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COVER STORY

with donors to identify ways to unlock funding sources, including green bonds.
resources for government and businesses This is a time for Large foreign investment funds will target
to access,” he noted. “Vietnam has taken Vietnam as well as businesses that have a harmonious and
the right steps, under which, according to localities and businesses balanced ESG environment in both the
regulations guiding the implementation short and long terms.”
of the Law on Environmental Protection, to find breakthroughs in According to Mr. Le Duy Binh, Econo-
at the end of 2022, a green list will be thinking, be strong in mist and Director of Economica Vietnam,
issued so that businesses can follow green action, promote green Vietnam also has a lot of potential compared
criteria to access green bonds.” to northern Europe in terms of wind and
Regarding tax policy for green growth, transformation, and solar power development. If these continue
the Ministry of Finance (MoF) has reviewed achieve sustainable values.” to be promoted, they will bring major eco-
creating a legal framework to promote nomic benefits. “We also have the potential
green growth and sustainable development. Dr. Phan Xuan Dung, to save energy, but this still requires effort
Policies touch on two pillars. Firstly, an Chairman of the Vietnam Union of Science from many different sectors to contribute
environmental protection tax on a number and Technology Associations (VUSTA) to the green transformation,” he noted. “I
of items, such as gasoline, diesel, lubricants, believe that every business has a responsi-
and plastic bags, while the development of bility to contribute to the green transition
electric vehicles is entitled to a reduction in join resources, to spread value, and to and reduce carbon emissions.”
excise tax. Mr. Nguyen Nhu Quynh, Director accelerate effective green transformation,” Dr. Phan Xuan Dung, Chairman of the
of the Institute of Strategy and Financial said Mr. Thi. “If our economy is slow to Vietnam Union of Science and Technology
Policy at the MoF, told the Forum that this ‘green’ all industries, or if businesses are Associations (VUSTA), said domestic
tax policy will contribute to limiting the slow in their ‘green transition’, from oper- resources remain limited and the investment
production and use of goods that pollute ating models to production, investment, capacity for digital transformation and
the environment. Secondly, other taxes such and trade, we will miss many opportunities green transformation among Vietnamese
as corporate income tax and import and for cooperation and development. Science, small and medium-sized enterprises (SMEs)
export taxes have been revised to promote technology, innovation, and entrepreneur- is still low. Therefore, support from inter-
green growth and sustainable development. ship are key elements to promote and national partners and the pioneering efforts
In terms of spending policy, the priority ensure a green environment, a green econ- of foreign enterprises in green transfor-
on green growth is becoming clearer. For omy, and a green society towards sustain- mation will make an important contribution
example, the budget for environmental able and innovative development.” to helping localities and Vietnam accelerate
protection in past times has been no less Mr. John Rockhold, Chairman of the the green transition and stay abreast of the
than 1 per cent of total spending, including American Chamber of Commerce in Viet- world in reaching sustainable development
by central and local governments, while nam (AmCham), told the Forum that over goals. Science and technology in general
spending on science and technology devel- the past few years, Vietnam has been one and technology 4.0 will be an effective lever
opment, national programs, and research of the most aggressive green energy deploy- for the green transformation of Vietnam
projects on solid waste treatment have ment countries in the world. In fact, 54 and the world. Digital technology and
also been prioritized. “The MoF is the per cent of energy in Vietnam is renewable. digital transformation will help economies,
agency making policies and balancing However, to put this figure to use in practice localities, and businesses optimize per-
resources, so we are aware that, due to is a huge challenge. The country is using formance and improve productivity and
limited resources, it is necessary to accom- only a tiny fraction of this, but 54 per cent the quality of operations and systems admin-
pany society and foreign donors to achieve is among the highest in the world. “There- istration, thereby significantly reducing any
set goals,” said Mr. Quynh. fore, we need to promote how the private waste of resources and negative impact on
sector and businesses can participate in the natural environment.
OTHER RESOURCES this field, including solar energy and wind “This is a time for Vietnam as well as
In order to continue to grow rapidly energy,” Mr. Rockhold said. localities and businesses to find breakthroughs
and sustainably in the years to come, Viet- Ms. Ha Thu Thanh, Vice Chairwoman in thinking, be strong in action, promote
nam must not only call for foreign invest- of the Vietnam Business Council for Sus- green transformation, and achieve sustainable
ment but must strongly mobilize domestic tainable Development (VBCSD) and Chair- values,” Dr. Dung added. “It is necessary to
and foreign resources for development and woman of Deloitte Vietnam, pointed out address the needs and interests of the econ-
quickly transition to a green growth model, that green growth, the green economy, and omy, localities, and businesses to build a
according to Dr. Ta Dinh Thi, Vice Chair- sustainable development are not new topics green transformation investment strategy.
man of the National Assembly’s Committee and are inexorable trends in the develop- With such a development mindset, economic
for Science, Technology and Environment. ment goals of businesses and countries. sectors, localities, and businesses will gain
According to the Ministry of Planning However, industries, countries, and busi- meaningful values and contribute to the suc-
and Investment (MPI) and the World nesses all have different commitments, and cessful implementation of Vietnam’s green
Bank (WB), implementing Vietnam’s green these lie in business strategy, development growth and sustainable development goals.”
growth strategy by 2030 will require some strategy, and product strategy. “With clear In conclusion, Deputy Minister Ngoc
$30 billion. The State budget can only commitments, I believe that businesses can affirmed that localities, businesses, and
meet about 30 per cent of needs, so private readily mobilize different resources to realize individuals are not only the driving force
sector participation becomes crucial, includ- commitments,” she added. and beneficiaries but also the core factors
ing the foreign business community and In addition, ESG (Environment, Social, and pioneers in realizing goals towards
large domestic corporations and enterprises. Governance) criteria have become quite green growth and sustainable development.
“The role and mission of the private popular in recent times. “The problem is “Seizing opportunities to gather the resources
sector in creating and shaping development how to govern in the interaction with ESG,” of stakeholders is important to build a green
values is clear, so now is the time to work she went on. “If managed well, this will economy and society associated with sus-
together to identify solutions to access and help open up green financial resources or tainable development,” he added. %

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