Hanoi (VNA) ꧅- With strengths in capital, technology, management, networking, and markets, foreign direct investment (FDI) enterprises play a pioneering role in accompanying domestic enterprises in implementing green growth strategies, Minister of Planning and Investment Nguyen Chi Dung has stressed.

Addressing the Vietnam Business Forum (VBF) 2024, Minister Dung said green growth is not only an inevitable choice but also an opportunity for Vietnam to become a pioneer country in the region, catching up with the world's development trends.

Great opportunity for green growth

According to Minister Dung, economic recovery and development towards green and sustainable growth is the top priority and goal that every country is aiming for, along with economic prosperity, environmental sustainability, and social justice. The official said that the Prime Minister has approved the National Strategy on Green Growth for the 2021-2030 period, with a vision towards 2050. The strategy identifies green growth as an important solution to promote economic restructuring associated with innovating growth models, improving competitiveness, and directly contributing to reducing greenhouse gas emissions and a long-term carbon neutral economy. According to him, green growth must take people as the centre, and rely on modern institutions and governance, advanced science and technology, high-quality human resources, investment orientation in advanced technology, digital transformation and smart and sustainable infrastructure. He said that the business community was identified as a central factor, playing an important role in this scheme. FDI enterprises must play a pioneering and leading role, and accompanydomestic enterprises in implementing green growth strategies, he said. In recent years, the business community has undertaken many practical actions to contribute to implementing green growth goals. These include clean energy and environmentally friendly materials, investing in modern production lines with high technology, using fewer resources, minimising emissions, and implementing environment, society, and governance (ESG) protocols, Dung said. With its potential and geo-economic position in the global supply chain, Vietnam boasts a huge opportunity in green growth to leap forward in socioeconomic and environmental development, the minister said. The green growth orientation is the "key" to ensure the successful implementation of goals set in the Socioeconomic Development Strategy in 2021-2030, he noted. The event’s theme demonstrates the strong determination of the Government, as well as the special role of the business community, especially FDI firms, in green growth. This helps realise the strategic goals of reducing greenhouse gas emissions and promoting the green transition processand leaving no one behind, Minister Dung said.

Ensuring “health” of planet

Thomas Jacobs, country manager of the International Finance Corporation (IFC) for the Mekong region covering Vietnam, Cambodia, and Laos, emphasised that if there is no change soon, Vietnam will have to take swift action to increase climate resilience. It will also have to reduce carbon emissions, and shift the economy towards sustainability to achieve the nation's ambitious goals – a developed economy by 2045 and net-zero emissions by 2050. Meanwhile, the financial sources to achieve the above goal is huge, estimated at nearly 7% of Vietnam’s GDP each year, totaling 368 billion USD by 2040 alone. Half of this money will be provided by the private sector, he noted. Thomas underlined the importance of FDI flows for supporting strategies toward green trends, noting that FDI brings technology, ideas, and capital necessary for Vietnam's green transformation. More specifically, Nitin Kapoor, co-chair of the VBF Alliance and President and General Director of AstraZeneca Vietnam, emphasised that green growth is to ensure the health of the planet, the wellbeing of the community, and building more sustainable businesses. Vietnam needs to build a legal system with strong, reliable, and sustainable policies, good infrastructure, and a high-quality workforce, which are necessary for smooth operations and continued investment attraction. According to Kapoor, foreign investors wish to develop their business in a way that puts the world in a better place, paying attention to how we influence the planet and people,aiming for equality, and thinking about the future. Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI and co-chair of the VBF Alliancestressed that Vietnam's net zero emissions target by 2050 demonstrates the great political commitment and determination of the Vietnamese Government. The goal isto transform theeconomy, contributing to solving the global challenge of climate change. VBF offers a chance for the FDI and domestic business community to propose solutions to realise this goal, he went on./.