheme (ETS) in 2015, becoming the first East Asian country to adopt such a system. The scheme currently covers around 79% of national GHG emissions and supports the country’s commitment to achieving netzero emissions by 2050. However, according to Joo et al. (2023), the system faces persistent challenges, including non-transparent allowance allocation, credit price volatility, and difficulties in monitoring corporate compliance. The experiences of Japan and South Korea suggest that beyond the nominal carbon price, the key determinants of success lie in institutional capacity, transition support mechanisms, and the degree of societal consensus. 3. International Experiences 3.1 Experiences from Developed Countries 3.1.1European Union (EU) The European Union has implemented the Emissions Trading System (EU ETS) to reduce carbon emissions while setting a carbon price for firms that exceed their allocated allowances. According to DNB (2021), a carbon tax of EUR 50 per ton of CO₂ increased production costs by approximately 1–2% in energyintensive industries such as steel, cement, and chemicals, whereas service sectors were less affected. This reflects differences in carbon intensity across sectors and illustrates the direct impact on product prices, profitability, and competitiveness, particularly for exporters to markets that have yet to adopt comparable carbon pricing mechanisms (OECD, 2022; World Bank, 2022). Rising production costs have compelled firms to optimize processes, improve energy efficiency, and consider investment in clean technologies. The EU has complemented the EU ETS with the Carbon Border Adjustment Mechanism (CBAM), which mitigates indirect carbon costs for exporters when goods are consumed in markets with strict emission regulations. This not only protects domestic competitiveness but also encourages compliance with international environmental standards. Member States such as Germany, France, and Poland have allocated approximately EUR 27.5 billion to support firms in upgrading technologies, shifting to clean energy, enhancing efficiency, and reducing carbon intensity. Such financial assistance has alleviated immediate financial pressures, facilitated long-term investment planning, and stimulated technological innovation (DNB, 2021). By integrating carbon pricing, costcompensation schemes, and technology support, the EU has created a comprehensive model that balances emission reduction with competitiveness while fostering sustainable business development. This offers valuable lessons for developing countries such as Vietnam in designing carbon tax regimes with effective complementary policies. The EU’s experience underscores that a moderately set carbon tax, when paired with support mechanisms, can simultaneously reduce emissions and minimize adverse economic impacts (DNB, 2021). Well-designed carbon taxation exerts economic pressure on firms to improve energy efficiency and optimize production without causing excessive cost increases (Han & Zhao, 2024). However, carbon taxation in isolation, without accompanying support policies, risks overburdening firms, eroding competitiveness, and triggering carbon leakage (OECD, 2022). The EU demonstrates that combining carbon taxation with financial assistance, clean technology incentives, and indirect cost-compensation mechanisms enables firms to adapt, enhance technological capacity, and remain competitive globally (World Bank, 2022; DNB, 2021). This comprehensive strategy is particularly relevant for developing countries such as Vietnam, where technological transition costs remain high, highlighting the importance of coupling appropriate carbon tax levels with support policies to achieve both emission reduction and competitiveness (Fraser Institute, 2023). 3.1.2Japan Japan has implemented carbon taxation alongside clean technology investment incentives to encourage firms to transition toward sustainable energy and improve production efficiency. According to Sato et al. (2024), firms in energy and chemical sectors experienced production cost increases ranging from 0.5% to 1.8% following the introduction of carbon taxation, while service and technology firms were less affected. To mitigate these impacts, the Japanese government has launched financial support programs for equipment upgrades, technological improvements, and renewable energy adoption. Evidence shows that carbon taxation has motivated large firms to increase investments in clean technologies, though small and medium-sized enterprises (SMEs) continue to face capital constraints and thus require tailored support mechanisms (Sato et al., 2024). The tax’s effects vary according to firm size. For large enterprises, carbon taxation provides strong economic incentives to invest in clean technologies and energy-efficient solutions, leveraging financial capacity and access to advanced technologies (Sato et al., 2024; OECD, 2022). Carbon tax becomes a manageable cost factor through process optimization and technological upgrades, naturally driving green transition. Conversely, SMEs face greater challenges due to financial limitations, restricted access to technology, and limited energy management capacity (Kumar et al., 2025; Fraser Institute, 2023). Additional tax burdens can significantly strain SMEs’ competitiveness and even pose financial risks. This highlights the necessity of differentiated support policies, such as preferential financing, concessional loans, technical assistance, and training programs, enabling SMEs to adapt without jeopardizing the broader green transition. Carbon taxation thus serves not only as an environmental regulatory tool but also as a catalyst for clean technology investment, with its effectiveness contingent on supportive policies that prevent widening inequalities between firm groups (Sato et al., 2024; Kumar et al., 2025). 3.1.3Canada Canada has adopted a gradually increasing carbon tax, beginning at relatively low levels and scheduled to rise over time, providing firms and the economy with an adaptation pathway (Fraser Institute, 2023). This design enables businesses to adjust costs incrementally, optimize production processes, and invest in clean technologies without sudden financial shocks. Such an approach is particularly important for energy-intensive industries such as cement, steel, and chemicals, where emission-related costs constitute a significant share of production expenses. By contrast, low-emission sectors face more modest impacts, illustrating the uneven effects of carbon taxation across industries (Fraser Institute, 2023). The gradual trajectory also mitigates carbon leakage risks, as firms are not forced to relocate production abroad to evade carbon costs. To further protect competitiveness, Canada has implemented tax rebates for businesses and households, alleviating direct financial burdens (Fraser Institute, 2023). This ensures that firms retain a level playing field domestically and internationally, while Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17277231 132 simultaneously facilitating public and business acceptance of carbon taxation (World Bank, 2022). Additionally, the government supports investment in green technologies and renewable energy, encouraging firms to adopt productivity-enhancing innovations and optimize production processes (ICAP, 2023; Fraser Institute, 2023). These measures collectively reduce carbon costs over time, maintain competitiveness, and foster long-term sustainable investments (Fraser Institute, 2023). Canada’s experience highlights the importance of combining a gradual carbon tax trajectory with complementary support policies, particularly for energy-intensive industries facing high cost pressures. Instruments such as investment incentives, rebates, and technical advisory programs allow firms to mitigate financial burdens, optimize production, and improve energy efficiency. As a result, firms can maintain competitiveness while advancing clean technology adoption, contributing to sustainable economic development and emission reductions. 3.2 Experiences from Developing Countries 3.2.1Thailand Thailand has piloted carbon pricing mechanisms in energyintensive industries such as electricity, cement, and chemicals to reduce emissions, stimulate clean technology adoption, and enhance energy efficiency (Chakraborty et al., 2025). The introduction of carbon taxes or emission trading mechanisms has raised production costs, with varying degrees of impact depending on carbon intensity and sector characteristics. Energy-intensive industries bear greater cost pressures, whereas low-emission sectors are less affected. SMEs are particularly vulnerable due to limited capital, technological access, and energy management capacity. Without adequate support, carbon pricing can undermine SMEs’ competitiveness, reduce production capacity, and increase financial risks. To mitigate these effects, the Thai government has introduced complementary measures, including subsidies for renewable energy investment, incentives for clean production technologies, excise tax reductions for highly affected firms, and technical advisory and energy management training programs (Chakraborty et al., 2025; OECD, 2022). These policies help SMEs reduce financial burdens while encouraging large firms to invest in technological upgrades, improve energy efficiency, and optimize production. As a result, carbon costs are more effectively managed, and firms’ long-term competitiveness is strengthened. Thailand’s policy model shares notable similarities with Vietnam’s context, as both economies rely heavily on SMEs in energyintensive industries such as electricity, cement, and steel. These firms are both economically significant and highly sensitive to cost fluctuations, particularly under carbon pricing regimes. Both countries have adopted carbon taxation or emission trading mechanisms complemented by technical, financial, and training support, enabling SMEs to gradually adapt while incentivizing large enterprises to invest in clean technologies and production optimization. This approach reflects a long-term strategic objective: to drive green transition, achieve effective emission reduction, strengthen international competitiveness, and fulfill sustainable development commitments. 3.2.2India India has experimented with carbon taxation in energy-intensive industries such as cement and steel to reduce emissions while promoting the transition to clean technologies and energy efficiency (Kumar et al., 2025). The tax has raised production costs, with varying impacts depending on carbon intensity and sector characteristics. Energy-intensive industries have experienced higher cost pressures, while low-emission sectors face lighter impacts. SMEs are disproportionately affected due to financial constraints, limited access to advanced technologies, and weak energy management capabilities. Without targeted support, carbon taxation can erode SMEs’ competitiveness, exacerbate financial risks, and suppress production output. To address these challenges, the Indian government has introduced supporting measures, including excise tax reductions, subsidies for renewable energy investments, and incentives for clean technology adoption in production processes (Kumar et al., 2025; OECD, 2022). These policies help SMEs alleviate cost pressures while motivating large firms to invest in technological innovation, improve energy efficiency, and optimize production processes. Consequently, carbon costs are more effectively managed, and firms’ long-term competitiveness is enhanced. India’s experience closely mirrors that of Vietnam, where SMEs dominate energy-intensive sectors and face significant financial and technological constraints. In both cases, carbon taxation or emission trading mechanisms impose substantial cost pressures, particularly on SMEs, while larger firms are better positioned to invest in clean technologies and optimize production. These similarities underscore the importance of tiered support policies— encompassing financial assistance, technical support, and training—to enable SMEs to adapt, improve energy efficiency, and reduce emissions. Such measures not only strengthen competitiveness but also support the broader green transition within the economy. 4. Lessons for Vietnam Experiences from both developed and developing countries demonstrate that, in order to reduce emissions without undermining competitiveness, carbon taxation must be designed as a gradually increasing trajectory accompanied by comprehensive support measures. Large enterprises are encouraged to invest in clean technologies and optimize production processes, while small and medium-sized enterprises (SMEs) require financial, technical, and training support to adapt effectively. Vietnam can learn from these experiences by combining carbon taxation with flexible support mechanisms, simultaneously promoting green technology investment, fostering a sustainable economic environment, and maintaining firms’ competitiveness. First, a flexible and gradual carbon tax trajectory should be designed to ease immediate cost pressures on enterprises. Experiences from the EU and Canada illustrate that a phased approach allows firms to adapt, optimize production processes, and plan investments in clean technologies. In the EU, the carbon tax combined with the Carbon Border Adjustment Mechanism (CBAM) has enabled energy-intensive industries such as cement, steel, and chemicals to maintain domestic competitiveness while reducing emissions (DNB, 2021). Similarly, in Canada, the gradual increase in carbon taxation, coupled with tax rebates, has alleviated direct financial burdens while encouraging large enterprises to invest in clean technologies and production optimization (Fraser Institute, 2023). The lesson for Vietnam is to establish a clear, transparent, and progressive tax roadmap that avoids sudden cost shocks, particularly for energy-intensive sectors. Such a trajectory enables both medium and large enterprises to gradually adapt, Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17277231 133 while mitigating the risk of ―carbon leakage,‖ whereby firms relocate production abroad to evade taxation. Second, carbon taxation should be paired with comprehensive support mechanisms to mitigate negative impacts on competitiveness. Evidence from India, Canada, and the EU indicates that stand-alone carbon taxes increase production costs, disproportionately affecting SMEs due to limited capital and access to technology (Kumar et al., 2025; Fraser Institute, 2023; DNB, 2021). In India, support measures such as excise tax reductions and incentives for renewable energy investments have alleviated financial pressures on SMEs, while encouraging large firms to adopt clean technologies and optimize production processes (Kumar et al., 2025). Similarly, the EU and Canada have introduced financial support, tax rebates, and green technology programs to sustain domestic competitiveness (DNB, 2021; Fraser Institute, 2023). The lesson for Vietnam is to avoid uniform application of carbon taxation and instead design tiered support mechanisms according to firm size and financial capacity. Such measures may include preferential financing, concessional loans, technical assistance, and energy management training. These allow SMEs to adapt without sacrificing competitiveness, while motivating large enterprises to invest in technological innovation and production efficiency. Finally, carbon taxation should serve as a catalyst for clean technology investment and sustainable green transition. Lessons from all countries underscore that carbon taxation is not solely an environmental policy tool but also a driver of technological modernization and production optimization. In the EU, enterprises receiving technology upgrade support alongside carbon taxation have successfully reduced emissions while remaining competitive (DNB, 2021). Canada and India demonstrate that large firms have invested in clean technologies due to financial incentives and phased carbon tax trajectories, improving energy efficiency and lowering long-term carbon costs (Fraser Institute, 2023; Kumar et al., 2025). For Vietnam, this highlights the need to incentivize firms to invest in clean technologies and renewable energy, while applying supportive measures such as tax incentives, concessional loans, and technical training. Such policies would help offset additional production costs from carbon taxation, enhance energy efficiency, strengthen competitiveness, and accelerate the comprehensive green transition. For energy-intensive sectors such as cement, steel, and chemicals, combining carbon taxation with targeted support and clean technology incentives is crucial to achieving emission reduction goals while sustaining long-term economic growth. 5. Conclusion The implementation of carbon taxation represents a crucial instrument for reducing greenhouse gas emissions and advancing the transition toward a low-carbon economy. International experience demonstrates that, when appropriately designed, carbon taxation not only reduces emissions but also fosters technological innovation, enhances production efficiency, and sustains firms’ competitiveness. Key elements for success include a gradual tax trajectory, comprehensive and tiered support mechanisms for small and medium-sized enterprises (SMEs), and strong incentives for investment in clean technologies and sustainable green transformation. For Vietnam, adopting a phased carbon tax will enable enterprises to adapt progressively, mitigate the risk of ―carbon leakage,‖ and avoid sudden cost shocks, particularly in energy-intensive industries such as cement, steel, and chemicals. Support mechanisms—such as financial incentives, concessional loans, training, and technical assistance—will help SMEs maintain competitiveness while encouraging large firms to invest in clean technologies and optimize production processes. Promoting investment in green technologies will reduce long-term carbon costs, improve energy efficiency, and create momentum for innovation. Ultimately, these measures will lay the foundation for a green, efficient, and sustainable economy. Acknowledgments Funding: The authors gratefully acknowledge the financial support from the Banking Academy of Vietnam. Competing interests: The authors declare that there are no conflicts of interest regarding the publication of this paper. References 1. Aldy, J. E., & Stavins, R. N. (2012). The promise and problems of pricing carbon. The Journal of Environment & Development, 21(2), 152–180. https://doi.org/10.1177/1070496512442508 2. Cao, L., Toyohara, A., Li, Y., & Zhou, W. (2024). Willingness to pay for carbon tax in Japan. Sustainable Production and Consumption, 52, 427–444. https://doi.org/10.1016/j.spc.2024.11.004 3. Chakraborty, A., De, D., & Dey, P. K. (2025). 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