Private sector’s engagement needed for Vietnam to promote green growth: Experts

The engagement of the private sector in green and sustainable growth is crucial for Vietnam to complete its target of achieving net-zero emission and raising the green economy scale to 300 billion USD in the total national GDP value in 2050, according to experts.

Private sector’s engagement needed for Vietnam to promote green growth: Experts hinh anh 1

Harvesting grass for producing food for cows by TH True Milk. (Source: qdnd.vn)

The engagement of the private sector in green growth and sustainable development is crucial for Vietnam to complete its target of achieving net-zero emission and raising the green economy scale to 300 billion USD in the total national GDP value in 2050, according to experts.

Amid the green consumption trend in the world, many Vietnamese enterprises are developing green production models to avoid being left outside the global supply chain.

Dinh Quoc Tuan, Vice Chairman and General Director of Amy Grupo, said that the firm plans to upgrade its factories with an aim to cut carbon emissions by 30-50% in the next five years.

Meanwhile, green solutions will be applied in its new projects from the material procession, production to distribution stages, he said.

Meanwhile, AN MI Tools Co., Ltd, a supplier of many multinational firms such as Samsung, Toyota and Honda, has invested in a rooftop solar power system for its 5,200sq.m factory.

According to the EU Commission, the current global market for green products and services is estimated at more than 5 trillion USD, with a growth rate much higher than that in traditional markets.

It is forecast that by 2030, the green economy will create about 24 million new jobs globally, while creating opportunities to attract investors in many new fields such as renewable energy, smart transportation, smart agriculture, green urban-building, and green finance.

According to Minister of Planning and Investment Nguyen Chi Dung, for Vietnam, green growth towards economic prosperity, environmental sustainability and social equality is an inevitable choice. This is also an opportunity for Vietnam to become a pioneer in the region, catching up with the development trend of the world.

Experts held that in order to overcome difficulties and challenges to reach the set target, Vietnam must complete the dual targets of maintaining GDP growth of 6-7% per year and popularising green technologies in economic activities. This will also create great chances and development spaces for the business community, both domestic and foreign ones.

Private sector’s engagement needed for Vietnam to promote green growth: Experts hinh anh 2

Production at Amy Grupo (Source: qdnd.vn)

Thomas Jacobs, Country Director of the International Finance Corporation (IFC) in Vietnam, cited the World Bank's Vietnam climate report as saying that from now to 2040, Vietnam needs 368 billion USD to overcome the impacts of climate change and realise the net-zero emission goal, during which greater contributions from the private sector is needed.

In order to mobilise this important resource, the Government of Vietnam must remove a number of basic barriers such as the legal and institutional environment for the private sector to invest in key emission-causing sectors, including energy, transportation, and transportation, telecommunications, agriculture and manufacturing with faster, simpler and cheaper process. In particular, it is necessary to finalise a power purchase contract in accordance with international standards to attract foreign investors in this very important industry, Jacobs held.

Commenting on the important role of the private sector in completing green growth and sustainable growth targets, Dau Anh Tuan, Deputy General Secretary and head of the Legal Department of the Vietnam Chamber of Commerce and Industry (VCCI), said that currently, businesses’ understanding of environment regulations remains modest.

Only 31.8% of the domestic private enterprises said they understood environmental regulations well. Meanwhile, up to 91% of enterprises believed that environmental protection is the responsibility of local authorities. Therefore, the VCCI proposed strengthening the participation of the business community in building and perfecting the legal system and implementing laws and regulations on environment, green economy and sustainable development, said Tuan.

He also underlined the need to design policies to encourage businesses to invest in high and clean technologies.

Tran Nhu Tung, Vice President of the Vietnam Textile and Apparel Association, said that the Government should offer 2% cut in corporate income tax for companies meeting green requirement and interest support to green transition projects.

Stressing the need to evaluate the implementation of green growth and sustainable at the local level, Tuan said that the VCCI has built and announced a Performance Grading Index (PGI) in 2023 to promote the green transition process of localities./.

en.vietnamplus.vn

Related News

Finance Ministries of Vietnam and Laos promote comprehensive cooperation

Finance Ministries of Vietnam and Laos promote comprehensive cooperation

VCN – On May 28, Minister of Finance Ho Duc Phoc had a meeting with Mr. Santiphab Phomvihane, Minister of Finance of the Lao People's Democratic Republic.
Many foreign enterprises find opportunities and expand investment in Vietnam

Many foreign enterprises find opportunities and expand investment in Vietnam

VCN - In the context of the world investment wave shifting, Vietnam has the opportunity to become the world's factory, many foreign enterprises have been looking for investment opportunities as well as expanding investment in Vietnam.
Vietnam is ready to welcome a new wave of investment in the semiconductor industry

Vietnam is ready to welcome a new wave of investment in the semiconductor industry

VCN - Deputy Minister of Planning and Investment Tran Duy Dong (Photo) gave an interview to Customs Magazine about Vietnam's preparations to attract FDI into the semiconductor industry.
Opportunities for Vietnam to participate in the global semiconductor industry value chain

Opportunities for Vietnam to participate in the global semiconductor industry value chain

VCN - The global chip race is heating up, and Vietnam has a unique opportunity to assert itself as one of the participants in the semiconductor industry value chain.

Latest News

Imports and exports achieve more than US$270 billion

Imports and exports achieve more than US$270 billion

VCN - By mid-May, the country's total import-export turnover reached US$270.82 billion, according to the latest statistics from the General Department of Vietnam Customs.
Coffee output in 2023-2024 crop forecast to fall 20 per cent

Coffee output in 2023-2024 crop forecast to fall 20 per cent

Việt Nam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20 per cent compared to the previous crop year, to 1.47 million tonnes, the lowest in four years.
Pharmaceutical industry sees slowing growth momentum

Pharmaceutical industry sees slowing growth momentum

After record profits and strong growth in 2023, the industry’s momentum faced limitations in 2024 due to rising raw material costs and increased market competition.
Agricultural and food businesses increased profits thanks to export recovery

Agricultural and food businesses increased profits thanks to export recovery

VCN - Many agricultural and food exporters have recorded positive business results thanks to the momentum from the recovery of major markets and solutions to enhance deep processing, helping to improve product value and business efficiency.

More News

The auto industry does not shrink from many challenges

The auto industry does not shrink from many challenges

VCN - In the context of the import tax reduction roadmap being implemented when Vietnam participates in commitments in Free Trade Agreements, the pressure of competition on the Vietnamese automobile industry is also increasingly fierce. Therefore, in addition to tax and fee support, many breakthrough solutions and policies are needed to create a boost for the auto industry.
Traceability helps improve product value

Traceability helps improve product value

VCN - Traceability of origin has been and is a mandatory requirement for Vietnamese goods when exporting to several markets. The application of information technology and the use of QR codes is an effective solution in traceability, increasing value and promoting product consumption, especially agricultural products.
Vietnamese pepper prices see strong upward trend

Vietnamese pepper prices see strong upward trend

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.
E-commerce boosts exports of Vietnamese products

E-commerce boosts exports of Vietnamese products

Digital platforms have played a key role in helping Vietnamese firms take their high-quality products to the world, insiders have said.
Increasing the value of rice grains from the project of 1 million hectares of high quality rice

Increasing the value of rice grains from the project of 1 million hectares of high quality rice

VCN - The implementation of the project of 1 million hectares of high-quality rice will contribute to promoting the transition from traditional farming methods to synchronous mechanization, developing large-scale, stable and long-term concentrated raw material areas, ensuring sustainable and effective farming quality and minimizing environmental pollution. Vietnam is also the first country in the world to build a large-scale project on sustainable rice production and reduced emissions.
Hai Phong Port strengthen solutions to improve cargo handling capacity

Hai Phong Port strengthen solutions to improve cargo handling capacity

VCN - The flow of goods passing through Hai Phong port area has tended to improve recently.
Five trends in exporting through e-commerce

Five trends in exporting through e-commerce

VCN - On May 22, 2024, Amazon Global Selling announced the prominent cross-border e-commerce (CBEC) trends shaping Vietnam's online export economy. Concurrently, it launched phase two of the program "CBEC: The breakthrough era" in collaboration with the Vietnam e-Commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade.
Vietnamese firms urged to watch global trade policies

Vietnamese firms urged to watch global trade policies

Experts say Vietnamese firms should keep an eye on global trade moves by major economies to figure out how best to promote the consumption and export of products made in Việt Nam, in the context of a glut of cheap Chinese goods flooding the world market.
Vietnam’s tra fish export tipped to bounce back

Vietnam’s tra fish export tipped to bounce back

Vietnamese tra fish export has roared back to growth after a significant drop recorded earlier this year as countries have scaled up their imports, according to insiders.
Read More

Your care

Latest Most read
Imports and exports achieve more than US$270 billion

Imports and exports achieve more than US$270 billion

By mid-May, the country's total import-export turnover reached US$270.82 billion, according to the latest statistics from the General Department of Vietnam Customs.
Coffee output in 2023-2024 crop forecast to fall 20 per cent

Coffee output in 2023-2024 crop forecast to fall 20 per cent

Việt Nam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20 per cent compared to the previous crop year, to 1.47 million tonnes, the lowest in four years.
Pharmaceutical industry sees slowing growth momentum

Pharmaceutical industry sees slowing growth momentum

After record profits and strong growth in 2023, the industry’s momentum faced limitations in 2024 due to rising raw material costs and increased market competition.
Agricultural and food businesses increased profits thanks to export recovery

Agricultural and food businesses increased profits thanks to export recovery

VCN - According to data from the Ministry of Agriculture and Rural Development, agricultural, forestry and fishery export turnover in April reached 5.14 billion USD, an increase of 19.7% compared to April 2023.
The auto industry does not shrink from many challenges

The auto industry does not shrink from many challenges

VCN - In the context of the import tax reduction roadmap being implemented when Vietnam participates in commitments in Free Trade Agreements, the pressure of competition on the Vietnamese automobile industry is also increasingly fierce. Therefore, in addi
Mobile Version