Vietnam encourages investment in green, circular economy

The Green Economy Forum and Exhibition 2022 (GEFE 2022), organized by EuroCham, was opened on November 28 at THISO SkyHall in HCM City's.Sala urban area.

 The main objective of the event is to support Vietnam in fulfilling its commitments at the 26th United Nations Conference of the Parties in the Framework Convention on Climate Change (COP26) as well as its socio-economic development goals which have been clearly stated in the National Strategy on Green Growth for the period of 2021-2030.

Speaking at the opening of the forum, Mr. Alain Cany, President of EuroCham, said that green development is an inevitable global trend. The GEFE 2022 has the major aim to assist Vietnam in meeting its COP26 commitments and achieving its development goals outlined in the National Green Growth Strategy 2021-2030. 

Mr. Alain Cany appreciated many manufacturing companies and enterprises in Vietnam which have focused on environmental protection. The Vietnamese government has also been strongly committed in its strategies to boost sustainable development and environmental protection.

Mr. Virginijus Sinkevicius, European Commissioner for Environment, Oceans and Fisheries, said Europe was very interested in green growth and sustainable development and the Forum was an opportunity for Vietnam to strengthen its opportunities in cooperation with the European Union. Through dialogues, governments and businesses can jointly find solutions for sustainable growth, he said.

In the context that a series of problems are threatening climate change, how to both develop the economy and protect the environment is very important, according to the EU commissioner. "The private sector will be a key in this transformation. No country can achieve its goals alone. We hope EU businesses will also support Vietnam to reach out to this process,” he said.

Speaking at the Forum, Prime Minister Pham Minh Chinh said that Vietnam is one of the five countries that are greatly affected by climate change. Therefore, combating climate change and green development is an objective inquiry for Vietnam, for the goal of bringing prosperity, well-being and happiness to the people. "Fighting climate change and achieving green development are not the jobs of one country, but of the whole world. No country is left out, so it is necessary to call for global solidarity and uphold multilateralism."

Vietnam has approved a National Green Growth Strategy for the 2021-2030 period, with a vision to 2050. In green development and climate change, the country has made strong commitments such as reducing the net emissions to zero by mid-century, reducing global methane emissions by 2030, joining the Glasgow declaration on forests and land use and joining the global declaration on transitioning coal power into clean energy.

PM Chinh emphasized: “Fighting climate change, achieving green development, circular and digital economy have an impact on the whole country, so we need to cooperate with people as the center and major subject. All policies must be for people. And people must participate in building policies and their implementation in the spirit of 'People know, people discuss, people do, people monitor, people monitor and people benefit'.

PM Chinh also said that Vietnam is developing two big goals: it is striving to become a developing country by 2030 with modern industry and high average income and by 2045, it will become a developed country with high income.

"To do this, Vietnam focuses on three pillars. The first is to build a socialist democracy. The second is to build a socialist and legislative country of which the State is of the people, by the people and for the people. The third is to build a market economy with socialist orientation. Throughout these three pillars, Vietnam always recognizes people as the goal and motivation for development. Therefore, it does not sacrifice progress, social justice, and environment to pursue growth," according to the PM."Vietnam will continue to improve the investment environment, reduce business input costs, encourage investment in green economy, digital transformation and circular economy, to bring benefits to people, especially those with disadvantages living in remote, border and island areas."

The Prime Minister highly appreciated European countries' cooperation with Vietnam in recent times and expressed his wish that the European Union, European financial institutions and businesses continue to support Vietnam in advanced technology, innovation, green and cheap capital, human resource training, advanced management, sustainable development and perfect modern management institutions.