Prime Minister Encourages FDI in Green Growth
On 19 March, the Prime Minister of Vietnam called on foreign enterprises to join Vietnam in developing green, sustainable solutions to socio-economic development.
The Vietnam Business Forum (“VBF”) is a regular dialogue between the government of Vietnam and both domestic and foreign business communities. Formed in 1997, it aims to create a more favourable business climate, attract private sector investment, and stimulate economic growth.
Members of the VBF include representatives of major foreign markets and international investors including the US Chamber of Commerce, the Korean Chamber of Commerce, the European Chamber of Commerce, and the Japanese Chamber of Commerce.
Vietnam rules out “grow first, clean up later”
The 2024 VBF met this month, with the Ministry of Planning & Investment, World Bank, and the International Finance Corporation as co-organisers. The event also attracted senior ministers and business leaders.
Speaking at the event in Hanoi on 19 March, Prime Minister Pham Minh Chinh called on foreign enterprises and investors to help drive green growth in Vietnam, sharing their knowledge, skills, and technologies.
As we wrote last summer, the government is aiming to increase the production and consumption of renewables in the long-awaited Power Development Plan 8 (“PDP 8”) and promote sustainable growth through the Just Energy Transition Partnership (“JETP”).
These ambitions formed the heart of discussions at the VBF, with the roles and responsibilities of FDI enterprises in the spotlight and their possible contributions to developing renewables; Environmental, Social, and Governance (“ESG”) policies; and the circular economy.
In particular, the Prime Minister rejected the “grow first, clean up later approach”. Instead, the government views green growth and digital transformation as the two pillars of its long-term economic growth and sustainable development. He called on foreign entrepreneurs and enterprises to join Vietnam in working towards green growth in five areas: Capital, institutions, technologies, management, and human resources.
APFL advises a wide range of international clients in the energy sector, including a key industry player in the development of renewable projects. To find out more about the opportunities of green growth in Vietnam, just contact our team on: contact@apflpartners.com
Disclaimer: This article and its content are for information only and are not given as legal or professional advice. they do not necessarily reflect all relevant legal provisions with respect to the subject matter. Readers should seek legal or professional advice before taking or refraining to take any action.
