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Vietnam’s green economy expected to reach 300 billion USD by 2050

Vietnam has set a target of increasing its green economy's contribution to GDP from 6.7 billion USD in 2020 to 300 billion USD by 2050, which requires drastic and breakthrough steps, Minister of Planning and Investment Nguyen Chi Dung has said.
Vietnam’s green economy expected to reach 300 billion USD by 2050 ảnh 1Illustrative photo (Photo: congthuong.vn)

Hanoi (VNA) –Vietnam has set a target of increasing its green economy's contribution to GDP from 6.7 billion USD in2020 to 300 billion USD by 2050, which requires drastic and breakthrough steps,Minister of Planning and Investment Nguyen Chi Dung has said.

Speaking at a conference“Promoting green growth in Vietnam: Roadmap to Success” held in Hanoi on April18, green growth is increasingly becoming the top priority of economies in theworld’s complex, unpredictable fluctuations and intertwined challenges.

For Vietnam, greengrowth towards economic prosperity, environmental sustainability, and socialjustice is not only an inevitable choice but also an opportunity to become apioneer in the region.

It also helps Vietnam tocatch up with the world’s development trend and realise its landmark historiccommitment to achieve net-zero emissions by 2050.

The ministry as thenational coordinator for green growth, advised the Prime Minister to issue theNational Strategy on Green Growth in the 2021-2030 period, with a vision to2050 and the National Action Plan on Green Growth for the period of 2021-2030.

Vietnam identifies greengrowth as a long-term option to ensure balance and harmonise the goal ofreducing total greenhouse gas emissions and the development and the growing size ofits economy, Dung said.

Preliminary researchresults of Boston Consulting Group (BCG) showed that to accelerate green growth,the transition of the wind and solar power industries alone can contribute70-80 billion USD to GDP and directly create about 90,000-105,000 jobs.

In addition, the cleanhydrogen ecosystem based on renewable energy has the potential to contributefrom 40-45 billion USD to GDP annually, create about 40,000-50,000 jobs, andbenefit both the domestic market and export potential to developed countries inthe world.

Vietnam’s green economy expected to reach 300 billion USD by 2050 ảnh 2Overview of the conference. (Photo: VNA)

At the conference, BCGGeneral Director Jaime Ruiz-Cabrero put forth four key recommendations for Vietnam, including the need to perfect the green strategic institutions and step up the buildingof the legal framework; strengthening the construction of a stable greenfinancial system, helping to reduce investment capital costs; develop the gridinfrastructure system, create a foundation for the development of clean andrenewable energy sources; and accelerate the development of clean hydrogenecosystems.

BCG’s research resultsalso showed that Vietnam, with its potential and geo-economic position in theglobal supply chain, is boasting a great opportunity to transform, catch up, andtake shortcuts and be ready for a leap in economic, social, and environmentaldevelopment./.

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