At the 53rd World Economic Forum (WEF) annual meeting in Davos, Switzerland on January 16, Deputy Prime Minister Tran Hong Ha called on foreign businesses to boost investment and support Vietnam’s green growth. DPM Ha shared that Vietnam is taking steps to strengthen its laws to attract investments in green finance and green technology, with the country viewing green economy and transition as drivers for long-term growth. The Just Energy Transition Partnership (JETP) will see the mobilization of US$15.5 billion of public and private finance over the next 3-5 years to support Vietnam’s 2050 net zero emissions target.
UNDP Resident Representative in Vietnam Ramla Al Khalidi confirmed that the UNDP is prepared to support the Vietnamese government to implement the JETP resource mobilization plan in 2023. The UNDP has begun working with Vietnam to assess the economic impacts of phasing-out coal power. Additionally, the UNDP is working with Vietnam to introduce green finance instruments, such as a carbon tax and an emission trading system, as well as finance and insurance incentives to leverage investments in climate actions.
Government-backed financial institutions from Japan, the U.S., and Australia have also pledged to support Vietnam's efforts to cut carbon emissions. Japan Bank for International Cooperation (JBIC) Chairman Tadashi Maeda said that the JBIC will work with the U.S. International Development Finance Corporation and Export Finance Australia to launch a new framework that will support Vietnam’s switch to thermal plants fueled by liquefied natural gas. The framework would expand Vietnam’s use on renewable energy while creating business opportunities by introducing technologies for decarbonization.
Most recently, on his official visit to Singapore on February 8-10, Vietnam Prime Minister Pham Minh Chinh signed an agreement on the Green-Digital Economic Partnership to step up cooperation in the digital and green economies between Vietnam and Singapore. The Partnership forms an overarching framework that builds on four MOUs signed in 2022 and covers energy, sustainability, infrastructure, digital and innovation as well as connectivity. Speaking at the Vietnam – Singapore Business Forum on February 10, PM Chinh emphasized that “Vietnam encourages partners and investors to engage in digital transformation, green transition, circular economy, innovation, and hi-tech and low-emission development in the country”. A large number of delegates attended the forum, demonstrating the Singaporean business community's interest in the Vietnamese market, expressing their wish to invest and expand investment in Vietnam, especially in green economy and digital economy.
