Approximately 30 billion USD are required in order to implement the national Green Growth Strategy by 2020, according to an official from Vietnam’s Ministry of Planning and Investment (MPI).

In addition, it is necessary to revise the policy framework for green growth and mobilise financial resources, Dr Pham Hoang Mai, Director of MPI’s Department of Science, Education, Natural Resources and the Environment, said.

Vietnam should also study the experiences of other countries and call for the involvement of the private sector in infrastructure development and renewable energy generation, he said at a conference on sustainable green production in the Mekong Delta province Soc Trang on November 7 as part of the Mekong Delta Economic Cooperation (MDEC) Forum 2014.

Meanwhile, MPI Deputy Minister Nguyen Van Hieu said moving towards a green economy had the potential to reduce poverty and improve people’s living conditions, two key discussion points during MDEC 2014.

Participants agreed that green growth needed to go hand-in-hand with the sustainable use and preservation of natural resources, the reduction of greenhouse gas emissions, and the improvement of the quality of the environment.

They also debated strategies to encourage economic growth and adapt to a rising sea level in Vietnam and the Mekong Delta region in particular.

The current status of agriculture in the Mekong Delta region, as well as opportunities and challenges for the sector, were also under discussion, along with measures to enhance the capacity of farmers to assess and manage risks and mobilise investments in the sector.

According to MPI’s strategy on sustainable development and green growth for the 2011-20 period with a view to 2030, Vietnam will focus on saving energy and ensuring environmentally-friendly growth.

The strategy contains a number of objectives: By 2020, high-tech products should account for 45 percent of GDP by 2020; forest coverage should be increased to 45 percent; and 80 percent of manufacturing facilities should meet environmental standards.-VNA