Illustrative image (Source: VNA)

HCM City (VNA)
– Promoting investment in green growth was the focus of a forum on sustainable finance in Ho Chi Minh City on May 28.

Participants at the event, who included experts from management agencies like the Ministry of Planning and Investment, the State Bank and the State Securities Commissions, commercials banks and international and domestic investment funds, discussed measures to push the implementation of green growth strategy targets.

They also looked for ways to mobilise investment capital for climate change adaptation projects as Vietnam is facing increasing challenges from climate change.

The International Financial Corporation (IFC) forecasted that from now until 2030, investment in climate-related projects in Vietnam could amount to 753 billion USD, including 59 billion USD in renewable energy and 80 billion USD in green works.

Experts said that investment flow and funding from the private economic sector has a crucial role in sustainable development strategy. Therefore, it is necessary to create favourable policies to access green growth funds from this sector.

Secretary General of the Vietnam Banks Association Nguyen Toan Thang said that credit institutions should make more efforts to implement international practices on sustainable development. This will help to effectively manage environmental, social, and governance risks in credit operations, as well as develop financial products.

Kyle Kelhofer, IFC country manager for Vietnam, Laos, and Cambodia, said IFC is closely coordinating with management agencies and financial institutions to help create a market for climate business in Vietnam, as well as in the entire Southeast Asian region.

At the forum, experts also discussed the role of the banking sector in realising national sustainable development goals, as well as policy initiatives and market solutions to promote investment and funds for sustainable development.–VNA