Vietnam is ready to join the EU in promoting green growth initiatives

Vietnam is determined to build a green, sustainable economy

On October 21, in Ho Chi Minh City, EuroCham Vietnam coordinated with the Ministry of Industry and Trade to organize the Green Economy Forum & Exhibition 2024 (GEFE 2024) with the theme "Creating a Green Future."

According to Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son, green economic development is still an inevitable trend, an objective and strategic choice of countries, and hope for future generations. .

To create a green future, it is necessary to have green thinking and vision combined with green actions, in which green technology, green energy, and green lifestyle are very important.

"Vietnam advocates not sacrificing social progress and justice and the environment to pursue green economic growth. We have set an overall goal and identified that green growth contributes to promoting economic restructuring associated with innovating growth models to achieve economic prosperity, environmental sustainability, and social justice, aiming for a green, carbon-neutral economy and contributing to the goal of reducing global temperature increase," affirmed Deputy Prime Minister Bui Thanh Son.

The Deputy Prime Minister added that Vietnam is synchronously implementing five groups of solutions and has achieved positive results in many aspects. In particular, the Government has issued policies to respond to climate change, reduce emissions, convert energy, and implement carbon-neutral commitments, typically such as the plan to implement the National Power Development Planning 8; Vietnam's Hydrogen Energy Development Strategy; the Sustainable Development Project of One Million Hectares Specializing in High-Quality, Low-Emission Rice Cultivation; a set of statistical indicators for green, sustainable growth, etc.

Vietnam promulgates a direct electricity trading mechanism between renewable energy generators and large electricity users. It is expected to pilot a carbon credit trading floor in 2025.

In just a short time, the Government has removed difficulties and accelerated progress to implement 16 sustainable development projects with a total loan capital of about USD 2.5 million. Besides, support businesses to convert production to meet new standards, green standards, carbon emission standards, and environmental and social governance standards.

"With the wish to join hands with the international community in promoting the global greening process, even though it is a developing country with limited resources and is receiving aid investment, in April 2025, Vietnam will host the Partnering for Green Growth and the Global Goals 2030 (P4G) Summit," the Deputy Prime Minister said and also affirmed that the pioneering efforts of the European Union (EU) in building a green European and global economy through important initiatives are the driving force and valuable experience for Vietnam to pursue the goal of a green, sustainable, and carbon-neutral economy by 2050.

Deputy Prime Minister Bui Thanh Son said that Vietnam continues to promote bilateral relations with the EU and EU member countries. Of which, economic development, especially the green economy, is one of the breakthroughs in promoting sustainable trade and developing green supply chains.

At the same time, it is proposed that the EU soon ratify the Vietnam-EU Investment Protection Agreement to develop bilateral cooperation commensurate with the potential and wishes of both sides. Research and implement a number of lighthouse cooperation projects to promote the model of public-private cooperation and multi-party cooperation on green transformation on the basis of maximizing the comparative advantages of each party.

Deputy Minister of Industry and Trade Phan Thi Thang proposed that the Vietnamese and EU business communities continue to expand cooperation to connect investment, trade, and technology transfer towards green growth and meeting new global standards.

Vietnam hopes to continue to receive support from the EU in finance, technology, and human resource training. Recommend EU member countries to share experiences to develop the carbon certificate market, connect with the international market, and deploy green hydrogen projects.

"We are ready to join the EU in promoting green growth initiatives through sharing experiences and stories about promoting low-emission agricultural development, green energy transformation, and developing green hydrogen renewable energy; promoting implementation before becoming a model cooperation model and a bridge to promote EU-ASEAN further development.

It is recommended that the EU continue to maintain ODA for Vietnam, focusing on urgent areas for Vietnam today such as strengthening public administration capacity, the green economy, the digital economy, and the circular economy.

The two sides strengthen exchanges and support each other, creating multilateral mechanisms on green growth, digital transformation, energy transformation, and other fields," Deputy Prime Minister Bui Thanh Son said and suggested EU businesses consider increasing investment in establishing research centers in Vietnam in new fields such as green renewable energy, green infrastructure, digital transformation, smart agriculture, and low-emission industry.

Vietnam is a key factor in promoting the comprehensive cooperation strategy between the EU and ASEAN

Vice President of the European Commission (EC) Margaritis Schinas emphasized that the EU considers Vietnam not only an important trading partner but also a key factor in promoting the comprehensive cooperation strategy between the EU and ASEAN.

"Vietnam is a typical example of strategic cooperation, and green growth is the focus of this cooperative relationship. Events like GEFE 2024 play an important role in turning common goals into reality," the Vice President of the EC affirmed.

Mr. Bruno Jaspaert, President of EuroCham, said that GEFE 2024 demonstrates the common determination of Vietnam and the EU in promoting sustainable development. "The participation of senior leaders and business experts affirms that together we are turning words into actions, building a green future for future generations," said the President of EuroCham.

GEFE takes place from October 21-23, gathering more than 1,500 CEOs and global policymakers committed to creating a green future. The event is a place for dialogue and a bridge between innovation, policy, and sustainable development, helping to tighten the relationship between Europe, Vietnam, and ASEAN. These efforts will create the foundation for a green future where economic growth is associated with environmental responsibility.