Green capital needed for sustainable growth

Sunday, Nov 27, 2022 14:40

Minister of Foreign Affairs Bui Thanh Son speaks at a seminar themed “Enhancing co-operation with global investment institutions in mobilising green finance for sustainable development and State-owned enterprises restructuring in Viet Nam,” held in Ha Noi on Friday. — VNS Photo Linh Anh

The mobilisation of external and domestic resources for sustainable socio-economic development is an urgent goal for Viet Nam, said Minister of Foreign Affairs Bui Thanh Son.

He made the statement at a seminar themed “Enhancing co-operation with global investment institutions in mobilising green finance for sustainable development and State-owned enterprises restructuring in Viet Nam,” held in Ha Noi on Friday.

In addition to foreign direct investment, Viet Nam aims to attract green finance and capital from investment funds to serve the economy, with a focus on restructuring businesses, and taking advantage of new growth drivers of green transformation and green growth.

Minister Son said that the Ministry of Foreign Affairs and Vietnamese representative missions abroad were ready to play the role of a bridge, contributing to the realiation of investment and cooperation opportunities between Viet Nam and their international partners.

Chairman of the Management of State Capital at Enterprises (CMSC) Nguyen Hoang Anh emphasised that sustainable development and green growth were the major goals of the Vietnamese Government in order to closely and harmoniously combine economic growth and social development with environmental protection.

As a representative agency for State capital holders in 19 large and important corporations across the country, CMSC is developing and implementing a master strategy for the investment and development of enterprises under its management, focusing on mobilising all resources for sustainable development on the basis of science, technology and innovation, and attracting foreign strategic investors who have the capacity and experience to promote technology transfer and business development.

Anh said the conference will be a practical and effective bridge between investment funds, international financial institutions, the State management agencies and the business community in Viet Nam, helping ministries and sectors of Viet Nam study and advise the Government on the cooperation with investment funds to mobilise financial resources for green and sustainable growth.

Chairman of the State Capital and Investment Corporation (SCIC)'s Board of Members Nguyen Chi Thanh said that the conference is part of a series of practical activities that Government agencies have been carrying out to support the sustainable development of enterprises.

In the process of comprehensive international integration, SCIC as well as corporations and State-owned enterprises are expected to pioneer in negotiation with foreign partners to attract more potential and quality capital from investment funds as well as green finance for the Vietnamese economy, thereby contributing to improving the attractiveness of the investment environment of Viet Nam, creating momentum and spillover for attracting resources for sustainable growth.

A representative of Credit Suisse Group forecast that Viet Nam's economy could grow by about 8 per cent in 2022, among the highest in Asia and ASEAN; and that Viet Nam maintains good export motivation thanks to the system of free trade agreements in force, maintaining the stability of the domestic financial and monetary market in the face of external challenges and is one of the top destinations for attracting foreign investment in ASEAN.

Warburg Pincus Investment Fund said that the Fund has so far invested US$2 billion in Viet Nam. In the future, Viet Nam needs to pay attention to three factors to attract more capital from investment funds, which are maintaining a stable investment environment, focusing on developing infrastructure and soft infrastructure of the economy in terms of financial capacity, health system, sustainable energy transition, capacity for effective policy implementation and focusing on the sustainability of foreign investment projects.

According to World Bank Vietnam representative Carolyn Turk, in the context of the world's many risks and uncertainties, Viet Nam faced increasing challenges from climate change. She highly appreciated Viet Nam's commitments at COP26 on emission reduction and that World Bank was ready to continue accompanying and supporting Viet Nam in the process of sustainable development. — VNS

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