Green growth an inevitable trend for Vietnam: PM

European firms plan to invest billions of US dollars into Vietnam's renewables industry, including wind projects.

Green growth and climate change response are inevitable trends for Vietnam amid efforts to realize the net-zero goal by 2050.

Vietnam’s Prime Minister Pham Minh Chinh at the event takes place on November 28. Source: VGP

"This is particularly important as Vietnam is among the five most vulnerable countries to climate change," Prime Minister Pham Minh Chinh stressed the goal at the Green Economy Forum & Exhibition 2022 (GEFE 2022) held today [November 28] by EuroCham Vietnam.

Under this context, Vietnam has approved a national strategy for green growth in the 2021-2030 period, with a vision for 2050.

Chinh reiterated Vietnam's commitment to sustainable growth and not sacrificing the environment for pure economic benefits.

Proof of this is that Vietnam and 150 other countries have joined efforts to ensure zero net carbon emission by 2050; reduce methane emission by 2030; participate in the Glasgow Leaders’ Declaration on Forests and Land Use, the Global Coal to Clean Energy Transition Declaration and the Adaptation Action Coalition.

Overview of the event.

Chinh, however, said climate change response and green growth are not the responsibility of one country but a joint effort of the international community, requiring the common endeavor of countries around the world and multilateralism in addressing global challenges.

In this process, Chinh expected every policy should be people-oriented and for the benefit of the people.

The prime minister noted Vietnam would continue to foster the three pillars, including a socialist democracy, a socialist rule of law, and a socialist-oriented economy. Of which, the people are the center, beneficiary, driving force, and major source for development, he added.

He added Vietnam is pushing for the signing of the EU-Vietnam Investment Protection Agreement (EVIPA), which aims at further facilitating investment from two sides; establishing the Just Energy Transition Partnership (JETP) between Vietnam and G7 based on mutual benefits, fairness, and justice.

To further create favorable conditions for foreign investors, especially those from Europe, Chinh stressed the Government's commitment to further improving the business environment, promoting green growth, digitalization, and a circular economy.

"Priorities for the Government continue to be political stability, public order, diversification of supply chains and market, and promoting public-private partnership," he said.

Chinh added investment in Vietnam is not only for economic benefits, but also for human development, and the Vietnam-Europe friendship, expecting European partners to support Vietnam with cheap, green capital and modern technologies for mutual benefits.

Delegates at the launch of the Green Economic Exhibition with the participation of 20 European green industrial corporations.

European investors to pour billions of dollars into Vietnam

Under the framework of the GEFE 2022, Prime Minister Pham Minh Chinh held meetings with leaders of major European corporations on the same day, including Equinor, CIP, Mainstream, Vestas, Airbus, HSBC, Suez, Siemens Gamesa, or Schneider.

At the meeting, Chinh thanked the European companies in Vietnam for their support and sharing during the Covid-19 pandemic.

In addition to economic aspects, Chinh highlighted the companies’ interest in promoting green growth, environmental protection, and community support.

"Vietnam expects to receive further assistance from international partners in preferential loans, technologies,  human resources training, and a green transition," Chinh said.

According to Chinh, the Government is committed to creating favorable conditions for EuroCham and its members to invest in priority fields in Vietnam, especially in hi-tech, environmental protection, and renewables.

At the meeting, representatives of European firms suggested Vietnam has huge potential in renewables and said they plan to invest billions of US dollars in wind projects in the country.

They added a council has been established with members from major firms and focuses on setting up a green and responsible global supply chain.

On this occasion, Chinh attended the Green Economic Exhibition in a display area of 6,000 square meters gathering 20 European green industrial corporations.