Meeting green regulations for exports

VCN - In recent statements, leaders representing national governments and businesses in Europe have reaffirmed their commitment to cooperation, allowing European businesses and Vietnam to seize opportunities and meet the regulations and requirements in exports and imports.
More incentives needed to support green credit: Experts More incentives needed to support green credit: Experts
Green production now inevitable for Vietnamese exporters Green production now inevitable for Vietnamese exporters
Meeting green regulations for exports
Many of Vietnam's key export products have been and are currently improving their standards to meet the strict requirements for the EU's green growth. Photo: H.Diu

Increasingly stringent requirements

Currently, green transformation and sustainable development are an inevitable trend for Vietnamese businesses, as major export markets, including the EU, consistently demand high and strict environmental standards.

Since October 2023, the EU has implemented the Carbon Border Adjustment Mechanism (CBAM) in its transitional phase. This is a policy tool by the EU aimed at imposing carbon taxes on all goods imported into this market based on the greenhouse gas emissions intensity in the export country's production process.

According to the Vietnam Trade Office in Belgium and the EU, since the third quarter of 2023, the EU has issued and passed a series of regulations related to green and sustainable development, such as obligations to report the purpose of the carbon border adjustment mechanism in the transitional phase, and amendments to regulations regarding maximum pesticide residues. Alongside these changes, in Vietnam's major export markets, consumers are increasingly concerned about environmental protection in addition to product quality and pricing.

For Vietnamese businesses, restructuring production, and investing in infrastructure not only require significant financial resources and human capital but also experience and skills to successfully apply and meet international regulations and standards. Hence, support and investment cooperation from international businesses are a necessary direction, utilizing the strong capabilities of these companies and guiding Vietnamese businesses on the right path for implementation.

In fact, many collaboration and investment programs from European countries have flowed into Vietnam to support businesses. At the end of 2022, Vietnam and a group of international partners, including the UK, the EU, France, Germany, the US, Italy, Canada, Japan, Norway, and Denmark, passed the Just Energy Transition Partnership (JETP). This international partner group committed to mobilize US$15.5 billion from public and private financial sources over 3-5 years to help Vietnam achieve net-zero emissions by 2050.

Notably, many commercial banks in Vietnam have been supported by European banks with preferential loans for green economic development. Recently, the Maritime Commercial Joint Stock Bank (MSB) and the Dutch Development Bank (FMO) signed a Memorandum of Understanding on a cooperation to provide medium to long-term loans of up to US$100 million with terms of up to nine years for the purpose of financing small and medium-sized enterprises and green projects. Additionally, BIDV has become a strategic partner of international sponsors such as the French Development Agency (AFD) and the Asian Development Bank (ADB) in implementing green projects in Vietnam.

Numerous opportunities for continued cooperation

On November 1, Vietnam and Denmark declared the establishment of a Green Strategic Partnership (GSP). The GSP is a mutually beneficial cooperative agreement with the goal of promoting political cooperation and expanding economic relations related to green growth. Nicolai Prytz, the Danish Ambassador to Vietnam, stated thatThe the GSP would be an important tool to support Vietnam in achieving its ambitious national goals for green transformation and fulfilling international commitments to achieve net-zero emissions by 2050.

He emphasized that based on this relationship, Denmark could contribute its experiences, knowledge, technologies, and green solutions. Furthermore, both countries will enhance the exchange of knowledge and best practices, build capacity, and promote technology transfer.

At the Green Economy Forum (GEF) 2023 organized by the European Chamber of Commerce in Vietnam (EuroCham), Dutch Prime Minister Mark Rutte emphasized that manufacturing companies and suppliers need to comply with the new sustainability regulations of the EU. Consequently, Prime Minister Rutte proposed that Dutch companies support Vietnamese companies in implementing these regulations.

Similarly, Valdis Dombrovskis, Vice President of the European Commission, supported enhanced cooperation regarding the EU's green deal and green technologies, calling for maintaining commitments and supporting green energy and growth.

Addressing this matter, Gabor Fluit, President of EuroCham, noted that European companies in Vietnam have supported technology transfers, shared expertise, developed a high-quality workforce, and initiated advanced green projects in Vietnam. These companies have closely collaborated with the government during the green transformation and are also working closely with the Vietnamese business community, especially key industries such as textiles, footwear, and aquaculture.

By Binh Nam/ Ha Thanh

Related News

Preliminary assessment of Vietnam international merchandise trade performance in the first half of May, 2024

Preliminary assessment of Vietnam international merchandise trade performance in the first half of May, 2024

The Vietnam Customs Statistics announced that in the first half (01-15/5/2024) of May-2024, Vietnam’s total exports of US dollars 14.64 billion and imports of US dollars 17.26 billion resulted in a trade deficit of US dollars 2.63 billion. Accordingly, the total value of export and import turnover of Vietnam in the first half of May was US dollars 31.9 billion, went up by 7.7% as compared to the second half of April-2024.
Hundreds of tons of imported raw cashew nuts stuck in quarantine

Hundreds of tons of imported raw cashew nuts stuck in quarantine

VCN – A company is facing problems with plant quarantine regulations when carrying out procedures to import over 384 tons of "raw cashew nuts, originating from Tanzania" from a bonded warehouse in Dong Nai.

Latest News

Orders increase, exports in the first 5 months of the year continue to prosper

Orders increase, exports in the first 5 months of the year continue to prosper

VCN - Export turnover to most markets and major trading partners in the past 5 months has recovered well and reached high double-digit growth.
Import-export turnover reached nearly US$65 billion in May

Import-export turnover reached nearly US$65 billion in May

VCN - Import and export in May continued to remain at a high level and was the month with the second highest turnover in the first 5 months of the year.
Russia’s Far East potiential destination for Vietnamese businesses: official

Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.
Exports up 13.8% in first half: ministry

Exports up 13.8% in first half: ministry

Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.

More News

Seafood businesses clearly point out barriers affecting exports

Seafood businesses clearly point out barriers affecting exports

VCN - Many seafood businesses have mentioned barriers that are affecting exports that need to be removed.
Many exported seafood products have experienced high growth

Many exported seafood products have experienced high growth

VCN - Except for shrimp products, which decreased slightly, all exported seafood products in May 2024 all grew well, including many products with high double-digit growth spurts.
Export turnover increases over 14.9%

Export turnover increases over 14.9%

VCN - By the end of May, export activities maintained a double-digit increase with a turnover of US$156.28 billion.
Rice exports to China drop sharply

Rice exports to China drop sharply

VCN - While the amount of rice exported to Southeast Asian markets increased sharply, the results in the Chinese market were the opposite.
Germany supports Vietnam’s garment industry in green transformation

Germany supports Vietnam’s garment industry in green transformation

Five pilot projects on green technology for Vietnamese textile and garment exporters went on show at the ‘For a Sustainable Garment and Textile Industry in Vietnam’ show held in Hanoi on June 17.
Tuna exports expected to grow by 20% in H1

Tuna exports expected to grow by 20% in H1

Tuna exports are projected to reach 456.8 million USD in the first half of 2024, a year-on-year increase of 20%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Recovery underway, businesses need to accelerate credit

Recovery underway, businesses need to accelerate credit

VCN - In recent directives, the monetary policy regulatory body continues to urge banks to implement practical and effective solutions to strive for credit growth across the system, aiming for a 5-6% increase by the end of Q2 2024.
Seafood exports in 2024 aim for US$10 billion

Seafood exports in 2024 aim for US$10 billion

VCN - On June 10, 2024, at the 2024 General Assembly of Members held by the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood enterprises and regulatory agencies proposed numerous solutions to achieve the goal of US$10 billion in exports for 2024.
New opportunities for Vietnam-Russia trade

New opportunities for Vietnam-Russia trade

The upcoming official visit to Vietnam by Russian President Vladimir Vladimirovich Putin is expected to open up new opportunities in bilateral relations, aiming towards the prosperous development for both sides.
Read More

Your care

Latest Most read
Orders increase, exports in the first 5 months of the year continue to prosper

Orders increase, exports in the first 5 months of the year continue to prosper

VCN - Export turnover to most markets and major trading partners in the past 5 months has recovered well and reached high double-digit growth.
Import-export turnover reached nearly US$65 billion in May

Import-export turnover reached nearly US$65 billion in May

Import and export in May continued to remain at a high level and was the month with the second highest turnover in the first 5 months of the year.
Russia’s Far East potiential destination for Vietnamese businesses: official

Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.
Exports up 13.8% in first half: ministry

Exports up 13.8% in first half: ministry

Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.
Seafood businesses clearly point out barriers affecting exports

Seafood businesses clearly point out barriers affecting exports

VCN - Representing seafood businesses at the recently held all-member conference, Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the export forecast Aquaculture in the future will be full
Mobile Version