With the policy of “not sacrificing progress, social equity, and environmental protection for mere economic growth,” Vietnam has set overarching objectives, defining green growth as a means to restructure the economy and drive growth model innovation. The aim is to foster a green, carbon-neutral economy that contributes to controlling the average global temperature increase.

Accordingly, the Government has launched various comprehensive initiatives, such as Vietnam’s hydrogen energy development strategy to 2030; a plan to develop one million hectares of high-quality, low-emission rice; and a set of green growth statistical indicators.

Vietnam is taking drastic measures to promote green economic development

Vietnam has improved its policies on natural resource management and exploitation, and environmental protection, the notable ones of which are the Land Law, Water Resources Law, and Electricity Law that are all undergoing revisions.

The country is utilizing resources to confront with climate change, especially in the Mekong Delta region. Within a short period, the Government has removed obstacles and accelerated the implementation of 16 sustainable development projects financed with loans totaling around US$2.5 billion.

The Government, in coordination with relevant agencies and organizations, is supporting enterprises in transitioning their production processes to meet new green standards, carbon emission requirements, and environmental, social, and governance (ESG) standards.

Notably, Vietnam has announced a plan to mobilize resources for the implementation of the Political Declaration on establishing the Just Energy Transition Partnership (JETP) and identified key projects within the framework of the Asian Zero Emissions Community (AZEC) initiative. With a desire to join international efforts in promoting global greening, despite being a developing country with limited resources and primarily reliant on green investment and aid, Vietnam will host the Green Growth and Global Goals Partnership (P4G) Summit in 2025.

Alongside the Government, corporations and enterprises are accelerating green transformation to address climate change, develop a low-carbon economy, and move towards the Net Zero target. Notable among these efforts is the development of a value chain within the ecosystem of the Vietnam Oil and Gas Group (Petrovietnam), which has actively contributed to fostering collaboration among its subsidiaries. Together, they are finding solutions to maximize resources, drive innovation, and develop new products, gradually meeting the strong global trend toward energy transition.

According to Minister of Planning and Investment Nguyen Chi Dung, green growth is a crucial solution for promoting economic restructuring linked with growth model innovation, enhancing competitiveness, and strengthening resilience against external shocks. It directly contributes to reducing greenhouse gas emissions, aiming for the committed goal of net-zero emissions by 2050.

Vietnam identifies this as a long-term choice to balance and harmonize the goal of reducing the total greenhouse gas emissions with the growing scale and development of the economy. However, to achieve the targets set forth in the Green Growth Strategy, Vietnam will need to take more decisive and groundbreaking steps to ensure that the green economy reaches US$300 billion in national GDP by 2050.