Hanoi: Vietnam, in partnership with the European Union (EU) and other international organizations, is intensifying efforts to develop a green economy as a strategic approach for sustainable growth. A key objective is to reduce greenhouse gas (GHG) emissions by at least 55% by 2025 and achieve carbon neutrality by 2050. These goals were highlighted at the recent Green Economy Forum (GEF) 2023 held in Hanoi, where the Government of Vietnam expressed its support for the EU’s strategies and initiatives to foster cooperation among business communities for green development.
According to Vietnam News Agency, At the forum, Vietnamese Prime Minister Pham Minh Chinh emphasized the shared vision and determination between Vietnam and the EU to pursue green growth and development. According to a new release, Vietnam is prioritizing three strategic breakthroughs in institutions, infrastructure, and human resources. The country is focusing on fostering growth grounded in technology and innovation, crucial for its green transformation.
Vietnam’s commitment to a greener future is also evident in its participation as one of the four signatories of the political declaration establishing the Just Energy Transition Partnership (JETP) with G7 countries and international partners, including the EU. The Prime Minister highlighted Vietnam’s abundant natural resources, particularly in wind energy and solar power, as strengths that the country is willing to leverage in cooperation with EU partners to advance green energy transition, renewable energy development, and green hydrogen production.
EU Ambassador to Vietnam, Julien Guerrier, highlighted the EU’s successful reduction in GHG emissions, which decreased by approximately 2.5% last year, while economic growth increased by 3.5%. He pointed out that Vietnam’s commitment to net-zero emissions by 2050 aligns with the EU’s objectives, shaping the bilateral partnership towards a green and low-carbon economy.
Guerrier emphasized that the pursuit of sustainable growth presents both opportunities and challenges. It opens doors for innovation, job creation, and economic growth, building a stronger and more inclusive society. However, it also necessitates reevaluating current systems and mindsets to transition towards sustainable production and consumption models. Collaboration between public authorities and the private sector is key for both the EU and Vietnam to unlock the potential for a greener, more prosperous future.
The ambassador also underscored the importance of business communities from both sides discussing ways to fully utilize the EU-Vietnam Free Trade Agreement (EVFTA) to strengthen their bilateral trade partnership. He encouraged European businesses to increase investment in Vietnam, particularly in sectors like renewable energy, digital transformation, smart agriculture, and low emission industry. This investment is expected to help transform Vietnam into an innovation hub and a regional research center in green transformation, as well as to establish a green hydrogen value chain in the country.