Green growth is a method of economic growth for achieving comprehensive prosperity, especially in nations severely impacted by climate change. Green growth also contributes to reforming the growth model, enhancing the economy’s resilience, and reducing humanity’s vulnerability to external shocks. Climate change, natural catastrophes, and diseases have all had a devastating impact on Vietnam. It is accelerating post-pandemic recovery by accelerating the extensive and effective change of the growth model.
As a result, the Minister of Planning and Investment Nguyen Chi Dung has stated that the country is developing a national plan for green growth that is in line with the changing context is a goal and priority for achieving economic prosperity. By embarking on a low-emission development route, Vietnam will be able to establish new, green industries and products, as well as boost its competitiveness and create jobs.
The Vietnam Green Growth Strategy (VGGS) intends to speed up the process of economic restructuring so that natural resources can be used more efficiently, greenhouse gas emissions can be reduced through research and application of contemporary technology, infrastructure can be developed to increase the economy’s overall efficiency, climate change can be mitigated, poverty can be reduced and contribute to long-term economic growth.
The VGGS, which was first approved in September 2012, is an attempt to bring together the green action plans of important sectors and society in order to encourage “green production” through making better use of resources and adopting new technologies. This goal intends to make sustainable production easier, as well as green existing firms and start new green ventures.
The VGGS is part of a larger economic reform programme in Vietnam, and it is an important step toward long-term prosperity. Resource-intensive industries will be forced to adopt new production methods in order to make better use of natural resources and have more control over waste management.
According to Le Viet Anh, the Chairman of the Department of Science, Education, Natural Resources, and Environment at the Ministry of Planning and Investment, the plan emphasizes Vietnam’s responsibility, sharing, and unity in achieving international obligations, and it serves as a foundation for balancing local resources, successfully mobilizing international resources, and aligning the socioeconomic growth roadmap with emission reduction goals. As a result, it will be easier to improve the efficiency of public investment allocation as well as monitor and evaluate the medium and long-term execution of climate change and green growth initiatives.
The draft plan outlines goals for lowering greenhouse gas emissions, assisting all economic sectors in going green, promoting sustainable consumption, and strengthening resilience during the green transition process, among other things, with the goal of making Vietnam a carbon-neutral economy as soon as possible.
To ensure the dual responsibilities of attaining green and inclusive growth and developing a Vietnamese society in which no one is left behind, science and technology, digital transformation, innovation, culture, healthcare, education, and equality in access to opportunities and benefits from growth successes will be fostered.
The new strategy’s goals, missions, and metrics will be based on a variety of quantitative methodologies, including econometric models, cost-benefit analyses, and the impact on socio-economic development.The strategy incorporates new elements that drive green growth and assures alignment with the 2030 Sustainable Development Goals and the Paris Climate Agreement. The plan will be tweaked to avoid any overlaps and to make implementation, monitoring, and evaluation easier.
According to the Ministry, the Prime Minister adopted the national strategy for green growth from 2011 to 2050 on September 29, 2012. It helped to boost public understanding about the need for green growth after eight years of implementation.
The average annual decrease in energy usage per unit of GDP was 1.8 percent, and 46.9% of enterprises aimed for cleaner production by 2020, up from 28% ten years ago. In particular, the outstanding green growth loans were over VND238 trillion (US$10.36 billion) in 2018, up 235 percent from the previous year.
Representatives from the Republic of Korea, the Netherlands, and the United Kingdom in Vietnam, as well as international organizations and development partners such as the World Bank, the Asian Development Bank, and the United Nations Development Programme, submitted ideas to the plan and have pledged to assist and stand with Vietnam during the implementation process.
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