As human beings face crises from climate change, environmental pollution, and declines in natural resources, this is an historic moment for Vietnam to choose an economic development model, from exploiting and consuming resources to a knowledge-based economy, a green economy, and a circular economy, Deputy Prime Minister Tran Hong Ha has said.

Also Chairman of the National Council for Sustainable Development and Competitiveness Improvement, Deputy Prime Minister Ha made the comments at the Vietnam Corporate Sustainability Forum 2023, entitled Global Green Race, From Strategy to Execution of Sustainable Business, held in Hanoi on August 23.

“We only previously envisioned the knowledge-based economy, the green economy, the circular economy, and a low-carbon economy as guidelines, viewpoints, and thoughts to aim for,” he went on. “But nowadays, this is the actual model that the government, businesses, and people need to clearly define and act on.”

“In the future, or even tomorrow, Vietnam’s products may encounter barriers if we do not consider the green economy as a prerequisite to overcome challenges. And if we only slowly transform, it will be real barrier. Green transformation brings about both opportunities and challenges for the business community. Businesses will achieve sustainable growth if they care about long-term social, cultural, and environmental benefits for the community.”

With international responsibility, Vietnam has pledged not to grow at any cost and not to sacrifice the environment for growth.

It is making efforts to transform and promote a green and sustainable growth model, developing its circular economy and low-carbon economy and practicing green and clean production.

Also speaking at the forum, President of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong highlighted the important role of businesses in green development.

“The production and business activities of enterprises determine the level of greenhouse gas emissions,” he told the gathering. “Enterprises are both subjects and actors affecting climate change. More than ever, businesses need to accelerate their action towards a responsible and sustainable development model.”

According to Deputy Prime Minister Ha, a just energy transition in Vietnam necessitates the role of businesses, particularly those in the energy and manufacturing areas, in generating a new fuel ecosystem.

“Businesses need to stay focused and the government is ready to accompany businesses in implementing pilot policies on green transformation,” he said. “Green transformation is a revolution. To that end, it is essential to think and act with breakthroughs, especially in applying new technologies that are greener, smarter, and more efficient.”

He suggested that the government may introduce mechanisms and policies to promote the green economy and the circular economy. In addition to laws on environmental protection and renewable energy, it is also necessary to have a law on the circular economy.