Green economy is the trend post-Covid: Vietnam experts


  • Vietnam
  • Monday, 25 Apr 2022

Delegates at a forum on ‘green growth, green economy and circular economy’ in HCM City on Saturday. - thanhuytphcm.vn

HO CHI MINH CITY (Vietnam News/Asia News Network): Vietnamese enterprises should focus on green growth and the green and circular economies that have become a mainstream trend globally, the Green Economy Forum heard in HCM City on Saturday (April 23).

Nguyễn Hồng Quân, director of the Institute for Circular Economy Development at the Vietnam National University, Ho Chí Minh City, said green growth strategies and awareness of green and sustainable growth have improved significantly among provincial administrations, the public and businesses.

They have gradually made changes to businesses and daily life and made practical contributions to implementing the green growth strategy, he said.

However, the Government and international organisations point out that Việt Nam's economy has not developed sustainably, and that quality, productivity, efficiency, and competitiveness remain low, he said.

The economy is not stable because development still relied heavily on the exploitation of natural resources, capital and labour, and inefficient use of resources and energy has increased pollution and greenhouse gas emissions, he added.

Experts said a green economy and a switch to green growth would help businesses improve their competitiveness and catch up with global trends.

Changes in consumer behaviour due to Covid require manufacturers and retailers to meet green standards and transparently provide information.

The growing ‘green lifestyle’ trend has brought new requirements for Vietnamese businesses in the race to enhance their competitive capacity.

According to the director of the Institute for Brand and Competitiveness Strategy, Võ Trí Thành, two factors spurring green growth are digital transformation and the circular economy.

Under free trade agreements, if firms do not adopt “green” production and business, their products would not find favour with consumers, thus their competitive edge is lost, he said.

“Green growth is prompted by market demand, not just policies or legal regulations,” he said, pointing out that green growth has helped firms and brands become more resilient in both the medium and long terms.

The Government has approved the National Green Growth Strategy for 2021-30, which sets out an overall goal of promoting economic restructuring in association with transforming the growth model that would incorporate environmental sustainability and social equity.

Vietnam showed its strong commitment to green growth at the 26th United Nations Climate Change Conference when Prime Minister pledged it would achieve its net zero carbon emissions target by 2050.

To achieve its sustainable development goals, the country needs to achieve strategic breakthroughs in terms of institutions, human resources and infrastructure, and focus on innovation and science and technology, experts said.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Vietnam , green , economy

   

Next In Aseanplus News

Asian stocks join global rally and dollar drops on Fed rate joy
Marcos-led Philippines plays both sides in diplomatic tug of war with US and China
Singapore, New York top 'world's costliest city' survey
Indonesians jailed for torture in oil palm plantation slavery case
AI to detect smuggling, unmanned vessel to fight fires at sea showcased at Home Team event
Two soldiers get seven months’ jail for having gay sex
Govt repeals gay sex ban
Zero-Covid policies under attack
Biotech firm uses tiny worms in pancreatic cancer test
Plain of Jars officially celebrated as third world heritage site in Laos

Others Also Read