I. INTRODUCTION TO GHG INVENTORY REPORT VERIFICATION SERVICES

In the context of Vietnam and the international community accelerating the transition to a low-carbon economy, aiming for net-zero emissions, and enhancing corporate responsibility towards climate change, the quantification, inventory, and reporting of greenhouse gas (GHG) emissions are increasingly becoming crucial components in corporate governance, legal compliance, supply chain management, and international market integration.

The GHG inventory report provides information on the organization's GHG emission and removal sources, as well as the amount of emissions and removals during a specific reporting period. However, for this information to be reliable enough for management, public disclosure, or provision to stakeholders, the data and GHG statements need to be independently, objectively, and systematically evaluated based on defined criteria.

With the orientation of "Building trust - Stepping firmly into integration", GIC Vietnam provides verification services for GHG Inventory Reports prepared in accordance with ISO 14064-1:2018 and/or agreed-upon GHG inventory criteria, aiming to provide an objective conclusion on whether the GHG information is fairly stated in accordance with the applicable criteria and is free from material misstatements.

Value of Verification Activities
 
Through independent verification, GIC Vietnam supports organizations and enterprises to:

• Enhance the reliability, accuracy, and transparency of GHG data and inventory reports;
• Verify the completeness and appropriateness of the defined organizational boundaries, reporting boundaries, and GHG emission and removal sources;
• Evaluate quantification methodologies, activity data, emission factors, assumptions, calculations, and the GHG data consolidation process;
• Detect misstatements, omissions, or weaknesses that could materially affect the reported GHG information;
• Support enterprises in fulfilling their GHG inventory and reporting obligations in accordance with current Vietnamese legal regulations and sector-specific technical requirements;
• Strengthen the credibility of information provided to regulatory agencies, customers, investors, parent companies, partners, and stakeholders within the supply chain;
• Establish a reliable data foundation for ESG governance, setting emission reduction targets and plans, carbon management, participating in carbon markets, and mechanisms related to GHG emissions;
• Assist enterprises in enhancing their carbon data governance capacity to meet the demands of international markets and supply chains, including CBAM and other relevant carbon mechanisms.

Applicable Standards and Criteria
 
GIC Vietnam's verification activities are developed and implemented based on the principles and requirements of relevant international standards, including:
 
For verification activities:

• ISO 14064-3:2019 - Greenhouse gases - Part 3: Specification with guidance for the verification and validation of greenhouse gas statements;
• ISO/IEC 17029:2019 - Conformity assessment - General principles and requirements for validation and verification bodies;
• ISO 14065:2020 - General principles and requirements for bodies validating and verifying environmental information;
• Other requirements of relevant verification or GHG programs, when applicable.

Criteria for the GHG Inventory Report may include:

• ISO 14064-1:2018 - Greenhouse gases - Part 1: Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals;
• GHG Protocol - Corporate Accounting and Reporting Standard, when selected by the client or the applicable program;
• Vietnamese legal regulations on emission mitigation, GHG inventory, and reporting, including Decree No. 06/2022/ND-CP and its current amendments, supplements, as well as sector-specific technical regulations and guidelines;
• Standards, methodologies, regulations of GHG programs, markets, or other specific requirements agreed upon between GIC Vietnam and the client as verification criteria.

Specific verification criteria are determined and agreed upon with the client prior to conducting the verification.
 
Verification Approach
 
GIC Vietnam applies a risk and materiality-based verification approach, focusing verification resources on emission sources, data, calculation methods, and processes that have the potential to cause material misstatements in the GHG Inventory Report.
Depending on the scope, level of assurance, and operational characteristics of the organization, the verification process may include:

• Reviewing organizational boundaries and GHG reporting boundaries;
• Identifying and evaluating relevant GHG emission sources, sinks, and categories;
• Assessing the GHG data collection, control, consolidation, and management system;
• Checking activity data, emission factors, quantification methodologies, assumptions, and calculations;
• Tracing data from the GHG Inventory Report back to consolidated data and original records, documents, or evidence;
• Performing sampling and evidence testing based on risk assessment;
• Interviewing responsible personnel and observing relevant activities, equipment, or emission sources;
• Performing recalculations, reconciliations, and analytical procedures as necessary;
• Evaluating the impact of individual and aggregated misstatements against the determined materiality threshold.

The verification activity is conducted with a reasonable assurance or limited assurance level, as agreed with the client and in accordance with the applicable verification criteria/program.
 
Based on the objective evidence collected, GIC Vietnam issues a verification conclusion and a Verification Statement, which clearly specifies the verified subject, scope, reporting period, applicable criteria, level of assurance, and GIC Vietnam's conclusion.
 
Through independent verification, GIC Vietnam aims to provide clients and stakeholders with an appropriate level of confidence in the disclosed GHG information, while contributing to improving the quality of the organization's GHG data management system and carbon governance capacity.

II. VERIFICATION PROCESS

1. Registration & Application Review: The enterprise contacts GIC Vietnam for registration guidance and provides necessary information and documents related to the GHG Inventory Report. GIC Vietnam reviews the verification request, scope, applicable criteria, reporting period, level of assurance, materiality threshold, competence to perform, and impartiality before signing the contract.
 
2. Planning & Audit Preparation: GIC Vietnam selects a Verification Team with competence suitable for the enterprise's field of operation; simultaneously conducts preliminary analysis, risk assessment, and develops a verification plan and an evidence-gathering plan aligned with the agreed scope and level of assurance.
 
3. Verification Execution: The verification activity is conducted on-site and/or remotely, depending on the scope and risk level. The verification process may include:
• Interviewing relevant departments;
• Reviewing the GHG Inventory Report, data, and supporting records;
• Tracing and sampling data;
• Checking calculation methods, emission factors, and assumptions;
• Observing emission sources, measurement equipment, and data collection systems when necessary.
 
4. Reporting Results & Handling Findings: GIC Vietnam consolidates the results, evaluates misstatements or findings, and their impact on the GHG Inventory Report. The enterprise provides explanations, supplementary evidence, or adjusts the data/GHG Inventory Report as necessary.
 
5. Technical Review & Issuance of Verification Statement: The verification file and results are independently reviewed by a competent person who did not directly participate in the verification process. Upon completion of the review and the verification decision, GIC Vietnam issues a Verification Statement, specifying the scope, criteria, reporting period, level of assurance, and verification conclusion.

III. WHY CHOOSE GIC VIỆT NAM?

+) Professional Competence and Verification Methodology According to International Standards: GIC Vietnam is a conformity assessment body operating in accordance with international standards, with a verification process built in compliance with ISO 14064-3, ISO/IEC 17029, and related requirements. The verification approach is based on risk assessment, materiality, and the level of assurance, helping to focus on emission sources, data, and contents that significantly affect the reliability of the GHG Inventory Report.
 
+) Competent and Practically Experienced Experts: GIC Vietnam's team of experts possesses extensive knowledge and experience in environmental fields, greenhouse gas inventories, legal regulations, and specialized technical aspects. Experts are selected to match the specific operational characteristics of each enterprise, ensuring the verification process is conducted professionally, consistently, and effectively.
 
+) Independence, Impartiality, and Confidentiality: GIC Vietnam is committed to maintaining independence, impartiality, and integrity throughout the verification process; controlling risks of conflicts of interest and securing client information according to the principles of conformity assessment activities.
 
+) Enhancing Data Reliability and Supporting Carbon Governance Capacity Building: Verification activities not only help enterprises improve the reliability and transparency of their GHG Inventory Reports but also identify areas for improvement in the collection, control, and management of emissions data. Thereby, enterprises establish a better foundation for information disclosure, ESG governance, developing emission reduction plans, and meeting the requirements of customers, supply chains, or related carbon mechanisms.
 
+) Professional, Flexible, and Effective Services: GIC Vietnam organizes verification activities tailored to the scale, field of operation, complexity, and specific needs of each enterprise. The process is deployed transparently, with close coordination and time optimization, enabling enterprises to utilize resources efficiently while ensuring the quality and reliability of the verification results.

CONTACT INFORMATION:

GIC VIỆT NAM
🏢 Hà Nội: 12F, 14 Lang Ha Building, Giang Vo Ward
☎️ Tel: 024.6275 2268 | 📱Hotline: 0984609469
📧  Email: tuandm@gicvn.vn
🏢 Ho Chi Minh City: R502, 160 Nam Ky Khoi Nghia
☎️ Tel: 028.3930 7936