Vietnam's green growth strategy contributes to post-COVID-19 economic recovery

Vietnam's Green Growth Strategy contributes to the economic recovery after COVID-19

Yesterday (October 29, 2021), Minister of Planning and Investment Nguyen Chi Dung held the launching conference for Vietnam Green Growth Strategy for 2021-2030 with a vision to 2050. Attendees at the conference included representatives of ministries, localities, embassies (UK, Germany, South Korea, the Netherlands, Austria), international organisations, development partners (World Bank, Asian Development Bank, and UN bodies, among others), as well as businesses, the academia, and researchers.

In light of the approved orientation, the Vietnam Green Growth Strategy (VGGS) was developed on the basis of extensive consultations with stakeholders to be consistent with COVID-19 prevention regulations.

The strategy received strong support and inputs from attendees, based on which the MPI has completed the VGGS and submitted it to the prime minister for promulgation under Decision No.1658/QD-TTg dated October 1, 2021.

Addressing the conference, Minister Nguyen Chi Dung emphasised that the VGGS plays a crucial role in promoting economic restructuring alongside growth model renovation. It is an important approach to pursue sustainable development, thus contributing to post-COVID-19 economic recovery, transitioning to green economic development, and at the same time creating a premise to realise the long-term targets of low-carbon emission and carbon neutrality to contribute to limiting global temperature rise.

The PM's approval of VGGS on the threshold of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow, UK has demonstrated Vietnam's strong commitment to reducing greenhouse gas (GHG) emissions through practical and concrete actions.

Le Viet Anh, director of the MPI's Department of Science, Education, Natural Resources and Environment said that the VGGS has four important goals, namely reducing GHG emissions, greening economic sectors, greening lifestyles, promoting sustainable consumption, and greening the transition.

In particular, the first objective of VGGS is to reduce the intensity of greenhouse gas emissions against GDP, which was also the objective of the previous strategy. This aims to assess comparative GHG emission mitigation potential per unit of economic output, helping to determine the extent of environmental friendliness of the economy as it grows, contributing to realising the dual goal of protecting the environment and rapid, sustainable development. Under VGGS, by 2030, the intensity of GHG emissions per GDP will decrease by at least 15 per cent compared to 2014 baseline and by at least 30 per cent by 2050.

At the launching conference, representatives spoke highly of the new strategy. They also agreed with the plan and roadmap for the implementation of VGGS and believed that the strategy will help realise the goals that Vietnam had set for 2030 and 2045.

Stakeholders also agreed to immediately collaborate to devise a National Green Growth Action Plan and action plans on sectoral and local levels. Development partners and international organisations committed to accompanying and supporting Vietnam to implement the VGGS.

To conclude the meeting, Minister Nguyen Chi Dung emphasised the importance of collaboration during implementation, saying the support and close coordination of ministries, sectors, domestic and international organisations, the business community, and experts play a fundamental role to ensure that the implementation of VGGS adheres to the views and orientations of the resolution of the 13th National Party Congress, the 10-year Socio-economic Development Strategy 2021-2030, and the 5-year Socio-economic Development Plan 2021-2025.

Following the conference, the MPI will preside over and coordinate with ministries, sectors, and localities to research and propose the PM to establish a National Steering Committee on Green Growth, make arrangements to devise a National Green Growth Action Plan and implement other important contents. The minister affirmed that the launching conference is a very important starting point, demonstrating high consensus on actions to be rolled out to effectively implement the tasks and measures assigned by the prime minister.