Businesses In Vietnam Invest 9 Bln USD In Green Growth
Mohammad Ali (@ChaudhryMAli88) Published April 28, 2023 | 04:10 PM
HANOI, (UrduPoint / Pakistan Point News - 28th Apr, 2023 ) :Businesses in Vietnam, including foreign-invested firms and local private companies, have invested about 9 billion U.S. Dollars in green growth projects, or 2 percent of the country's gross domestic product, the Vietnam news reported on Friday.
Green investments in Vietnam have grown between 10 percent and 13 percent over the past two years, said Nguyen Anh Tuan, deputy director of the Foreign Investment Department under the Ministry of Planning and Investment.
Prime Minister Pham Minh Chinh has announced that Vietnam would achieve net-zero emissions by 2050 and the country needs global partners to support its green transition.
Working toward a low-carbon economic pathway requires political determination and commitments of resources from the business community, especially companies with foreign direct investments, which have financial resources, management experience and modern technologies, Tuan said.
"Vietnam used to attract foreign investment inflows at all costs, more focused on boosting investment capital, creating jobs and promoting exports rather than fostering environmental protection," said Nguyen Van Toan, vice chairman of the Association of Foreign Investment Enterprises.
However, things have changed greatly in recent years as the country has shifted toward luring foreign investments in green growth, Toan noted.
He gave examples of such companies as toy giant LEGO which decided to open a green factory worth 1 billion dollars in Vietnam.
Science and technology will help Vietnam achieve the goal of net zero emissions by 2050, said Nguyen Quang Vinh, vice chairman of the Vietnam Chamber of Commerce and Industry, stressing the need to impose zero-carbon high-technology requirements on foreign companies.
Industries helping Vietnam achieve net-zero emissions could be worth 300 billion dollars to Vietnam's gross domestic product by 2050, skyrocketing from only 6.7 billion in 2020, official data showed.
The push for green development will present unprecedented opportunities for local businesses to make deals with multinational groups and companies in key sectors for low-carbon transition, said Nguyen Chi Dung, Minister of Planning and Investment.
Related Topics
Recent Stories
Dar for joint action to counter Islamophobia in context of Israeli aggression ag ..
Azam Tarar urges for effective implementation of Action Plan for Human Rights
PAF cadets' graduation ceremony held
One-day national seminar "Great Power Competition: Challenges and Opportunities ..
10 firms submit LoIs for PIA: Aleem Khan
Saudi Arabia launches Nusuk pilgrim card for the Hajj of 2024
High Commissioner Hawkins hosts reception to mark 'Australia Day in Spring'
PM forms inquiry committee to probe matter of wheat import
E-Evidence system inaugurated in Bahawalnagar district courts
Bitterness at UCLA as Gaza protest cleared
Kenya, Tanzania brace for cyclone as heavy rains persist
DC reviews seven-day anti-polio drive in Federal Capital
More Stories From Business
-
10 firms submit LoIs for PIA: Aleem Khan
6 hours ago -
Trained manpower imperative for food security: Dr Sarwar
8 hours ago -
Asian Development Bank (ADB) delegation visits Federal Board of Revenue (FBR)
9 hours ago -
Pakistan's total liquid foreign reserves reach $ 13.316 billion
9 hours ago -
WWF-Pakistan rolls out regenerative agriculture practices initiative
10 hours ago -
Govt to equip agri-sector with modern technology: Rana Tanveer
9 hours ago
-
US trade gap wider than anticipated in March
10 hours ago -
Pakistani entrepreneurs asked for exploring business opportunities in Ethiopia
9 hours ago -
US trade gap wider than anticipated in March
10 hours ago -
Mongolian envoy for joint efforts to improve trade ties
10 hours ago -
Rupee gains 01 pasia against US dollar
11 hours ago -
Ahsan Iqbal expresses Pakistan's eagerness to enter CPEC Phase-II
11 hours ago