Vietnam embraces green growth in its sustainable development strategy for 2023

At the Sustainable Development 2023 conference that was organised by VIR on November 16 at the Pullman Hanoi, a convergence of national and international experts, policymakers, and business leaders discussed the theme Taking Responsibility, Taking Action.

In his speech at the conference, Deputy Minister of Planning and Investment Tran Quoc Phuong emphasised the global trend towards sustainable development.

"The digital economy, circular economy, and green growth are increasingly becoming the chosen development models globally. Sci-tech and innovation are becoming decisive factors in each country's competitive ability," DM Phuong stated.

Focusing on Vietnam's ten-year Socioeconomic Development Strategy for 2021-2030, the conference reflected the nation's aspiration for a sustainable economy.

However, Phuong highlighted the upcoming challenges, "The global economy is expected to change rapidly with complex developments. Domestically, economic growth confronts challenges including urbanisation pressures, environmental pollution, sustainable resource usage, and the escalating severity of natural disasters and climate change."

Resource mobilisation for future needs, especially in the post-pandemic context, is expected to be challenging.

"Compared to before the pandemic hit, the national budget revenue to GDP ratio has shown a declining trend. Post-2010, as Vietnam entered the lower-middle-income group, the official development assistance significantly reduced. The domestic private sector's role in driving economic growth and sustainable development has not met our expectations," he added.

In this challenging environment, achieving green growth and sustainable development is seen as both a challenge and an opportunity for the business community and its investors.

Deputy Minister Phuong proposed key solutions from the Ministry of Planning and Investment on the national focal point for green growth.

"To drive and transform the implementation of the sustainable development goals, we need to improve and enhance the quality of our socialist-oriented market economy institutions and strengthen the effectiveness and efficiency of policy implementation through public administrative reform," he explained.

Further emphasising the need for continuous investment in human resources, sci-tech, innovation, and the completion of modern and synchronised economic and social infrastructure systems, Phuong stressed, "These are essential to enhance productivity and promote sustainable economic growth."

Other focus areas include macroeconomic stability, post-COVID recovery support, the efficient mobilisation and use of financial resources for sustainable development, and social security system reform. Environmental protection, climate change response, disaster prevention, and the promotion of green and circular economies are also key priorities.

"These solutions focus on raising awareness and promoting coordination among stakeholders to achieve the sustainable development goals; ensuring they become everyone's business," Phuong concluded.

Sustainable development conference to take place in Hanoi On November 16, Vietnam Investment Review will host its Sustainable Development 2023 conference, themed Taking Responsibility, Taking Action.

Live: Sustainable Development 2023 conference In response to climate change, sustainable development has become an imperative for the world. This includes Vietnam, which is one of the five most vulnerable countries to climate change.