Vietnamese Economy to Focus on Green Development Goals in 2023

The main requirements for the Vietnamese business community amid the current context is to focus on green development goals moving forward in the year ahead.
January 10, 2023 | 14:17
Illustrative photo: VOV
Illustrative photo: VOV

One of the new trends that many countries are currently focusing on today is consumers paying close attention to the environment and corporate social responsibility. The requirements in the current context for the local business community should therefore be to focus on green development goals.

Currently, many countries around the globe are in the process of promoting economic growth recovery as they seek to move towards green growth, also known as "Green Recovery".

In the nation, this transition to a green economy and green growth is an inevitable shift, particularly with the country striving to stay abreast with global development trends.

According to Nguyen Quang Huan, a member of the National Assembly (NA)'s Committee for Science, Technology and Environment, in the event that green development is not done, more waste discharge will impact the proportion of the economy, meaning that local products will become unpopular internationally.

This represents a very specific challenge, not only to the determination of politicians and environmentalists to reduce emissions, but also to the requirements that businesses must meet.

Therefore, in order to move in the direction of "greening" in their operations, enterprises must fully engage with the issue in a proactive spirit as a means of changing technology and boosting green development.

“For green development, this is first of all the efforts and initiative of Vietnamese enterprises. The second is calling for the support of the international community, not only capital but also technology for green development. Enterprises must save themselves. Along with the expectation of changes in Party and State policies, we will achieve the cause of green development technology change,” Huan stated.

Nguyen Hai Minh, vice chairman of EuroCham Vietnam, said that in Europe, there is a new consumption trend of the general public paying closer attention to environmental protection and corporate social responsibility.

In relation to new investment activities, as well as the investment expansion and diversification of supply chains of European corporations, Vietnam currently represents a country under the "sight" of these enterprises.

However, with these changes taking place and firms focusing more on their own corporate social responsibilities, many potential European financiers are entering the Vietnamese market with a keen interest in investing in the near future.

Hai Minh noted that when investing in the country, the strength of European businesses is to invest in infrastructure, especially green infrastructure in which the nation requires in order to drastically transform infrastructure facilities as a means of meeting new trends, according to the VOV.

The consumer trend is therefore more concerned with the environment and corporate social responsibility than the trend that Vietnamese businesses desire to participate in the supply chain of European corporations.

In this context, businesses must seek to grasp the new trend in order to sell products that European businesses or European consumers prefer.

IMF commends Vietnam’s macro-economic stabilisation policies

Deputy Managing Director of the International Monetary Fund (IFM) Antoinette Sayeh has lauded Vietnam for its high economic growth and controlled inflation over the past years despite global uncertainties.

Illustrative image (Source: VNA)
Illustrative image (Source: VNA)

At a meeting with head of the Party Central Committee's Economic Commission Tran Tuan Anh in Hanoi on January 9, Sayeh spoke highly of guidelines and policies adopted by the Vietnamese Party and State to stabilise the macro economy and reform the growth model in response to climate change, reported the VNA.

The IMF will always accompany Vietnam in post-COVID-19 recovery and development, she pledged, expressing her hope for stronger cooperation with Vietnamese agencies, particularly the Economic Commission.

For his part, Anh said Vietnamese Party and State leaders always attach importance and listen to consultations and recommendations of the IMF, which have helped the country devise more effective macro-economic, fiscal and monetary policies.

He highlighted the IMF’s regular, quality reports on Vietnam’s macro economy, and thanked the fund for its support in personnel training.

Briefing the IMF delegation on Vietnam’s macro-economic situation in 2019-2022, lessons drawn from economic management, and development orientations and policies in the time ahead, the official called for more support from the fund.

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