At the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in 2023, the global community committed to promoting the implementation of the Paris Agreement. In that context, Vietnam is also making efforts to implement the Paris Agreement through the promulgation and implementation of important legal frameworks.

“Business workshop on green transformation, green finance towards the goal of net zero emissions by 2050” was held to share policies on reducing greenhouse gas emissions; practical experiences of businesses towards the goal of net zero emissions (Net Zero). At the same time, discuss specific opportunities to support the green transformation process in Vietnam.

The sharing at the event showed the Vietnamese Government’s continuous efforts to create a more favorable policy environment to realize the Net Zero target. Regulations guiding greenhouse gas emission reduction are focused. The business community is also making efforts to find solutions to reduce greenhouse gas emissions.

Climate action is becoming a source of national competitiveness in emerging “green” industries.

Delegates attending the workshop all affirmed the importance of sustainable business models.

According to Mr. Fukuda Koji - Chief Advisor of the JICA SPI-NDC Project (Nationally Determined Contribution in Vietnam) of the Japan International Cooperation Agency (JICA), in the world as well as in Vietnam, financial institutions are expanding their green investment portfolios and reducing greenhouse gas emissions for capital investment. Green investment projects are playing an important role for the sustainable development of the economy.

Mr. Nguyen Tien Huy - Director of the Office of Enterprises for Sustainable Development, Vietnam Federation of Commerce and Industry (VCCI), emphasized: "Transitioning to a sustainable business model is no longer a "fashion coat" to beautify the business.

This has become a necessary and sufficient condition for each enterprise to improve its competitiveness and resilience; helping enterprises meet the requirements of international economic integration. The integration process is increasingly paying more attention to environmental, social, and sustainable governance (ESG) issues.

According to Mr. Huy, one of the priorities of the Vietnam Business Council for Sustainable Development under VCCI (VBCSD-VCCI) in the coming time is to build and operate working groups on green transformation, ESG and green finance. From there, we will further expand sustainable business models and contribute more policy recommendations to improve the legal framework to support sustainable business development.

Mr. Naoki Ikenoya - Representative of JICA Vietnam Office affirmed that JICA will continue to cooperate closely with the Government as well as the private sector to enhance the effectiveness of supporting the green transition process in Vietnam.

Ha Anh