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Việt Nam will run carbon trade exchange in 2028

Việt Nam will officially run a carbon trade exchange in 2028, according to the draft of a project on the development of a carbon market in Việt Nam conducted by the Ministry of Natural Resources and Environment.

This market will strengthen the activities of connecting and exchanging carbon credits between Việt Nam with regional and international markets.

According to the draft, Việt Nam will pilot the operation of this carbon credit market in 2025.

The project is built on the basis of the Government’s Decree 06/2022/NĐ-CP. This decree details the reduction of greenhouse gas emissions, the protection of the ozone layer and the development of the carbon market.

Accordingly, from now until the end of 2027, Việt Nam will focus on developing regulations on carbon credit management and exchange of greenhouse gas emission quotas and carbon credits.

It will develop regulations on operating the carbon credit market, pilot implementation of the mechanism for exchanging and clearing carbon credits in potential areas in accordance with domestic laws and provisions of international conventions to which Việt Nam is a member.

It will also carry out activities to improve capacity for and awareness on carbon market development.

The operation of the carbon trade exchange contributes to reducing greenhouse gas emissions under previous climate commitments, especially the goal of reducing net zero emissions by 2050 under the 26th United Nations Climate Change Conference of the Parties (COP26).

According to the project, the Ministry of Natural Resources and Environment has the role of presiding over and coordinating with relevant ministries to organise the pilot operation and official operation of the carbon credit trading floor and compile regulations for management, monitoring and supervision of this market.

Nguyễn Tuấn Quang, deputy director of the Department of Climate Change, Ministry of Natural Resources and Environment, said the ministry has issued Circular No. 17/2022/TT-BTNMT stipulating techniques for measurement, report and assessment of mitigation for greenhouse gas emissions and greenhouse gas inventory in the waste management sector.

The enterprises in the waste sector must perform the responsibility to provide data and information relating to greenhouse gas inventory, implement a greenhouse gas inventory and develop a periodic inventory report every two years from 2024 onwards.

At the same time, these enterprises must develop and implement measures to reduce greenhouse gas emissions in the period from 2023-2025 in accordance with their production and business conditions.

Therefore, enterprises need to develop mitigation measures now to meet the requirements of reducing greenhouse gas emissions from 2026, otherwise it may lead to production stagnation. This is also the basis for businesses to participate in the carbon market and increase financial resources for reinvestment.

Expert Lê Xuân Nghĩa, former vice chairman of the National Financial Supervisory Commission, the investor of a carbon project in Hà Tĩnh Province, said that carbon credits are increasingly scarce because few countries still have primary forest or if the countries have this kind of forest it has low carbon absorption capacity.

Việt Nam has a lot of potential because forest covers three-quarters of its area. However, in the past, there was deforestation to plant industrial crops, so the area of primary forest was reduced. Now, the country mainly develops planted forests.

A representative of the General Department of Forestry, Ministry of Agriculture and Rural Development, assessed the great potential of carbon credit market in the future. Now, Việt Nam has about 14.7 million hectares of forest, including more than 10 million hectares of natural forest and 4.5 million hectares of planted forest.

A carbon credit is a kind of permit that represents one tonne of carbon dioxide removed from the atmosphere. They can be purchased by an individual or, more commonly, a company to make up for carbon dioxide emissions that come from industrial production, delivery vehicles or travel.

It was estimated that Việt Nam will be able to sell 57 million carbon credits to international organisations annually. Each of the credits can fetch as much as US$5.

In 2020, forest reserves in Việt Nam stood around 990 million cu.m and the figure can reach up to 1.25 billion cu.m in the next 10 years. Carbon storage services are now available in 23 cities and provinces nationwide, including Quảng Nam.

With a total of 628,000 hectares of forest, the south-central province of Quảng Nam can store approximately one million tonnes of carbon every year, meaning one million carbon credits can be put up for sale internationally.

The province has asked for the government’s permission to be the first in the country to join the voluntary carbon market. It expects to sell some 6 million carbon credits for about $30 million by 2025.

PM approves National Power Development Plan VIII

Prime Minister Phạm Minh Chính has approved the National Power Development Plan VIII, which guides the development of power plants and power grids between 2021 and 2030.

The plan aims to maintain Việt Nam’s energy security by ensuring a sufficient supply of electricity to fuel a projected annual GDP growth rate of 7.0 per cent during the period.

It also aims to get Việt Nam into the top four countries in ASEAN in terms of power reliability. Additionally, half of the office buildings and homes in the country would be powered by rooftop solar panels by 2030.

Regarding the just energy transition, the plan strives to increase the share of renewable energy in the country’s power mix to between 67.5 and 71.5 per cent by 2050.

It also seeks to generate green energy for exports, with a target of between 5 to 10 GW by 2030. Energy-related greenhouse gas emissions would be cut to around 27 and 31 million tonnes.

The plan also highlights the retreat of unstainable power sources down the path. For instance, the share of coal-fired electricity in the power mix would drop to 5.3 per cent by 2050 as the country stops using coal for power generation by the year.

Meanwhile, gas-fired electricity is expected to reach 40.3 GW by 2035, and then no new electricity of the kind would be added to the system. Its share in the power mix would stand at 15.7 per cent in 2050.

Two trans-regional energy hubs would be established by the end of the period, around which cluster power plants, power grids, and facilities that manufacture energy-related equipment. The hubs would be located in certain well-positioned regions, including the South Central Region.

The plan needs US$134.7 billion of funding to develop new power plants and power grids between 2021 and 2030. The figures would soar to between $399.2 billion and $523.1 billion by 2050, with a large part of which being allocated for new power plants and less than $40 billion for power grids.

The Government has issued Decision No.500 to legislate the PM’s approval of the plan. Under the Decision, the implementation of the plan would be put under the authority of the Ministry of Industry and Trade.

The Ministry is also tasked with preparing the draft versions of the Revised Law on Electricity and Law on Renewable Energy, which must be summited to the National Assembly for discussion in 2024.

The Decision also stipulates that the Ministry provide governmental policy advice on direct power purchases and accelerate those energy projects that have been hindered by complications.

It is worth noting that the State is advocating for a plural power sector based on fair competition and a market electricity price, which would ensure a level playing field for all investors.

EXPORT-IMPORT IN 2023 Jan to March

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EVFTA

Vietnamese firms making relatively good use of EVFTA

Vietnamese enterprises are making relatively good use of the EU-Vietnam Free Trade Agreement (EVFTA), a recent survey revealed.

The survey of enterprises’ awareness of the EVFTA was conducted by the Centre for WTO and International Trade under the Vietnam Chamber of Commerce and Industry (VCCI).

It found that nearly 94 per cent of enterprises in Việt Nam had heard or known about the EVFTA at different levels, which is the highest rate among the FTAs signed by the country at present. Three out of 10 businesses have relatively good knowledge and one in 10 have very good knowledge of the commitments related to business activities under the EVFTA.

Nguyễn Thị Thu Trang, director of the WTO and International Trade Centre, said the benefits provided from the deal should be big enough to attract attention from local enterprises. Attention varied across different sectors, but this FTA might be generating the most economic benefits.

According to the survey, four out of 10 enterprises reported they had gained from the EVFTA, especially preferential tariffs for exports and imports.

The majority of respondents also said they were benefiting from new opportunities under the EVFTA in terms of forming partnerships, receiving more orders, and gaining more revenue and profits from the engagement in supply chains to serve trade with the EU.

About 17 per cent of enterprises said they had benefited from preferential tariffs for at least one batch of exports under the EVFTA, and 16 per cent gained this benefit for import batches.

However, up to 59 per cent of enterprises also reported they hadn’t benefited from the agreement over the last two years, explaining that they hadn’t made any transactions with EU partners during the period to capitalise on the deal. Other reasons included businesses’ limited capacity or obstacles related to the agreement in the EU and Việt Nam.

Meanwhile, 4.2 per cent of firms noted they had suffered losses under the deal, mostly in terms of increased compliance costs and greater competition pressure from EU imports.

Trang said with nearly 20 per cent of enterprises having made use of the EVFTA in the first two years of enforcement, they had gained momentum for continued capitalisation of the EVFTA after the EU’s Generalised System of Preferences (GSP) expires. If businesses proactively learn about EVFTA-generated opportunities, they will have a smooth transition from the GSP to the EVFTA.

OTHER NEWS

Power plan one step closer to net-zero target

The approval of National Power Development Plan VIII (Plan VIII) on May 15 has won loud applause from experts.

Hà Đăng Sơn, Director of the Centre for Energy and Green Growth Research, opines that Plan VIII would help Việt Nam move one step closer to its net-zero targets as it provides for the phase-out of thermal power plants toward 2030.

Another worth-noting green provision involves renewable energy, which is set at 70 per cent of the country’s power mix by 2050. The provision, he believes, would give fresh impetus to the country’s just energy transition.

“The Ministry of Industry and Trade has aligned the plan with Việt Nam’s commitments in COP26 and JETP Political Declaration to pursue a dual goal of power security and green transition,” said Sơn.

The director also praises the plan for its provision for new power grids in the Central Region and Southern Region, which would allow for more renewable energy plants to engage in the system.

Ngô Tuấn Kiệt, Head of the Institute for Energy Technologies, opines that Plan VIII would help accelerate energy projects in progress, reducing the risk of power shortages between 2025 and 2030.

Another good point of Plan VIII is that it is more flexible than the previous plans, giving policymakers more elbow room to pursue the dual goal.

The head also reveals that his institute was picked as an adviser to the Ministry of Industry and Trade during the formulation of the plan. From April 2022 to April 2023, the ministry was actively revising its drafted versions to keep the plan in line with the latest developments in the world.

“The ministry has incorporated into the plan a vision for energy hubs that would produce green power for not only domestic consumption but also exports,” said Kiệt.

Economist Võ Trí Thành told Việt Nam News that the timely approval of Plan VIII would reduce the policy uncertainty perceived by investors, giving a boost to the economy across the board.

“Plan VIII would pay the way for a more competitive power market,” said Thành.

Against a backdrop of complicated geopolitical conflicts and fast-paced technological advancement, the plan would require unconventional ways of implementation to get its results within such a short time frame.

Analysts from the Vietnam Energy Magazine opine that several novel mechanisms introduced by Plan VIII are essential for the country’s transition to green energy, including carbon taxes and energy bids.

However, they believe that the list of mechanisms is not exhaustive. They call for another mechanism to be added to the plan, which would serve as a catalyst for the phase-in of offshore wind energy in the country.

They also call for specific favourable policies to speed up slow-paced projects, such as Cá Voi Xanh and Long Phú, to have them completed on schedule.

“We need to conduct more studies on a mechanism for direct power purchase. The absence of such a mechanism has been a major hindrance to the growth of renewable energy,” said an analyst.

Firms play an important role in fostering green growth

It is critical to promote the role of the business community in partnership with the Government of Việt Nam in fostering green growth, Deputy Minister of Planning and Investment Nguyễn Thị Bích Ngọc said at the technical session of the Vietnam Business Forum (VBF) on Friday.

Green growth and sustainable development have been identified as one of the focuses in the development policies of many countries around the world in recent years, Ngọc said, adding that Việt Nam was one among the pioneering countries in the region to approach the green growth model.

The Government’s national green growth strategy and the national action plan about green growth in the 2021-30 period set the goals of restructuring the economy in line with renovating the growth model to achieve economic prosperity, environmental sustainability and social fairness and toward a carbon neutral economy, contributing to limiting global warming.

Stressing that switching to a green economy was an inevitable trend and an important growth driver in the long term, Ngọc said Việt Nam was actively implementing a roadmap to amend the legal framework in order to raise green finance, promote green technology and investment and encourage the green transition toward a low-carbon emission economy.

In the process, the Government of Việt Nam affirmed the important role of the business community to achieving the goals of a green economy and sustainable growth.

Soren Roed Pedersen, Co-Chair of VBF, said Việt Nam was facing a number of difficulties and challenges to achieve the green growth targets, which required Government agencies and ministries to raise policies to promote the roles of economic sectors.

According to John Rockhold, Head of the VBF’s Power and Energy Working Group, Việt Nam achieved impressive economic growth in 2022 in the context of global uncertainties with GDP expanding by 8.02 per cent, compared to an increase of 2.58 per cent in 2021, the highest annual growth rate since 1997.

What happened over the past year highlighted the urgent need to accelerate the energy transition as an energy system that was heavily dependent on fossil fuels could significantly impact costs in the global economy.

Việt Nam was no exception in the energy transition trend.

“We recognise the desire of the Vietnamese Government to accelerate the energy transition so that it can meet the requirement for economic development and achieve the goal of becoming a high-income country by 2045,” he said. “The energy transition also brings job opportunities and this trend will create necessary conditions for the development of renewable energy.”

David John Whitehead from the VBF’s Agriculture Working Group said that rising inflation in foreign markets, including the US and Europe, made the demand for seafood import drop from the last quarter of 2022 and the trend might continue until the end of the first quarter of this year.

He predicted that the global economy would recover in the second half of this year, urging Việt Nam to continue to diversify markets. In addition, markets would have stricter requirements, which would force agriculture to improve adaptability and grab opportunities to develop sustainably with a focus on environmental protection and circular agriculture as a part of the circular economy.

According to Ngọc, the Government, ministries, agencies and localities would create the most favourable conditions in terms of mechanisms and policies for enterprises to achieve the harmonisation of green and sustainable growth and socio-economic recovery.

IP protection for online exports increases in Việt Nam

Intellectual property (IP) protection of online exports has become increasingly important for Vietnamese businesses as the country has entered a new stage of cross-border e-commerce, experts said.

A recent report from Amazon Global Selling Vietnam revealed Vietnamese selling partners’ awareness of brand building and intellectual property protection has gradually improved.

In the past three years, the number of Vietnamese brands enrolled in its brand registry has grown seven times. The duration of Vietnamese selling partners from seller account registration to brand registry enrollment shortened 85 per cent on average, the report said.

In addition, Vietnamese selling partners are paying more attention to global expansion, with 18.6 per cent of Vietnamese selling partners having trademarks in the US, EU, Japan and other regions.

“Việt Nam has implemented some fundamental IP initiatives to help increase awareness about the importance of protecting IP rights and streamline IP rights enforcement. With continued investment in strong IP rights, we can harness this positive momentum to stimulate its domestic capacity for innovation, enhance its global competitiveness, and help enterprises as well as the country’s economy integrate widely and effectively with the global economy,” said Nguyễn Văn Toàn, vice president of Việt Nam Association of Foreign Invested Enterprises (VAFIE).

“It is recommended that small and medium-sized companies understand the importance of working together with trade associations and organisations to support efforts to protect IP, stop counterfeiting, as well as improving the capability to enforce rights and obligations under Việt Nam’s IP law and international commitments to which Việt Nam is a signatory.”

To obtain patent and trademark protection, Toàn suggested Vietnamese enterprises use the guidance of the Ministry of Science and Technology when introducing their products or services to the local market and get support from trusted international organisations when bringing their products and services to global markets.

A recent Amazon survey showed that, besides sales growth, global brand building and adoption are among the top key motivations for Vietnamese businesses to engage in cross-border e-commerce.

In recent years, the most successful Amazon selling partners from Việt Nam have invested in brand registration and brand building. They take advantage of Amazon’s tools and products to understand customer needs, attract and encourage visitors to their online store and product pages, and put effort into having a good image, product content, and brand stories.

Also, according to an internal survey, Vietnamese selling partners showed high satisfaction with Amazon’s products and services to build their own brand with a 7.5/10 score.

In March 2021, An Phát Holdings successfully registered AnEco trademark in the US. This is a solid stepping stone for the company to strongly develop their made-in-Việt Nam compostable product line.

Lagooco is also one of the first Vietnamese businesses to acquire the “Climate Pledge Friendly” badge on Amazon, making it easier for everyone to discover the brand “Lagooco” and purchase items that fulfill environmental sustainability requirements. After only two weeks on Amazon, three out of four Lagooco cashew products have landed at the top of the ten best-selling new cashew items, indicating the company’s early success.

Longevity Sea Grapes realised the importance of investing in improving their branding strategies to protect and strengthen the reputation of made-in-Việt Nam products as well as to make the most of this ever-growing need from global customers. Thus, since June 2020, the company has successfully registered for a trademark in the USA. In the coming years, Longevity Sea Grapes is determined to become not only the leading sea grape brand in the world but also the pride of Việt Nam.

Tetra Pak recognised as a European Climate Leader 2023 by the Financial Times

Tetra Pak has been named a European Climate Leader 2023 by the Financial Times in recognition of the company’s progress in reducing greenhouse gas (GHG) emissions and its robust commitments to climate action.

Of the thousands of firms assessed by the Financial Times and Statista, only the leading 500 companies with the greatest reduction in their GHG emissions intensity made it to the final list.

Each company on the list has been assigned an individual score, which is calculated using the company’s volume of emissions, level of disclosure of these emissions and its reduction of emissions as a percentage.

Tetra Pak was ranked amongst the top 20 per cent of the 500 companies listed, achieving a 54.3 per cent absolute reduction of Scope 1 and 2 emissions over a five-year period.

The ranking also recognises Tetra Pak’s efforts across the value chain (Scope 3), highlighting its regular inclusion amongst CDP A-listed businesses and its net-zero targets as approved by the Science Based Targets initiative along a 1.5°C pathway.

“The acknowledgement is a testament to the hard work and dedication of our team, suppliers, customers, and other stakeholders. While we are proud of our achievements to date, we have plans to continue mitigating our environmental impact further – by decarbonising our value chain, driving circular solutions while contributing to food system resilience and protecting biodiversity. All these actions are core to our purpose, as we commit to making food safe and available everywhere, and we promise to protect what’s good – food, people and the planet,” said Adolfo Orive, President & CEO at Tetra Pak.

In Việt Nam, Tetra Pak Bình Dương was one of the first packaging factories to achieve the globally-recognised LEED Gold certification. Applying LEED standards, the factory saved two million litres of water per year, recycling or salvaging 90 per cent of generated waste, and decreasing 4,000 tonnes of CO2 emissions a year.

Tetra Pak is actively engaged in promoting the circular economy in Việt Nam. The company has installed nearly 5,900 square metres of solar panels to cut down more than 700 tonnes of CO2 emissions.

Tetra Pak is expanding its partnership with retailers of MM Mega Market and Aeon Mall to expand carton drop-off stations nationwide and joining hands with VECA to expand the digitalised collection of used beverage cartons in 18 districts of HCM City.

Previously, Tetra Pak implemented a pilot programme to collect and recycle used beverage cartons in the community. The company is planning to spread this initiative to the north of Việt Nam as well.

SABECO invests in rooftop solar system, contributing to green growth

Saigon Beer-Alcohol-Beverage Corporation (SABECO) and SP Group (SP) on Monday signed a Memorandum of Understanding (MoU) to formalise a partnership to expand the 2nd phase of rooftop solar energy system installation and operation, with a maximum output of 10,44MWp at 9 SABECO’s breweries.

This will bring the total number to 17 breweries adopting solar energy in SABECO’s system by the end of 2023.

The 1st phase kick-started in 2020, with SABECO investing more than VNĐ107 billion (US$4.5 million) into rooftop solar power systems with a maximum output of 9 MWp at Củ Chi, Đắk Lắk, Phú Yên, Quy Nhơn, Sông Lam, Khánh Hòa, Sóc Trăng and Bến Tre breweries. The success of 1st phase implementation has led to the expansion of 2nd phase with an additional nine breweries.

Under the MoU, SP has been commissioned by SABECO to install and operate the rooftop solar panels at nine of SABECO’s breweries including Củ Chi (expansion), Lâm Đồng, Hà Tĩnh, Hà Nội, Tây Đô, Vĩnh Long, Nguyễn Chí Thanh, Bạc Liêu and Quảng Ngãi.

The installment is scheduled to be complete and the system is expected to go into full operation by the end of the third quarter of the year. The whole system (17 breweries) is estimated to efficiently provide almost 23 per cent of electricity consumption at the breweries, amounting to 25 million kWh saving of electricity, which is equivalent to a reduction of 18,000 tonnes of emitted CO2 annually. This will contribute to the company’s target to achieve net zero emissions by 2050.

Speaking at the signing ceremony, Bennett Neo, General Director of SABECO, said: “SABECO always seeks to implement initiatives and solutions that support sustainable business operations of our company. Over the past few years, we have already embarked on various ESG (Environment, Society and Governance)  initiatives through our 4C corporate social responsibility pillars (Consumption, Conservation, Culture and Country). We also have implemented Best Brewery Awards to encourage our breweries to embed a sustainability mindset which is consistent with SABECO’s vision and our commitment to National Green Growth objectives for the period 2021-30.”

Brandon Chia, Managing Director, Sustainable Energy Solutions (Southeast Asia & Australia), SP Group, said: “This partnership demonstrates our commitment to facilitating the clean energy transition of our customers by advancing the adoption of renewable energy sources for manufacturing facilities. Leveraging our comprehensive range of sustainable energy solutions, we look forward to supporting SABECO towards their energy efficiency goals and co-creating a more sustainable future for Việt Nam.”

To maximise the solar energy generated and consumed at SABECO’s breweries, both SP and SABECO will study the feasibility of incorporating energy storage systems (ESS) at selected breweries. The incorporation of ESS will allow SABECO to manage the issue of supply intermittency, as solar power can fluctuate due to weather conditions.

Apart from energy usage, SABECO has implemented various other initiatives to mitigate environmental impact. This includes driving continuous improvement in water usage where SABECO has reduced waste used per litre of beer produced from 5 litres in 2018 to below 3 litres in 2022. In addition to these,  SABECO has embarked on plant-based biomass fuel (rice hulls, sawdust, cashew shell and leaves) usage instead of using fossil fuel-powered boilers, applying the CIP wastewater treatment system; using sustainable packaging (down gauged our cans, light weighted our carton boxes and bottles) and reusing beer glasses and cans.

SABECO also promotes other sustainability initiatives which focus on surrounding local communities where it operates.

One recent project “Light up the Rural” which is part of the 3-year strategic partnership between SABECO and the Central Committee of the HCM Communist Youth Union, has constructed 34 kilometres of street lighting that uses solar power in 34 rural areas in 34 provinces across the country.

This initiative aims to improve local socio-economic infrastructure by promoting the use of renewable energy and bringing a sustainable and safe environment to more than 210,000 beneficiary households. The project will be expanded in 2023 with more than 39 km of solar street lights expected to be installed.

Practical incentives needed to help firms adopt green practices

Investment in sectors related to green growth has been on the rise, but it is necessary to devise practical incentives to help businesses effectively adopt green production and business practices, an official has said.

Enterprises in Việt Nam, both foreign direct investment (FDI) and domestic ones, have invested about US$9 billion, or 2 per cent of GDP, in the fields related to green development such as renewable energy, clean energy, and equipment serving a green economy.

According to Nguyễn Anh Tuấn, Deputy Director of the Foreign Investment Agency under the Ministry of Planning and Investment (MPI), investment in green growth has increased by some 10 – 13 per cent over the last two years.

Contributions by the business community, including FDI firms, to green growth are substantial, which is an encouraging sign, he opined, noting that enterprises have helped change production, business, and consumption practices toward green growth.

In the past, they faced a number of difficulties and challenges to realising the green growth target, but now they have turned those obstacles into competitive edges, Tuấn said at a recent discussion.

Nguyễn Văn Toàn, Vice Chairman of the Việt Nam Association of Foreign Invested Enterprises (VAFIE), cited data as showing that before 2021, only 5 per cent of FDI companies used high technology, 80 per cent medium technology, and 15 per cent low technology. During that period, the country attracted FDI at all costs to create jobs and boost exports while lacking due attention to environmental protection.

However, Việt Nam is no longer pliant in investment attraction, he noted, adding that the prioritisation of FDI in green development has proved effective as seen in the projects using high technology of such enterprises as Lego and Nestlé.

Toan held that the situation has improved much in the last 3 to 4 years, especially since the Politburo issued Resolution 50-NQ/TW on orientations for perfecting regulations and policies to improve the quality and effectiveness of foreign investment cooperation by 2030. The country has attracted FDI in a selective manner.

Besides, the global minimum corporate income tax of 15 per cent, initiated by the Organisation for Economic Cooperation and Development (OECD) and to be imposed on multinationals with annual revenues of 750 million euros (over $820 million) or more, will also give a boost to the revision of the foreign investment attraction strategy, he said.

Tuấn said though Việt Nam is considered an example of success in FDI attraction thanks to better regulations and investment climate, political stability, and good growth potential, green growth is still a challenging target.

Facing that fact, the MPI has submitted proposals to the Government and coordinated with other ministries, sectors, and localities to fine-tune the legal framework for green development.

Việt Nam has issued a green growth strategy and an action plan whose content has been integrated into socio-economic development plans of localities to be carried out, but that is not enough, the official pointed out.

The Government should continue ordering ministries and sectors to review and ensure that the legal framework is truly favourable for green practices. It is necessary to devise practical incentives to improve enterprise awareness and help them effectively adopt green production and business practices, according to Tuấn.

Meanwhile, Nguyễn Quang Vinh, Vice Chairman of the Việt Nam Chamber of Commerce and Industry (VCCI), described the role of enterprises in implementing the national strategies for green growth, climate change response, and sustainable development as highly important.

It’s time for enterprises to consider how they can create added value during the implementation of the green growth strategy so as to meet the demand for green, sustainable, and inclusive development, he said.