Vietnam’s green economy expected to reach $300B by 2050

Vietnam has set a target of increasing its green economy's contribution to GDP from $6.7 billion in 2020 to $300 billion by 2050, Minister of Planning and Investment Nguyen Chi Dung has said.

Speaking at a conference "Promoting green growth in Vietnam: Roadmap to Success" held in Hanoi on April 18, Dung said green growth towards economic prosperity, environmental sustainability, and social justice is not only an inevitable choice but also an opportunity to become a pioneer in the region.

Dau Tieng solar power project in southern Tay Ninh Province, May 2019.

It also helps Vietnam to catch up with the world’s development trend and realize its landmark historic commitment to achieve net-zero emissions by 2050.

Vietnam identifies green growth as a long-term option to ensure balance and harmonize the goal of reducing total greenhouse gas emissions and the development and the growing size of its economy, Dung said.

Preliminary research results of Boston Consulting Group (BCG) showed that to accelerate green growth, the transition of the wind and solar power industries alone can contribute $70-80 billion to GDP and directly create about 90,000-105,000 jobs.

In addition, the clean hydrogen ecosystem based on renewable energy has the potential to contribute from $40-45 billion to GDP annually, create about 40,000-50,000 jobs, and benefit both the domestic market and export potential to developed countries in the world.

At the conference, BCG General Director Jaime Ruiz-Cabrero put forth four key recommendations for Vietnam, including the need to perfect the green strategic institutions and step up the building of the legal framework; strengthening the construction of a stable green financial system, helping to reduce investment capital costs; develop the grid infrastructure system, create a foundation for the development of clean and renewable energy sources; and accelerate the development of clean hydrogen ecosystems.

BCG’s research results also showed that Vietnam, with its potential and geo-economic position in the global supply chain, is boasting a great opportunity to transform, catch up, and take shortcuts and be ready for a leap in economic, social, and environmental development.

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Source: VnExpress