Embracing Vietnam Green Growth: Vietnam’s Path to a Sustainable Economy

Vietnam’s Commitment to Green Growth: A Shift in Mindset and Sustainable Development

HANOI – Embracing true green growth requires a fundamental change in mindset regarding production, consumption, lifestyle, and policymaking, according to Minister of Planning and Investment Nguyen Chi Dung. He emphasized the importance of science, technology, and innovation in implementing green transition solutions during a recent conference.

Vietnam recognizes green growth as a long-term strategy to balance greenhouse gas emission reduction and economic growth. The country aims to be a regional pioneer in green growth, align with global development trends, and achieve net-zero emissions by 2050.

The national green growth strategy for 2021-2030, with a vision to 2050, sets a goal for Vietnam’s green economy to reach $300 billion by 2050, up from $6.7 billion in 2020. Green growth is identified as a crucial solution to promote economic restructuring, reform growth models, and enhance the economy’s competitiveness and resilience against external shocks. Ultimately, it will contribute to reducing greenhouse gas emissions and transitioning to a carbon-neutral economy.

Minister Dung emphasized that green growth must prioritize people and rely on modern regulations, governance, advanced technology, and high-quality human resources. Furthermore, it is essential to encourage private investors to play a more significant role in the green economy.

Numerous opportunities for economic growth arise from green initiatives. The wind and solar power sectors alone have the potential to contribute $70-80 billion to the GDP and create 90,000-105,000 direct jobs. Meeting domestic demand with a clean hydrogen ecosystem based on renewable energy could add $40-45 billion to the GDP annually and provide 40,000-50,000 jobs. Clean hydrogen may also become a valuable export to developed countries.

Vietnam’s commitment to green growth reflects a broader global trend, with more nations recognizing the importance of sustainable development. By adopting policies that promote green growth, Vietnam is poised to become a regional leader in this field, fostering economic prosperity, environmental sustainability, and social equality for the long term.

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