(MPI) - The business community applauded Vietnam’s socio-economic development and pledged to accompany the country in the implementation of green growth, while attending the high-level session of the 2023 Vietnam Business Forum (VBF) in Hanoi on March 9.
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Country Manager of the International Finance Corporation (IFC) in Vietnam Thomas Jacobs. Photo: MPI |
Thomas Jacobs, Country Manager of the International Finance Corporation (IFC) in Vietnam highlighted the significance of the VBF, which held at a critical time when Vietnam, along with the others, accelerate its transition to a greener, more sustainable economic model. This model will promote growth but minimise its impact on the environment, and address challenges associated with climate change.
The World Bank’s Country Climate and Development Report for Viet Nam forecasts that, a climate-resilient and net-zero emissions development pathway is estimated to require additional investments of about 6.8%of GDP, or equalling 368 billion USD through 2040.
And half of this capital, about 184 billion USD, need to come from the private sector. In order to mobilise this resource, Vietnam must address some challenges of legal and regulatory environment in order to attract investment of the private sector in main sectors causing emissions such as energy, transport, agriculture, and faster, cheaper and simpler manufacturing,
He expressed his believe that, on a basis of close cooperation through the policy dialogue between the Government and private sector, Vietnam will reap a strong, sustainable and green growth in the coming time. The IFC and other partners in the World Bank Group, are proud to collaborate with the Government and business to support development of private sector.
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Chairman of the European Chamber of Commerce (EuroCham) in Vietnam Gabor Fluit. Photo: MPI |
Gabor Fluit, Chairman of the European Chamber of Commerce (EuroCham) in Vietnam emphasised its mission is to forge the bilateral trade and investment between the EU and Vietnam.
He proposed a number of policy recommendations to help Vietnam realise the goal of green prosperity and economic transformation, as well as fully utilise the EU-Vietnam Free Trade Agreement (EVFTA) and son ratify the EU-Vietnam Investment Protection Agreement (EVIPA) with EU members.
“EuroCham is pleased to partner with Vietnam to build a brighter future. We will attain great results and make a resilient future for later generations by working together and share joint efforts,” said Gabor.
EuroCham chairman also suggested the two sides continue their close coordination to promote a sustainable partnership, bringing practical benefits to people and the country.
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Chairman of the American Chamber of Commerce (EuroCham) in Vietnam Greg Testerman. Photo: MPI |
Greg Testerman, Chairman of the American Chamber of Commerce in Vietnam (AmCham) congratulated Vietnam on successfully restoring the economy after the pandemic.
After strong commitments at the 2021 United Nations Climate Change Conference (COP26), Vietnam has signed onto the Just Energy Transition Partnership (JETP) in the late 2022. The partnership will support Vietnam to deliver on its ambitious climate goals, including accelerating the adoption of renewable energy by 2030.
AmCham always attaches importance to partnership and dialogue with the Government in administrative reforms towards an improvement of legal environment. The US businesses are committed to achieve sustainable growth associated with environment, society and governance, and will advocate to forge a better business environment and stronger private sector in Vietnam.
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Chairman of the British Chamber of Commerce (EuroCham) in Vietnam Kenneth Atkinson. Photo: MPI |
Kenneth Atkinson, Chairman of the British Chamber of Commerce in Viet Nam (BritCham) said he sees huge potentials of Vietnam to become a life science hub in the Southeast Asia, a regional research and development (R&D) center, and a production center of advanced medicines in the near future.
As the two nations mark the 50th anniversary of the UK-Vietnam diplomatic ties and the first year in implementing the free trade agreement, bilateral trade turnover sees a robust growth of over 16% despite the pandemic.
UK businesses hope for continued growth in trade and investments, and soon accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in order to further promote the UK-Vietnam trade and pave the way for high-level bilateral visits.
BritCham expressed their appreciation of Vietnam’s commitments to reach net-zero emissions at COP26 and its effort towards this goals. This will lure further British investment into Vietnamese renewable energy, particularly offshore wind power projects - an area that the UK currently being a leader.
BritCham looked forward the early finalisation of the Power Development Plan eight (PDP8) which prioritises renewable energy development to minimise negative impacts on the environment, said Kenneth.
The potential and contribution of British businesses in Vietnam’s economic recovery and growth are spread across all sectors, the BritCham stated, adding that the key to maximise these factors is effective and consistent policies for businesses substantially grow and develop./.
Bao Linh
Ministry of Planning and Investment