Mindset, awareness changes needed to obtain true green growth

In particular, it needs to be realised by taking green transition solutions based on science, technology, and innovation, he told a recent conference.

The official noted that Vietnam views green growth as a long-term choice to ensure the harmony between greenhouse gas emission reduction and economic growth.

To the country, green growth towards economic prosperity, environmental sustainability, and social equality is not only an inevitable choice but also a chance to become a pioneer in the region, catch up with the world’s development trend, and realise its commitment to achieve net-zero emissions by 2050, Dung added.

The national green growth strategy for 2021 - 2030, with a vision to 2050, targets Vietnam’s green economy reaching 300 billion USD by 2050, from 6.7 billion USD in 2020.

It identifies green growth as an important solution to promote economic restructuring and growth model reform, enhance the economy’s competitiveness and resilience to external shocks, and directly help reduce greenhouse gas emissions towards a carbon-neutral economy in the long run.

Besides, green growth must centre on people; be based on modern regulations and governance, science and advanced technology, and high-quality human resources; while creating momentum for private investors to play an increasingly crucial role in the green economy, the official added.

Green growth has been creating numerous opportunities for the economy. The wind power and solar power sector alone is capable of contributing 70 - 80 billion USD to the gross domestic product (GDP) and generating 90,000 - 105,000 direct jobs.

When meeting domestic demand, a clean hydrogen ecosystem based on renewable energy can contribute 40 - 45 billion USD to GDP annually and provide some 40,000 - 50,000 jobs. Clean hydrogen also holds potential to become an export to developed counties.