On November 3, in Hanoi, the Vietnam Economic Institute coordinated to organize a Scientific Forum with the theme "Vietnam Green Growth Forum 2023".
The Forum is an important scientific activity, aiming to find scientific and practical arguments for proposing key, breakthrough solutions for each industry and field, creating momentum to promote green growth in Vietnam. At the same time, it analyzes the shortcomings, limitations, bottlenecks, and bottlenecks in mechanisms, policies and management organizations that need to be removed; and correctly identifies the root causes of the problems that are currently hindering green growth.
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| Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc speaks at the Forum. (Source: MPI) |
Green growth will bring huge and lasting benefits
Speaking at the Forum, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that to date, Vietnam has achieved important achievements in socio-economic development and innovation. However, we are still in a modest position in terms of per capita income and technological transformation compared to other countries in the region and the world. Therefore, achieving the green growth target will bring great and long-term benefits.
Referring to resources for implementing green growth goals, Deputy Minister Nguyen Thi Bich Ngoc emphasized the issue of financial and human resources in implementing the plan to achieve the goals of the National Strategy on Green Growth, in the context of limited state budget resources and having to respond to many regional and global issues.
"Recently, the Government, the Prime Minister and ministries and branches have made many efforts in formulating policies and promoting the economy towards green growth, specifically issuing the National Strategy on Green Growth and the Action Plan to implement this Strategy; Building a legal framework to create conditions and incentives with preferential mechanisms.
Along with that, the Government has approved important plans such as the Power Plan VIII, promoting digital transformation. These results are just the beginning and there are still many opportunities and challenges ahead," the Deputy Minister of Planning and Investment emphasized.
Deputy Minister Nguyen Thi Bich Ngoc said that the most prominent point of the Green Growth Strategy is balancing and harmonizing greenhouse gas emission reduction goals with socio-economic development goals.
This will be an important solution for us to promote the process of economic transformation associated with the transformation of the growth model, improve the competitiveness of the economy, of enterprises and especially the resilience of the economy to external shocks, contributing to the implementation of green growth goals.
"The green transition process in which the Energy sector plays a very important role. Energy transition is not simply a transition between types of technology but it is a change in the entire economy. For the implementation of the green growth strategy, resource mobilization and equitable energy transition are fundamental solutions to help Vietnam address the challenges of climate change and the urgency to reduce greenhouse gases while still ensuring sustainable economic growth," Deputy Minister Nguyen Thi Bich Ngoc pointed out.
Vietnam can be a regional pioneer in green growth.
According to Associate Professor, Dr. Bui Quang Tuan - Director of the Vietnam Economic Institute, Vietnam can become a pioneer country in the region in green growth, green recovery, and sustainable development.
According to Mr. Tuan, focusing more on digitalization, greening, and a harmonious balance between economy, society, and environment will help Vietnam complete its long-term goal of sustainable development more quickly; at the same time, becoming an upper-middle-income country by 2030 and a high-income country by 2045, ensuring that all people have a quality life in both material and spiritual terms.
"From the above analysis, it can be seen that the transition to a green growth model is extremely necessary and urgent in the current context. Because green growth is the inevitable path of development. It is consistent with Vietnam's new growth model towards the future," affirmed Associate Professor, Dr. Bui Quang Tuan.
During the 2011-2021 period, Vietnam has made great strides in mobilizing investment for climate change response and green growth to promote economic growth while conserving environmental resources. However, the financial resources mobilized to implement the national strategy on climate change and growth are still low compared to actual needs.
Calculations by the Ministry of Planning and Investment show that Vietnam needs nearly 60 billion USD to implement the Target Program on Climate Change and Green Growth for the 2016-2021 period. Of which, the medium-term public investment plan can only meet about 26 billion USD, the rest must be mobilized from the business sector. Narrowing the gap between investment demand and actual financial flows is posing requirements for improving mechanisms and policies to attract investment from state-owned and private enterprises - a sector that is assessed to have not yet fully exploited its potential.
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| Overview of Vietnam Green Growth Forum 2023. (Photo: Hong Chau) |
Associate Professor, Dr. Bui Quang Tuan said that the green credit market has been promoted in recent years through policies and support measures of the State Bank such as: Supporting the improvement of financial capacity for credit institutions implementing green credit through negotiations, signing programs, issuing a Handbook on environmental and social risk assessment in credit granting activities for 10 economic sectors and then adding 5 other economic sectors.
As a result, from 2015 to present, outstanding credit has grown steadily over the years, from 71.02 trillion VND at the end of 2015 to more than 237.9 trillion VND at the end of 2018 (an increase of 234.57% in 3 years), by the end of the second quarter of 2019, the total outstanding debt reached more than 310 trillion VND (an increase of 29% compared to 2018).
At the Forum, experts, scientists, managers, and business leaders discussed key issues such as: Experience in implementing green growth and emission reduction in some countries around the world; Implementing the Green Growth Strategy in Vietnam, focusing on institutions, policies, mobilizing financial resources, carbon markets, transitioning to green energy and new energy sources; Barriers and bottlenecks in the current implementation of the Green Growth Strategy; Typical initiatives on ecological industrial park models, circularity, and green economy in the business sector.
Delegates attending the Forum also focused on sharing opinions and viewpoints in the Special Session and the Roundtable Discussion and Exchange Session between experts, scientists, businesses... on related issues to realize the aspiration of greening Vietnam's economy.
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