Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. (Photo: VietnamPlus)
Hanoi (VNA) - Green growth and sustainable development have been identified as one of the focuses in the development policies of many countries around the world in recent years and Vietnam was one among the pioneers in the region to approach a green growth model.
The statement was made by Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc at the Vietnam Business Forum 2023 (VBF) on March 17 in Hanoi.
The annual forum, themed “Business Community in Partnership with Government of Vietnam in Fostering Green Growth”, was co-organised by the Ministry of Planning and Investment and the World Bank Group’s International Finance Corporation (IFC). It serves as an uninterrupted and close dialogue mechanism between the Government and the domestic and foreign business communities to improve business conditions to promote the development of the domestic private sector and facilitate the investment environment, thus contributing to Vietnam's sustainable economic growth
Inevitable trend
As early as 2012, the Government issued the National Strategy on Green Growth for the 2011-2020 period, with a vision to 2050. The National Assembly also issued, supplemented, and amended a number of laws relating to green growth, according to Ngoc.
Reaffirming the importance of green growth, she revealed that her ministry had advised the Prime Minister to issue the National Strategy on Green Growth for 2021-2030 period, with a vision to 2050, and the National Action Plan on Green Growth for the 2021-30 period, toward a green, carbon neutral economy, contributing to limiting global warming.
Stressing that switching to green economy is an inevitable trend and an important growth driver in the long term, Ngoc said Vietnam is actively implementing a roadmap to amend the legal framework in order to raise green finance, green technology and green investment, and encourage the green transition toward a circular, low-carbon economy.
Green development and green transition is an inevitable trend (Photo: VietnamPlus)
The Government of Vietnam always affirmed the important role of the business community in achieving the goals of green economy and sustainable growth, Ngoc went on.
According to John Rockhold, head of the VBF’s Power and Energy Working Group, Vietnam is no exception in the energy transition trend. The energy transition in Vietnam goes hand in hand with the rapid growth of the economy, urbanisation and industrialisation.
It also brings job opportunities and this trend will create necessary conditions for the development of renewable energy, he noted.
Michael Digregorio, a representative of environment working group, said that in recent years, the private sector has increased the application of green growth and circular economy principles in its development strategies and plans.
According to him, the impetus for this comes from three main factors, including addressing climate change, consumer demand for products and services, and government regulations.
Illustrative image. (Photo: VietnamPlus)
The environment working group believes that a new approach in environmental protection is needed because waste collection and treatment is only a small step in the roadmap to implement sustainable development. Thus, it’s time to study regulations that enterprises must meet a certain recycling rate, he said.
Digregorio also made suggestions related to extended liability of manufacturers such as methods for estimating recycling rates and contributions to the extended liability fund of manufacturers.
It is better to use part of this fund to upgrade facilities for existing recycling establishments, he added.
At the conference, representatives of working groups made many suggestions regarding the building of institutions and policies as well as difficulties faced by enterprises to seek solutions to support them in recovering and stabilising production and business./.
