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.

Fibre2Fashion News Desk (DS)

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