Cop26

Duyen Hai Thermal Power Plant in the southern province of Tra Vinh. — VNA/VNS Photo Viet Nam energy sector's assets face high risk due to climate change and the country's commitment to a shift towards greener energy and economic structure in accordance with the 26th UN Climate Change Conference of the Parties (COP26), according to economists and industry experts. Dr Vu Sy Cuong from the Vietnam Academy of Finance said climate change will likely have a significant impact on Viet Nam's energy sector, especially its thermal power plants. Higher temperatures tend to decrease the plant's power generation efficiency while increasing water temperatures can have adverse effects on their cooling systems. Commitments to reducing the country's carbon footprint will also affect Viet Nam's numerous coal-fired power plants. Fueling such power plants will likely run into a host of problems in the future as coal mining in the northern province of Quang Ninh and in the Red River Delta region … [Read more...] about Sector’s assets risk being stranded by climate change and energy shift

NA Vice Chairman Nguyen Khac Dinh addresses the 10th Nevsky International Ecological Congress in St. Petersburg (Photo: VNA) Moscow (VNA) - Parliaments should review and complete their national legal framework to create optimal conditions for the building and implementation of economic transition policies towards green, circular economy to match the sustainable development goals and international commitments on climate change, environmental protection and biodiversity preservation, National Assembly (NA) Vice Chairman Nguyen Khac Dinh has stated. Dinh made the statement at the 10th Nevsky International Ecological Congress held in St. Petersburg in Russia, with the theme "Ecology: A Right, Not a Privilege," which drew nearly 1,500 delegates from 52 countries and territories. Lauding the theme of the congress, the Vietnamese representative said that Vietnam always puts the people at the centre and considers the people as the most important motivation and highest target … [Read more...] about Parliaments should play stronger role in protecting environment for sustainable development: NA Vice Chairman

Deputy Prime Minister Tran Hong Ha speaks at the meeting. (Photo: VNA) Hanoi (VNA) – The national steering committee for green growth should work out specific solutions to realise green growth targets based on the country’s socio-economic conditions, Deputy Prime Minister and head of the committee Tran Hong Ha said at the committee’s first meeting on May 30. The Deputy PM required the committee to update green growth-related statistics and targets since the COP26 , and study experiences of countries in implementing green growth strategies with a view to draw out lessons for Vietnam. He underlined the need to identify a number of pilot projects in priority fields such as legal framework, science-technology, education-training and digital transformation, which will serve as the foundation for green growth in sectors with large emissions like  agriculture or transport. He also instructed that ministries and sectors urgently build sets of tools and binding … [Read more...] about Steering committee seeks solutions to realise green growth targets

Prime Minister Pham Minh Chinh made very strong commitments at COP26, affirming Vietnam's desire to achieve economic prosperity, environmental sustainability, and social justice. The Prime Minister also committed in COP 26 that by 2050, greenhouse gas emissions will be reduced to zero. Therefore, he said green growth would be the top goal in the following years. As much as USD 9 billion has been invested in green growth from the business community, including the Foreign Director Investment (FDI) sector. These projects mainly focus on green development, renewable energy or equipment for the green economy. Nguyen Anh Tuan, deputy director of the Foreign Investment Department, Ministry of Planning and Investment, said that this figure accounts for about 2% of Vietnam’s GDP, and the average growth of this investment during the past two years has been quite high, at 10-13%, which is a very good sign. The deputy director said that green growth and sustainable development are … [Read more...] about Business community strives toward green growth

As up to 22.5 percent of foreign direct investment (FDI) enterprises in Vietnam have a modest charter capital average of VND1-3 billion (US$42,602-127,806) each, the selection of FDI once again makes headlines and local economic experts agree that the country should attract such investment in sectors that it wants to develop. It is not easy to choose FDI projects based on the criteria of capital or technology, economists said. Vietnam should work out strategies to woo FDI in desired sectors and should not pay much attention to how much the investment is, said Dr. Pham Hung Tien, deputy director of the Friedrich Naumann Foundation in Vietnam. Amid the digital transformation, e-commerce enterprises with small capital can still get involved in certain segments. Therefore, the country needs to take the initiative in attracting FDI, Tien stressed. “We should say no to some FDI projects based on Vietnam’s commitment to net-zero carbon emissions by 2050 at COP26 [in the UK in 2021] … [Read more...] about Vietnam should attract FDI for sectors in need: experts

Vietnamese dairy giant Vinamilk had its first dairy factory and farm, which are located in Nghe An Province, north-central Vietnam, certified carbon-neutral according to the PAS 2060 standard. PAS 2060 is the internationally recognized specification for carbon neutrality published by the British Standards Institution. The certification was part of a ceremony to launch the dairy firm’s pathway to dairy net zero 2050 in the province last week. Besides, the certification made Vinamilk Vietnam’s first dairy company running both a dairy farm and a dairy factory meeting the PAS 2060 standards. The event marked a key milestone for the firm’s pioneer journey toward sustainable development. Nguyen Hanh Phuc, chairman of Vinamilk, delivers a speech at the launch ceremony on May 26, 2023. Photo: Doan Hoa / Tuoi Tre Vinamilk is expected to fuel the central government’s commitment to achieving net zero emissions by 2050 at the COP26 Summit in the United Kingdom in 2021, … [Read more...] about Vinamilk dairy facilities certified carbon-neutral