Today, within the framework of the Foreign Affairs Conference, a discussion took place with the topic “Strengthening the attraction of high-quality investment towards the goal of green and sustainable local development”
Attending the discussion were Ambassadors, Heads of Vietnamese representative agencies abroad and Ambassadors, Chief Representatives of other countries and international organizations in Vietnam, and representatives of leaders of all 63 provinces/cities in the country. country.
This is an opportunity for localities to directly connect with domestic and foreign Ambassadors, opening up cooperative projects right in Vietnam.
Discussion at the conference on attracting high-quality investment in green development. Photo: MH
The green trend cannot be reversed
Speaking at the opening of the conference, Deputy Minister of Foreign Affairs Nguyen Minh Hang said, Global investment is declining in an increasingly unstable international environment, but it also leads to a strong investment shift trend: According to UNCTAD statistics, total global FDI capital in 2022 will decrease by 12%, down to 1,300 billion USD. The investment trend for sustainable development and green investment is promoted but still does not meet the requirements. In the context that green transformation is an irreversible trend, countries are having to adapt to the green standards that are being implemented, and at the same time introduce new initiatives in shaping green production and supply chains.
In the context of global investment mixed with opportunities and challenges, Southeast Asia is still a bright spot in attracting FDI in 2022 with an increase in capital of about 5%, reaching more than 220 billion USD – a record high from before now. In the first 11 months of 2023, foreign investment in Vietnam increased sharply, reaching nearly 29 billion USD, up 14.8% over the same period.
The Deputy Minister expressed his confidence that efforts to stabilize the investment and business environment in Vietnam will be the foundation for high-quality investment cooperation between Vietnamese localities and businesses with increasingly sustainable partners. more sustainable and inclusive.
Many challenges with green investment
Speaking at the conference, Mr. Shantanu Chakraborty – Country Director of the Asian Development Bank in Vietnam (ADB) also said that the green investment trend is growing strongly in the world, creating impacts and opportunities with Vietnam. Vietnam is very enthusiastic about developing green economy at both national and local levels, provinces and cities have many resources to develop renewable energy such as wind energy, solar energy, many investors have come. Find out the capacity of provinces and cities in this field.
“Vietnam is in a very good position to be able to create the most favorable conditions in this investment market, thereby having a very visible and specific development impact” – Mr. Chakraborty said. “This is the time when Vietnam needs to act and cooperate more to attract green investment to achieve its net zero commitment and commitment to sustainable development.”
He affirmed that green investment commitment can help Vietnam access capital, especially in green innovation and infrastructure development; Help Vietnam develop economic sectors. Green investment can also contribute to increasing competitiveness in the supply chain to attract FDI when there are increasing requirements for sustainable development. Green investment also helps Vietnam minimize the impact of climate change and preserve ecology.
However, Mr. Chakraborty said that there are still many challenges with green investment in Vietnam such as the legal framework of green economy and green finance; identifying specific goals consistent with Vietnam’s international commitments, creating incentives for green financial development. Vietnam also needs to build capacity to proactively participate in global capital through bilateral cooperation with financial institutions; Promote the implementation of carbon certification to form a domestic carbon market and connect with the international carbon market. Singapore has become a center for green finance
“Vietnam can rise to attract green finance. We are ready to support Vietnam in realizing its ambition of economic development and reducing net emissions to zero by 2050” – he said.
The driving force of development
Vice President of the European Business Association (Eurocham), Co-Chairman of the German Business Association in Vietnam Torben Minko said that Vietnam’s commitment to environmental protection and sustainable development has been demonstrated through commitments at COP28, in Power Plan 8, JETP agreement. Vietnam’s goals are consistent with those of European businesses. Some areas that Eurocham and Vietnam can cooperate are promoting sustainable tourism or cooperation through the JETP mechanism… Eurocham also believes that Vietnam should maintain an investment environment that meets the needs of businesses for products. green export.
Mr. Greg Testerman, Chairman of the American Chamber of Commerce in Vietnam (AmCham), said that AmCham has worked with many sectors and levels of Vietnam on sustainable development and always aims for sustainable development when proposing policies. book. The Vietnamese government has also invited AmCham and international businesses to discuss not only economic development but also sustainable development.
“Vietnam is facing a number of challenges related to development goals and Amcham is looking for solutions on how to develop sustainably in the next 15-20 years. Sustainable development is no longer a luxury or expense. poor but must be the driving force of development in Vietnam” – he said.
At the discussion, Mr. Pham Duc Toan – Standing Vice Chairman of Dien Bien Provincial People’s Committee called on investors to help the locality invest in transportation projects, infrastructure development, and sell carbon credits to Help people have funds to protect forests and increase forest coverage.
Mr. Tran Quoc Nam – Chairman of Ninh Thuan People’s Committee, said that the province has developed a renewable energy development project to turn Ninh Thuan into a renewable energy development center in the country. The province is waiting for the government to issue the implementation of electricity planning 8 so that Ninh Thuan can speed up implementation and lead the country in renewable energy.
