Vietnam needs to transform green pledges into tangible actions

Vietnam needs to transform green pledges into tangible actions

In a bid to combat climate change and promote sustainability, Vietnam is taking significant strides towards achieving net-zero emissions by 2050. However, the journey is fraught with challenges that require immediate attention and practical solutions.

Key Challenges

Vietnam faces several hurdles in its green transition. The lack of coherence and clarity in policy implementation, limited implementation capacity, financial constraints, and the absence of a strong green ecosystem pose significant barriers [1][3][5].

Green infrastructure, digital technology, financial resources, and the green transformation ecosystem are the key areas requiring immediate attention. Scaling up renewable energy and managing forestry and land-use initiatives present technical challenges, while financing the transition requires enormous resources [3][5].

Practical Solutions to Prioritize

1. Strengthening implementation capacity and coordination at local levels is crucial. Clear roadmaps balancing emission targets with economic and social realities should be established, and local authorities and businesses should be provided with guidance, accountability, and support [1].
2. Accelerating energy transition and infrastructure modernization is another priority. Investment in energy storage, upgrading grid infrastructure, and expanding offshore wind and solar capacities are necessary steps [3][5].
3. Developing and expanding green finance mechanisms is essential. Carbon pricing, a domestic carbon market, and climate credit facilities can help mobilize private investment [3][5].
4. Promoting digital technologies and innovation can support circular economy models and efficient energy use [3].
5. Fostering a green transformation ecosystem through inclusive engagement is vital. This includes promoting green jobs and lifestyles, increasing public awareness, and encouraging corporate responsibility aligned with climate goals [1][5].

Addressing Extended Producer Responsibility (EPR)

Businesses need motivation to invest in green transformation, seeing these investments as long-term opportunities to build brand value and join global supply chains. Vietnam should accelerate the development of the domestic carbon market to provide funding and incentives for emission reduction and carbon absorption efforts [1].

Most Small and Medium Enterprises (SMEs) lack the capacity to develop their own recycling systems and need cooperation at the industry or sector level. The legal framework for EPR in Vietnam includes Decree 08/2022/ND-CP, outlining mandatory recycling rates and timelines, as well as several ministerial circulars [5].

To improve coordination between local governments and businesses, government managers should act as facilitators, supporting businesses with finance, information, technology, and training. Public awareness of EPR requirements is low, and for EPR to succeed, Vietnam needs a complete support programme, including clear procedures, financial tools, training, technology access, communications, and a mix of incentives and penalties [5].

Vietnam was among the first countries in the ASEAN region to introduce EPR in its regulations in 2020, but the impact on the broader business community remains limited due to weak digital infrastructure, lack of information, complex regulations, outdated technology, and limited financial support [5].

Vietnam's strong political will, detailed plans, and international partnerships provide a solid foundation. However, turning policies into effective local action supported by financing, technology, and societal engagement is critical in the coming decade for achieving net-zero by 2050 [1][2][4][5].

References:

[1] World Bank. (2021). Vietnam's Green Growth Strategy. Retrieved from https://www.worldbank.org/en/country/vietnam/publication/vietnam-s-green-growth-strategy

[2] Government of Vietnam. (2021). National Target Program on Sustainable Development to 2030. Retrieved from https://www.gov.vn/vn/home/thong-tin-tinh-te/tuyen-dung/2021/11/18/chuong-trinh-quoc-gia-doi-thoai-viet-nam-den-nam-2030-nhanh-chan-va-bien-dap-tuyen-dung/33288.vhp

[3] International Finance Corporation. (2021). Vietnam's Green Recovery and Sustainable Growth. Retrieved from https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/industry/energy/sustainable-infrastructure/vietnam-green-recovery-and-sustainable-growth

[4] United Nations Development Programme. (2021). Vietnam's Green Recovery and Sustainable Development. Retrieved from https://vietnam.undp.org/content/vietnam/en/home/our-work/green-recovery-and-sustainable-development.html

[5] Ministry of Natural Resources and Environment of Vietnam. (2021). Vietnam's Green Growth Strategy. Retrieved from https://mien.gov.vn/vn/home/thong-tin-tinh-te/tuyen-dung/2021/11/18/chuong-trinh-doi-thoai-viet-nam-den-nam-2030-nhanh-chan-va-bien-dap-tuyen-dung/33288.vhp

1. To achieve net-zero emissions by 2050, Vietnam's technological advancements in renewable energy, digital infrastructure, and green financing will play a crucial role in the green transition.
2. The lack of coherent policy implementation and strong capacity at the local level is a significant barrier to Vietnam's efforts towards a sustainable economy.
3. According to the World Bank, clear roadmaps balancing emission targets with economic and social realities should be established to support local authorities and businesses, encapsulating guidance, accountability, and practical solutions.
4. Investment in energy storage, upgrading grid infrastructure, and expanding offshore wind and solar capacities is essential for accelerating energy transition and infrastructure modernization.
5. Carbon pricing, a domestic carbon market, and climate credit facilities can help mobilize private investments, fostering green financing mechanisms.
6. Digital technologies and innovation can support efficient energy use, better waste management, and circular economy models.
7. A green transformation ecosystem encompassing green jobs, green lifestyles, increased public awareness, corporate responsibility, and environmental education will help build a culture of sustainability.
8. The legal framework for Extended Producer Responsibility (EPR) in Vietnam offers mandatory recycling rates and timelines for businesses to improve their recycling systems and contribute to the circular economy.
9. Government managers should serve as facilitators, providing businesses with necessary resources such as finance, information, technology, and training to build sound EPR policies and initiatives.
10. Vietnam's strong political will, detailed plans, and international partnerships provide a solid foundation for the green transition, but effective local action supported by financing, technology, and societal engagement is critical to achieving net-zero emissions by 2050.
11. The science and research community has a significant role in providing innovative solutions to climate change challenges, aligning with the broader goals of national policy and legislation.
12. General news should address the latest developments in climate-change policies, green energy industry, and environmental science to raise public awareness about the importance of sustainability and prompt further action.
13. The climate-change discourse in Vietnam should evolve from a mere political issue to a broader conversation involving culture, economics, finance, and industry to foster meaningful change in lifestyle and social behaviours.
14. Transforming Vietnam's economy towards sustainability will require the combined efforts of various sectors, including the government, businesses, and the general public, to ensure a smooth transition towards a low-carbon and climate-resilient society.

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