As Viet Nam has committed to fighting climate change while still maintaining its economic growth, the European Green Deal is expected to be a good model for the country to learn and build its own sustainable development strategy.

On April 21-22, the Delegation of the European Union (EU) held a two-day conference on “Can the European Green Deal build Momentum for Viet Nam’s Green Growth Strategy?” in Ha Long City, Quang Ninh Province, attended by the EU Ambassador to Viet Nam Giorgio Aliberti and experts.

The EU Green Deal is a set of policies that includes new measures and efforts to transform the EU’s economy for a sustainable future.

These measures will not limit the bloc to increase its climate ambition for 2030 and 2050; supply clean, affordable and secure energy; mobilise industry for a clean and circular economy; build and renovate in an energy and resource-efficient way; accelerate the shift to sustainable and smart mobility; design a fair, healthy and environmentally-friendly food system; preserve and restore ecosystems and biodiversity; aim at a zero pollution for a toxic-free environment; pursuing green finance and investment and ensuring a just transition; etc.

“Many regulations will need to be changed, but we are ready to support Viet Nam,” said EU Ambassador Aliberti.

He said there definitely are challenges lying ahead, but he believes that the benefits of pursuing a model like the EU Green Deal will overshadow all the hardships.

“Vietnamese companies will struggle a lot as they have to elevate their products with higher standards. But at the same time, this means the products could be sold all over the world,” he said.

The country could also leapfrog other countries in the technology sector, as it requires better technologies to implement the Green Deal.

“Viet Nam will benefit from this and be in a much better position than its partner countries around the world,” Aliberti said, adding that advanced technologies will also guarantee products’ quality to meet free trade agreements' (FTAs) standards.

Meanwhile, one of the biggest challenges to Viet Nam is financial issues. The ambassador emphasised that this is not only an issue for Viet Nam but for other countries and regions too, including the EU.

However, the Government will receive support, with some coming from private investments. “The issue here is how to attract good investors,” Aliberti said.

This comes to the second challenge which is a structural problem. It requires a transparent procedure and favourable rules to allow more foreign investments to flow in.

"It will be profitable not only for foreign investors but also for local investors and ultimately Vietnamese citizens," the EU Ambassador to Viet Nam added.

Speaking at the event, Tomaso Andreatta, EuroCham Vice-Chairman and Chairman of the Green Growth Sector Committee, said that Viet Nam is doing well in the development of sustainable technologies. If the country continues this trend, it will attract more capital from foreign investors, especially from EU investors.

As the country is heavily affected by climate change, the Vietnamese Government has boosted innovation, accelerating the transformation of the growth model to pursue green growth which, a trendy model in the world.

At the COP26 Conference in Glasgow last November, Viet Nam set a target to gradually reduce its use of coal power by the 2040s, and achieve net-zero emissions by 2050.

The country’s energy development strategy is witnessing a significant shift, with the aim of increasing the proportion of renewable energy such as solar power and wind power. Renewable energy, energy efficiency, heating electrification and transportation are the key factors of the energy transition.

The national strategy on green growth for the period 2021-2030, vision to 2050, promulgated by the Government, demonstrates Viet Nam's strong commitment to sustainable development through practical and concrete actions. — VNS