Government and enterprises outline efforts to implement green growth strategies at VBF 2024

Prime Minister Pham Minh Chinh chairing the VBF 2024. Photo: VGP

Speaking at the opening of the event, Minister of Planning and Investment Nguyen Chi Dung said that 2023 had been a year of many challenges, with the global context changing rapidly and unpredictably. Despite this, Vietnam's economy still achieved encouraging results in many industries and fields, continuing to be an economic bright spot in the region and the world, and recognised by the international community.

"The achievements of Vietnam's economy in recent years have been contributed to by foreign-invested enterprises (FIEs), which is an important growth component that be encouraged and facilitated for long-term development and healthy competition with other economic sectors," Dung emphasised.

An increasing number of new trends are developing around the world, and green growth is one of them that has become an indispensable factor of sustainable development.

Recognising the importance of green growth, the National Strategy on Green Growth for the 2021-2030 period, with vision 2050, has been approved. "In this process, the business community was identified as a central factor playing an important role. With strengths in capital, technology, management, networks, and markets, foreign-invested enterprises must play a pioneering role, leading and accompanying domestic enterprises in implementing the National Strategy on Green Growth," Dung emphasised.

The business community has taken action to contribute to the goal of green growth such as using clean energy and environmentally friendly materials, investing in modern production lines and technologies, using less resources and energy, and minimising emissions.

The theme "FDI enterprises pioneer in implementing green growth strategies" for VBF 2024 demonstrates the government's determination as well as the important role of the business community in implementing green growth, especially FIEs.

They are on track to realise the strategic goals of cutting greenhouse gas (GHG) emissions, greening economic sectors, and promoting the green transition process on the principles of inclusion, equality, and co-benefits, improving resilience and leaving no one behind.

Nitin Kapoor, co-chair of the VBF Alliance, emphasised that since the pandemic, businesses have been accelerating and Vietnam has been recognised as one of the fastest growing economies in the world.

"The theme of green growth is to ensure the health of the planet, the wellbeing of the community, and building more sustainable businesses," Kapoor said, adding that the world has become an incredibly competitive environment marked by trade, geographic division and geopolitical tensions.

It is necessary to build a legal system with strong, reliable and sustainable policies, good infrastructure, and a high-quality workforce, which are necessary for smooth operations and continued investment attraction in Vietnam.

"Our goal is simple, yet requires courage. We want to develop our business in a way that puts the world in a better place, paying attention to how we influence the planet and people. It's about equality and thinking about the future. Experts will at this forum will share their thoughts and how they see us moving forward, and which support is needed from the government and international organisations to promote green growth in Vietnam," Kapoor emphasised.

Representing the voice of the Vietnamese business community Pham Tan Cong, chairman of the Vietnam Confederation of Commerce and Industry (VCCI), said that Vietnam's economic achievements take on new meaning in the context of the general difficulties the world faced in 2023.

"Another important mark for Vietnam in foreign affairs is that it has upgraded its relations with the United States, China, Japan and recently Australia, which are all major powers and important global markets. Vietnam continues to affirm itself as an attractive and safe destination for investors," Cong highlighted.

The year 2024 has been identified by the government as a year of acceleration and breakthroughs so it can successfully implement its five-year socioeconomic development plan for 2021-2025. The government identified the year's theme as "Disciplined responsibility; timely initiative; accelerated innovation; sustainable efficiency", and introduced six key operating directions and 12 crucial tasks that include promoting green growth.

At COP 26, PM Chinh made an important announcement about Vietnam's goal of achieving net-zero emissions by 2050, which demonstrates strong political commitment by the government of Vietnam to promote economic transformation, contributing to solving major global challenges such as climate change and environmental protection.

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