Vietnam eyes transition to green production for sustainable value

Economic sectors, localities and businesses should be considered the drivers of the nation's green growth and sustainable development strategy, experts have said.

According to Phan Xuan Dung, President of the Vietnam Union of Science and Technology Associations, foreign-invested enterprises and multinational corporations can lead the trend of green transformation, thus helping Vietnam integrate with the global market.

Taking advantage of support from the FDI business community is extremely important for Vietnam in the context of limited domestic resources, and the digital and green transformation in Vietnamese small and medium-sized enterprises still remains slow, Dung said.

He added that the support from international partners and the pioneering of FDI enterprises in the trend of green transformation will contribute to helping Vietnamese businesses and localities speed up green transformation towards realising sustainable development goals.

Vietnam’s economy is set to develop quickly, sustainably and harmoniously between economy, culture, society, environmental protection and adaptation to climate change in the next 10 years.

Last year, the Prime Minister approved a national strategy on green growth for 2021-2030, with a vision to 2050, which aims to help promote economic restructuring in tandem with a growth model reform, and achieve economic prosperity, environmental sustainability, and social equality.

Vietnam strongly committed to net zero emissions by 2050 at the 26th United Nations Climate Change Conference of the Parties (COP26). In addition, the Government’s Socio-Economic Development and Recovery Programme promulgated on January 30, 2022 also demonstrates the determination to develop a "green and circular economy associated with sustainable development".

Experts said to realise these goals, it is necessary to make three strategic breakthroughs in institutions, human resources and infrastructure, focusing on innovation and science and technology development.

With the above bases, Vietnam will effectively use resources, strengthen its management and coordination capabilities in finance and technology, and promote the participation of the community, businesses and international organisations in realising its sustainable development goals, said experts.

Science and technology will be an effective lever for a green transition in Vietnam and the world, they noted.

Accordingly, this is the time to converge necessary and urgent factors for Vietnam, as well as localities and businesses to make breakthroughs in thinking and strong actions to promote green transformation towards achieving sustainable values, they stressed.

According to Bruce Delteil from McKinsey & Company, decarbonisation is a priority for Vietnam, because climate change has been affecting the country's socio-economic development.

Vietnam has a roadmap towards achieving net-zero emissions by 2050 through an interdisciplinary effort with the involvement of the whole society.

Sharing Delteil’s opinion, Alain Cany, Chairman of the European Chamber of Commerce in Vietnam (EuroCham) in Vietnam, said that the nation needs to find ways to promote efficient and economical use of energy, and convert waste into energy.