Towards Net Zero: Seeking opportunities from climate change
If businesses do not reduce carbon content per unit of product, the competitiveness of Vietnamese goods will decrease significantly in the world market, experts have told a recent business forum in Hanoi.
Business forum on green transformation, green finance towards the target of net zero by 2050 (Photo: Vietnam+)
Currently, significant international markets have implemented cross-border carbon adjustment mechanisms throughout the production, business, and import processes. In this context, if businesses fail to decrease the carbon intensity per unit of product, the competitiveness of Vietnamese goods will experience a notable decline.
In response to this situation, the Business Council for Sustainable Development of Vietnam, in collaboration with the Vietnam Chamber of Commerce and Industry (VCCI), the Ministry of Natural Resources and Environment, and the Japan International Cooperation Agency (JICA), organized a business forum focused on green transformation and green finance. The forum aimed to advance the objective of achieving net-zero emissions by 2050.
Turning challenges into opportunities
According to a VCCI survey conducted on 10,000 domestic businesses, 56% of whom said they saw opportunities from climate change. Of these, about 30% believed it is time to restructure and reorganize production, and 17% held that this is an opportunity to create new technology products and services and develop more markets for available products.
In fact, a number of Vietnamese businesses have participated in implementing the zero emissions target. They have initially caught up with international requirements on reducing emissions as well as being ready to implement the Government's policies on responding to climate change.
Businesses being able to take advantage of opportunities from climate change are likely to receive new economic and financial models and have the opportunity to participate in the carbon market. (Photo: Vietnam+)
Speakers representing Coca-Cola Vietnam, VinBus, Daikin Vietnam, and Insee Vietnam appreciate the Government’s significant efforts to create a favorable policy environment with specific regulations on greenhouse gas emissions.
On the management side, Nguyen Tuan Quang, Deputy Director General of the Department of Climate Change under the Ministry of Natural Resources and Environment, said the business community plays an important role in transforming challenges into opportunities. They can develop sustainable production and business operation, as well as creating resources to contribute to reducing greenhouse emissions and promoting green growth in Vietnam.
The proportion of outstanding green credit loans compared to the total outstanding loans provided by commercial banks (as of September 2023) ranges from 3% to 10% (Photo: Vietnam+)
Fukuda Koji, Chief Advisor of the “Support for Planning and Implementation of the Nationally Determined Contributions in Vietnam (SPI-NDC)” project, highlighted the crucial role and commendable efforts of financial institutions in expanding the portfolio of green investments and mitigating greenhouse gas emissions through capital investments, both on a global scale and within Vietnam.
As of September 2023, the proportion of outstanding green credit loans compared to the total outstanding loans provided by commercial banks ranged from 3% to 10%.
Koji strongly recommended that businesses take proactive measures to enhance their understanding of ESG (environmental, social, and governance) practices and sustainable development. By doing so, they can enhance their ability to access capital opportunities in this field and contribute to a more sustainable future./.
The issuance of the national plan on the implementation of the Glasgow Leaders’ Declaration on Forests and Land Use is another step taken by the Vietnamese Government towards achieving net zero emissions by 2050.
World leading scientists have contributed ideas and solutions on climate change response and greenhouse gas reduction towards net-zero emissions in Vietnam in 2050, during the ongoing 2023 VinFuture Sci-Tech Week in Hanoi.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
