Vietnam has been developing its legal framework for the operation of Clean Development Mechanism ("CDM") projects. An Inter-Ministerial Circular No. 58/2008/TTLT-BTC-BTN&MT was jointly issued by the Ministry of Finance and the Ministry of Natural Resources and Environment on 4 July 2008 ("Circular No. 58") to provide for the fiscal regime with respect to CDM Projects. Circular No. 58 stipulates the fee levels payable upon sale of Certified Emission Reductions ("CERs") or transfer of CERs abroad, ownership of CERs generated from CDM projects funded by Official Development Assistance and the price subsidy granted to certain qualified CDM projects.