Viet Nam makes great strides in improving living standards: UN Resident Coordinator

Viet Nam has made great strides in improving the living standards and lifting millions of people out of poverty, UN Resident Coordinator for Viet Nam Pauline Tamesis noted.

Pauline Tamesis made that above statement at the Consultation Workshop on "Accelerate Sustainable Development in Viet Nam: Policy Options" which took place in Ha Noi on December 14.

The UN official said, building on these remarkable achievements, the leaders of Viet Nam have set a vision to become a high-income country by 2045 and realize net-zero emissions by 2050.

This vision drives Viet Nam's commitment to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).

Viet Nam's second Voluntary National Review (VNR) presented by Minister of Planning and Investment Nguyen Chi Dung, at the High-Level Political Forum (HLPF) in July, already outlined six policy priorities and recommendations for SDG acceleration.

They are: science, technology and innovation; quality human resource development; efficient resource management, climate change adaptation and mitigation, and green and circular economy; finance; and data availability, with people at the center of every decision, policy, and action.

"These priorities are well aligned with the six SDG transitions agreed by member states at the SDG Summit-envisioned to generating large multiplier effects across SDGs to promote economic prosperity, while protecting human and environmental wellbeing," underlined Pauline Tamesis.

She held that investment in renewable energy propels GDP growth by 3 percent, while substantially reducing CO2 emissions and pollution.

Meanwhile, investment in human capital and energy efficiency-focused infrastructure has positive economic and social effects in the long run, she said, adding that it drives GDP growth, reduces poverty and inequality, lessens CO2 emission and pollution, and improves the government's fiscal space because GDP growth outweighs the government debt increase.

Investment in digital transformation has a positive effect on GDP growth, albeit relatively moderate, as well as on poverty reduction and inequality, she shared.

According to the UN official, investing in people and the environment yields significantly positive economic and social benefits in the long run, while the pressures on the government's fiscal space subside over time because the economic benefits outweigh the costs.

It also highlights the importance of mobilizing various sources of finance, including private capital, to invest in key development priorities, she emphasized.

The workshop aims to develop a better understanding of Viet Nam's development challenges and opportunities as well as policy options to help the nation achieve its sustainable development goals.

Besides, it helps strengthen the professional capacity of officials from agencies in conducting macroeconomic analysis-assessing the economic, social and environmental aspects of the development process.