Illustrative photo (Photo: VNA)

This framework aims to support Vietnam's green growth and climate action objectives, including achieving net-zero emissions by 2050.

Over the next five years, the GGGI will assist the Vietnamese government in creating favourable conditions to attract green investments and preparing projects that direct investment flows into sustainable energy, improving energy efficiency, climate-resilient agriculture, and waste management.

Specifically, the GGGI will focus on clean energy to help Vietnam reach its net-zero emissions target by 2050. The organisation plans to expand successful projects related to green bonds and promote climate technology startups, aiming to increase climate finance from both private and public sectors.

The GGGI’s national programme for Vietnam proposes solutions for implementing the CPF, including green investments, green industry, climate-resilient agriculture, waste management, green buildings, and carbon pricing.

MPI Deputy Minister Nguyen Thi Bich Ngoc said that the partnership between Vietnam and GGGI began in 2012, adding that at that time the country ratified an establishment agreement, becoming one of the GGGI's founding members. This collaboration has continued with the signing of national planning frameworks for the 2012-2016 and 2016-2020 periods.

The national planning framework for 2016-2020 achieved significant results, including the development of green investment guidelines, integration of green growth indicators into socio-economic development plans, an evaluation of the five-year implementation of the national green growth strategy, and organising consultation workshops and building training materials to support to make planning on green growth action plans, greenhouse gas inventory, and green finance.

In the 2020-2024 period, cooperation continued through important projects, including the design of policies for international carbon trading under Article 6 of the Paris Agreement, green growth planning for provinces, and the implementation of green transformation investment programmes.

The new CPF for 2024-2028 has been developed based on assessments of Vietnam’s challenges, opportunities, and advantages, identifying priority directions for green growth, green investment, climate action, and waste management.

These are core goals, crucial for Vietnam's future, she said.

Juhern Kim, GGGI Country Representative to Vietnam, highlighted the partnership between the GGGI and Vietnam, which has saw significant outcomes on policy advice, such as such as the development of the MPI's green growth guidelines, the urban green growth index, and the Vietnam urban green growth development plan by 2030.

In terms of investment, the GGGI has facilitated the mobilisation of around 410 million USD in green investment for projects such as waste-to-energy plants and green bond issuance by local financial institutions and private enterprises.

According to him, the CPF focuses on supporting Vietnam in maintaining a solid economic growth roadmap with comprehensive green growth projects without causing environment degradation.

Vietnam is entering a new phase with a strong revolution in institutional building and implementation of the goal of becoming a developed high-income developed nation by 2045./.