Green growth: Securing the future for Vietnam businesses

11:20 | 28/05/2015 Trade

The Vietnam government has moved aggressively to style itself as a leader amid the global push to de-carbonize and reduce greenhouse emissions said Trinh Minh Anh, a Ministry of Industry and Trade (MoIT) official.

Green growth: Securing the future for Vietnam businesses

If we fail to achieve sustainable economic development Vietnamese businesses face a future of increasing resource scarcity and competition, Anh said at a seminar on May 27 in Hanoi addressing the nation’s overall green growth strategy.

The continued environmental degradation and unabated climate change impacts will be catastrophic for the nation’s economy, he stressed.

Industries such as seafood, garment and footwear currently must follow strict quarantine and environment standards of foreign countries or face having their exports banned and suffer devastating financial consequences.

However, most businesses’ financial capacity is limited while their infrastructure is weak and technologies are out of date, resulting in numerous violations of environmental protection regulations.

It is way past time for Vietnam to prioritize goods and services and to encourage businesses to apply environmentally friendly technologies to minimize pollution, Anh stressed.

Nguyen Huy Hoan, another MoIT official in turn revealed that the MoIT plans to reduce greenhouse gas emissions by 8-10% compared to 2010 and use mineral resources more effectively to fuel production.

In addition, a representative from the Ministry of Planning and Investment (MoPI) reported that the cost of climate change accounted for 2-6% of GDP, which is equivalent to US$3-9 billion.

Meanwhile the representative said Vietnam needs around US$30 billion to invest in implementing an effective green growth strategy.

Last but not least, Nguyen Tuan Anh from the MoIP proposed the Government should devise a legal framework for green growth and encourage the private sector to join the movement.

Source VOV News