Vietnam is ready to share its potential and strengths and cooperate with EU partners in promoting green energy conversion and developing renewable energy and green hydrogen, Prime Minister Pham Minh Chinh told the Green Economy Forum (GEF) 2023 in Hanoi on November 2, held by the European Chamber of Commerce in Vietnam (EuroCham Vietnam).
The world is undergoing unpredictable developments, geopolitical conflicts are fierce, and crises caused by climate change and natural resource depletion are posing a host of challenges, but at the same time these also open up new opportunities for socio-economic development in each country. In that context, green and sustainable economic development is a crucial and mandatory direction for countries around the globe.
Prime Minister Chinh spoke highly of the EU’s pioneering role in promoting the building of a green and circular global economy, contributing to transforming current challenges into opportunities for the world, with the goal of reducing greenhouse gas emissions by at least 55 per cent by 2030 and achieving carbon neutrality by 2050.
“Vietnam welcomes and supports the EU’s important strategies and initiatives towards this goal, such as the Green Deal, Global Gateway, Marine Economy Strategy, and Digital Economy, with many specific steps in areas such as infrastructure development, green hydrogen energy, digital connectivity, and mobilizing green finance for development,” he added.
Vietnam appreciates inclusive, green, and sustainable development perspectives with the goal of achieving net-zero emissions by 2050 without sacrificing progress and social justice to pursue economic growth.
The country is determined to build an independent and self-reliant economy associated with proactive and active international integration comprehensively, substantively, and effectively, taking internal strength as the base, strategic, and decisive factor. In the long term, external forces are important and offer breakthroughs. Vietnam also promotes the implementation of three strategic breakthroughs in institutions, infrastructure, and human resources, and promotes development based on science and technology and innovation.
With that perspective, Vietnam is one of four countries that have signed the Just Energy Transition Partnership (JETP) with the G7 group and international partners, including the EU.
However, the Prime Minister pointed out that Vietnam is a developing country so will face many difficulties in green transformation. “We have expressed our desire to receive help from the EU,” he said.
He proposed three solutions for cooperation between the two sides in promoting green initiatives.
The first is to promote and cement existing cooperation commitments between Vietnam and the EU in green transformation, circular economic development, and climate change response.
“I suggest that the two sides research and propose symbolic and key initiatives, ideas, and projects that are successful cooperative models in green transformation,” he noted. “This process requires the cooperation of businesses, which are important driving forces and resources in implementing green initiatives. The government plays a role in guiding, leading, and creating conditions for the business community to provide green finance, transfer advanced, environmentally-friendly technology, and work together to meet new standards of sustainable development.”
Second, EU and Vietnamese businesses should strengthen economic, trade, and investment cooperation, especially in areas that Vietnam is prioritizing, such as high technology, information technology, support industries, smart agriculture, renewable energy, building infrastructure, training high-quality human resources, and innovation.
The business communities of both sides need to discuss measures to take full advantage of the EU-Vietnam Free Trade Agreement (EUVFTA), thereby consolidating and deepening bilateral trade relations between Vietnam and the EU.
“On this occasion, I also propose that the remaining EU member countries soon ratify the EU-Vietnam Investment Protection Agreement (EUVIPA) to bring broad benefits and cooperative opportunities to the business communities of both sides, helping EU businesses access ASEAN markets and countries with which Vietnam has FTAs,” he noted.
Third, the Prime Minister asked European businesses to consider increasing investment and establishing research centers in Vietnam in new fields such as renewable energy, green hydrogen, green infrastructure, digital transformation, smart agriculture, and low emissions industry, contributing to making Vietnam an innovation center and a regional research center in the field of green transformation and forming a green hydrogen value chain in the country.
Regarding the government, Vietnam will continue to play a constructive role, strengthening cooperation and coordination with the EU and the governments of EU member countries in creating a favorable framework, orienting and leading the business communities of both sides in implementing green development goals. “We commit to always protecting the legitimate rights and interests of foreign investors, and helping businesses overcome challenges and difficulties,” the Prime Minister concluded.
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