Green development and trade opportunities it can bring to Vietnam were the focus of a workshop held in Hanoi on May 27.

Deputy Chief of the Office of the National Committee for International Economic Cooperation, Trinh Minh Anh, said green growth and developed environmental industries will support export by helping products meet strict requirements of importers worldwide.

He pointed to the fact that most Vietnamese businesses have yet to meet environment-related requirements due to weak financial capacity and outdated technology.

He went on to note that the Government should concentrate on research efforts to establish the national criteria for eco-products and environmental services.

According to Nguyen Huy Hoan, deputy head of the Industry and Trade Ministry's Science and Technology Department, the industry and trade sector aims to reduce greenhouse gas emission by up to 10 percent in 2020 compared to 2010 level.

He said this year, the ministry will calculate and set targets on emission and energy consumption reduction for the electricity, chemical fertilizer and steel industries. The ministry will then build the targets for other industries including oil refinery, paper, industrial ceramics, drinks and textiles and garment during the next two years.

The Ministry of Planning and Investment reported that Vietnam will need approximately 30 billion USD to implement its green growth strategy but the State budget can only fulfil about 30 percent of the estimated sum.

In a bid to address the financial shortage issue, Nguyen Tuan Anh, deputy head of the Department of Science, Education, Natural Resources and Environment under the Ministry of Planning and Investment, proposed building a legal framework, boosting the engagement of the private sector and launching pilot green models.

The economic community should enhance their awareness about green production and switch to suitable technology, given the growing demand for eco-products in both domestic and foreign markets, he stated.

The Institute for Trade Studies & Research in collaboration with the European Trade Policy and Investment Support Project (EU-MUTRAP) organised the workshop.-VNA