At the Green Economy Forum & Exhibition (GEFE 2024) held on the morning of October 21, leaders from the European Commission emphasized that Viet Nam and the European Union (EU) are vital partners in the journey toward a green transition and sustainable development. The EU pledged support to Viet Nam in various areas to promote high-quality investments, aiming to help Viet Nam build a carbon-neutral region by 2050.
Sharing the Net Zero Goal
Speaking at the forum, Margaritis Schinas, Vice President of the European Business Association (EuroCham), reaffirmed Europe’s commitment to work with Viet Nam to become a carbon-neutral region by 2050.
“We cannot achieve this alone; we need allies and supportive partners like Viet Nam,” he stated.
He pledged that Europe would support Viet Nam across many areas to facilitate quality investments, working towards the Net Zero goal by 2050.
“Viet Nam is a prime example of sustainable cooperation and aligns with Europe’s global sustainability goals, as evidenced by upcoming visits from the President of the European Commission next year. The collaboration between Viet Nam and European countries adds value to green development and carbon neutrality,” he said.
Previously, Mr. Bruno Jaspaert, Chairman of the European Business Association (EuroCham) in Viet Nam, had also highlighted Viet Nam’s potential for green development. He affirmed that European businesses are committed to actively contributing to Viet Nam’s Net Zero goal by 2050.
Leaders of the Vietnamese Government, the European Commission, and delegates cut the ribbon to open the Green Economy Forum & Exhibition (GEFE) 2024. Photo: EuroCham.
Viet Nam needs EU support for green transition
Speaking at GEFE 2024, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son emphasized Viet Nam’s commitment to green economic development. Viet Nam has demonstrated flexibility and creativity in achieving significant results in emissions reduction and energy transition.
The country has also refined its resource management policies, laws, and regulations to facilitate climate change response. Additionally, Viet Nam has established carbon standards, aiming to integrate with global green credit initiatives. Based on this, Deputy Prime Minister Bui Thanh Son expressed confidence that Viet Nam will continue to attract green investment from developed countries, especially the EU.
Earlier, in a meeting with EC Vice President Margaritis Schinas at GEFE 2024, Deputy Prime Minister Bui Thanh Son highlighted the EU as one of Viet Nam's foremost trade, investment, and ODA partners. Viet Nam remains the only Southeast Asian country with a comprehensive cooperation framework with the EU.
The Viet Nam-EU Free Trade Agreement (EVFTA), after four years in effect, has spurred substantial trade growth between Viet Nam and the EU and bolstered EU investment in Viet Nam. The EU is now Viet Nam’s fifth-largest trade partner, third-largest export market, and fifth-largest import market, while Viet Nam stands as the EU’s largest trading partner within ASEAN.
The Deputy Prime Minister requested the EU to maintain its non-refundable ODA for Viet Nam from 2024-2027, with a focus on priority sectors such as renewable energy, carbon credit market development, CBAM implementation, sustainable fisheries, human resource development, and strategic infrastructure. He also urged for support to enhance Viet Nam’s access to Horizon Europe, the EU's innovation program.
“Increasing exchanges and working together with Europe for a greener planet is our shared commitment,” the Deputy Prime Minister stated in the plenary session.
He noted that provinces and cities are also actively seeking international partnerships to raise awareness, capacity, and funding for green infrastructure and energy projects to address climate change. Ho Chi Minh City, a leader in FDI attraction, is undergoing significant restructuring toward green development, aiming for emission reductions by 2030. The city is drafting green transition policies for businesses, hoping that GEFE 2024 will provide valuable insights and experience to accelerate green growth and develop a circular economy model.
Recently, European businesses in Viet Nam have implemented various green development methods, such as the Swiss company Nestlé cultivating coffee sustainably, or Tetra Pak with its carton recycling collection project.