Green transformation businesses enjoy preferential policies

14:00 | 29/10/2023 Environment Follow Ven.vn on

(VEN) - Ho Chi Minh City has implemented many supportive policies in order to promote green transformation of enterprises and meet requirements of Free Trade Agreements (FTA).

The investment stimulus program for businesses has been restarted in September 2023. This will be an important and practical resource to support businesses in converting to green production and applying high technology. Nguyen Quang Thanh - Deputy General Director of Ho Chi Minh City’s Finance and Investment State-owned Company said those businesses that run projects in the fields of high technology and digital transformation will receive preferential interest rates for seven years.

Green transformation businesses enjoy preferential policies

Ho Chi Minh City will adopt policies to encourage green transformation in businesses

Currently, Ho Chi Minh City is studying strategies, roadmaps, and policies for green transformation; and in the near future it will take clear steps on energy conversion, support businesses in green transformation and may issue policies in this field.

In the context of integration, in addition to trade and investment liberalization on a regional scale, the new FTAs also integrate commitments on environmental protection and sustainable development so that these activities cannot be separated from each other and must be balanced. Therefore, export businesses need to adapt quickly to the green trend of international trade, when Vietnam is participating in and implementing new generation FTAs such as: the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam Free Trade Agreements (EVFTA), UK-Vietnam Free Trade Agreements (UKVFTA) with extensive commitments and high standards related to sustainable development.

Huynh Minh Vu - Deputy Director in charge of Ho Chi Minh City’s International Integration Support Center (CIIS) - said that green production, green export, green consumption... have become a global development trend as a positive solution to help reduce greenhouse emissions and improve resilience and creativity of the economy, towards the goal of carbon neutrality. This trend is forming new standards on the environment and sustainable development regulated by import markets and importers. The green consumption trend has become more popular as many countries around the world are increasingly interested in sustainable development, shown through commitments at COP26 and COP27... Especially, in the current context when Vietnam is implementing new generation FTAs, businesses need to pay more attention to environmental commitments to ensure they meet standards and consumption trends in import markets, and effectively take advantage of tariff incentives from the FTAs.

According to Nguyen Huu Nghi – an expert in export promotion of the Center for Promotion of Imports from Developing Countries of the Netherlands, green production transformation creates growth momentum for businesses and offers many opportunities such as avoiding the carbon tax roadmap, attracting new customers, improving competitiveness... especially accessing discerning markets such as the US and EU. However, not many businesses are properly aware of the importance and benefits that green production transformation brings.

The biggest challenge preventing businesses from transformation into green production is investment capital. Therefore, in addition to green credit with preferential interest rates from financial institutions, the State needs to adopt preferential credit and investment stimulation policies to encourage conversion to green technology and products in businesses.

Thu Huong

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