Vietnam to hike green economy's contribution to GDP to $300 bn by 2050

19 Apr '23

2 min read

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Vietnam aims to raise its green economy's contribution to GDP from $6.7 billion in 2020 to $300 billion by 2050, minister of planning and investment Nguyen Chi Dung has said.
Preliminary research results show that to accelerate green growth, the transition of the wind and solar power industries alone can contribute $70-80 billion to the GDP.

Vietnam has set a target of raising its green economy's contribution to its gross domestic product (GDP) from $6.7 billion in 2020 to $300 billion by 2050 through drastic and breakthrough steps, minister of planning and investment Nguyen Chi Dung has said.

Vietnam considers green growth as a long-term option to ensure balance and harmonise the goal of reducing greenhouse gas emissions and grow its economy, Dung told a recent conference in Hanoi, titled ‘Promoting green growth in Vietnam: Roadmap to Success’.

The ministry, as the national coordinator for green growth, had advised the prime minister to issue the National Strategy on Green Growth for the 2021-2030 period, with a vision till 2050 and the National Action Plan on Green Growth for the period 2021-2030.

At the conference, Boston Consulting Group (BCG) general director Jaime Ruiz-Cabrero put forward four recommendations for Vietnam: the need to perfect green strategic institutions and step up building a legal framework; strengthening construction of a stable green financial system; helping reduce investment capital costs and develop the grid infrastructure system; create a foundation for the development of clean and renewable energy sources; and accelerate the development of clean hydrogen ecosystems.

BCG’s research results showed that Vietnam has immense opportunity to transform, catch up and take shortcuts and be ready for a leap in economic, social and environmental development, a news agency reported.

Preliminary BCG research results show that to accelerate green growth, the transition of the wind and solar power industries alone can contribute $70-80 billion to the GDP and directly create about 90,000-105,000 jobs.

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