Int’l conference discusses green finance for sustainable development

Hanoi - An international conference was held in Hanoi on November 25 to seek the enhancement of cooperation with global investment institutions to mobilise green finance for State-owned enterprise (SoE) restructuring and sustainable development.

A wind and solar power project in Thuan Bac district, Ninh Thuan province (Illusstrative photo: VNA)

Pointing out changes in the global economy and emerging trends like digital transformation, green transition, and the re-shaping of supply and production chains, Minister of Foreign Affairs Bui Thanh Son said it is of great necessity to establish equal partnerships, public - private partnerships, and multi-party partnerships to work towards sustainable development.

Multilateral development banks, development partners, multinationals, and global funds are playing an increasingly important role in providing green investment, green finance, and technological and human resources for development, he noted, adding that effectively mobilising external resources to be combined with domestic ones to boost sustainable socio-economic development is a target and also an urgent need of the Vietnamese Government.

Aside from foreign direct investment, the country is also stepping up the attraction of green finance and capital from investment funds to help accelerate economic restructuring, a focus of which is SoE restructuring, and capitalise on new driving forces for green transition and green growth.

Vietnam owns sufficient factors of a promising destination for green and sustainable investment and capital sources, the official went on, highlighting stable economic recovery after the COVID-19 pandemic; an increasingly favourable investment and business climate with a young, creative, and highly adaptable workforce; and an economy extensively and substantively integrating into the regional and global economies.

At the event, participants suggested some policies for Vietnam to attract finance for sustainable development, introduced good practices in the public investment fund management connected with the SoE restructuring, and presented experiences in utilising public - private resources for green transition.

The conference was held by the Ministry of Foreign Affairs, the Committee for the Management of State Capital at Enterprises, and the State Capital Investment Corporation.