Bulk of $30 billion required for Vietnam's green growth strategy by 2020 must come from private sources, conference hears.
There are major opportunities available for investors in green growth in Vietnam, Dr. Pham Hoang Mai, Director General of the Department of Science, Education, Natural Resources and Environment under the Ministry of Planning and Investment told a workshop entitled Policy Implementation for Green Development: Comparative Perspective from Oregon and Vietnam, held on October 21 in Hanoi.
“To implement Vietnam’s green growth strategy about $30 billion will be needed by 2020, of which 70 per cent is to come from private sources,” Dr. Mai said. “About 2 to 6 per cent of GDP is needed for the country to recover from the effects of climate change. Vietnam has moved green growth from a strategy to an important dynamic for sustainable growth.” Many partners have joined Vietnam’s green coalition, such as the UNDP, the Korea International Cooperation Agency (KOICA), the German Society for International Cooperation (GIZ), the Belgian Government, the EU, the ADB, USAID, the World Bank and, recently, Denmark’s Global Competitiveness Facility for Vietnamese Enterprises (GCF).
The framework of Vietnam’s green growth policy is appreciated by international experts, according to the President of the Academy for Policy and Development (APD), Mr. Dao Van Hung. Green growth, however, needs a lot of time for implementation, he added.
Vietnam has different characteristics compared to other countries, Professor Ingle Marcus from Portland State University said. There is good experience in green growth from all over the world but Vietnam cannot simply copy these, he said.
Vietnam now needs particular projects for green growth, not general programs, Mr. Hung said. “Particular and practical projects will persuade foreign institutions to become involved,” he added.
There are public and private sources that can be tapped for green growth. Each year the government spends some $1 billion on climate change projects, including green growth, Dr. Mai said, primarily for research and enhancing project capacity.