Green transition creates opportunities for Vietnam’s export: forum

HCM City (VNA) – Transition to a green economy and green growth is not only an inevitable option but also an opportunity for Vietnam to become a pioneer in the region and keep up with the global development trend, helping implement the national green growth strategy for 2021 - 2023 and the COP26 commitments.

So said Minister of Industry and Trade Nguyen Hong Dien at a green export promotion forum held by the ministry and the European Chamber of Commerce in Vietnam (EuroCham) in Ho Chi Minh City on November 28.

To make the transition, Vietnam has created a number of policies, mechanisms, and conditions for the development of a green, circular, and environmentally friendly economy. Many sectors and enterprises have also been striving to transform their operations, increasing equipment investment, developing personnel, and boosting digital transformation and green transition to adapt to new development conditions, he noted.

Vietnam is currently one of the 20 leading economies in terms of international trade, with this year’s total foreign trade expected at about 750 billion USD, up 16% from a year earlier, statistics show.

Truong Dinh Hoe, Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the adoption of a green export strategy will help improve foreign buyers’ preference for products of a business, build up enterprises’ reputation in the market, and create a distinctive competitive edge for firms.

Bartosz Cieleszynski, deputy head for trade affairs at EuroCham Vietnam, emphasised that trade in green technology and sustaintable products has become a popular trend in developed countries. Green export, more precisely the export of products with low carbon footprints or environmentally friendly products, is a promising path for the countries wishing to separate economic growth from environmental degradation.

However, Dien also pointed out certain difficulties and challenges to the transition to a green economy and green export, of which the biggest is how to shift from a natural resource-based growth model to the one of green consumption, green lifestyle, and sustainable development.

Investing in green transition is a challenge to enterprises since it requires much capital and high technology. Initial costs of green consumption will also be higher than the average. However, greater effectiveness and benefits will be generated for people and businesses in the long term, he went on.

The minister added to secure fast and sustainable development for foreign trade, it is necessary to devise support mechanisms and policies while creating conditions for sectors and enterprises to step up transition to green production, business, and export so as to improve their competitiveness and meet growing standards in global trade.

Cieleszynski recommended Vietnamese producers and exporters get used to consumers’ choices and meet their expectations by supplying high-quality, green, and environmentally products and services.

The world is changing fast, and once voluntary practices turn into compulsory standards, competition in the market will become highly fierce. That’s why sustainable development demand needs to be fully satisfied in Vietnam - EU trade relations, as well as global trade ties, he said./.