Today: 04/12/2023 14:02:00 (GMT+7)

Bac Giang enterprises proactively adapt to new economic trends

BAC GIANG - New trends in the global economy such as: Green transformation, emission reduction, sustainable development... have been applied by many countries and become requirements for businesses to bring products to the market. To adapt, many businesses in Bac Giang province have proactively changed their models to meet the increasing criteria of the shifting trend.

Green production

Grasping the shifting trend and new standards, many businesses in the province have actively renovated their production processes. As the largest exporter of tissue in Vietnam to the European and American markets, Bac Giang Import-Export Joint Stock Company interested in new modern lines to increase the productivity in late 2020.

Bac Giang enterprises, proactively adapt, new economic trends, Bac Giang province, Green transformation, emission reduction, sustainable development

The tissue production line of Bac Giang Import-Export Joint Stock Company.

The annual tissue output of the enterprise reaches more than 60,000 tonnes, 24,000 of which are for export. In order to increase output and orders, the company has just spent 191 billion VND (8 million USD) to install an additional Austrian paper production line with a capacity of 17,000 tonnes per year.

Along with increasing capacity, the company attaches importance to green production by upgrading the wastewater treatment system, with parameters in the index set automatically connected to the monitoring server at the Department of Natural Resources and Environment. Raw materials are used with clear origin in the areas where exploitation is permitted.

As a garment manufacturing enterprise whose main export market is European countries, Bac Giang LGG Garment Corporation Joint Stock Company (Lang Giang district) always focuses on exploiting renewable energy sources.

In 2021, the Company invested 10 billion VND to install more than 2,200 solar panels with a total capacity of 993.6 kWp. Using electricity from solar energy in production is not only to save costs and reduce product prices but also to meet the requirements of new economic transition trends.

Along with domestic enterprises, foreign-invested enterprises in the province also research and proactively produce to meet new standards.

Take advantage of opportunities, overcome challenges

According to Nguyen Minh Hang, Director of the Department of Economic General Affairs (Ministry of Foreign Affairs), some major trends emerging in the world economy include: Initial formation of a cross-border carbon pricing mechanism; global supply chain trade associated with criteria of sustainable development, biodiversity, environmental protection, and labor; increased investment in green transformation and clean technology development among others.

To adapt to new economic standards as well as effectively exploit free trade agreements (FTAs), Bac Giang province attaches importance to the development of green energy and renewable energy.

The province issued a Green Growth Action Plan in 2021-2030 period, with a vision to 2030 to set the investment goals for green growth, improve energy use efficiency and renewable energy toward green and sustainable growth.

According to the assessment of the Department of Industry and Trade, in fact, some enterprises in the province have proactively changed their models, focused on green production, but many enterprises have failed to meet the requirement.

The Department issued Execution Plan of the new FTAs that Vietnam has signed with other countries; Project to improve the capacity on trade defense when participating in FTAs.

In particular, the province strengthened measures to support and improve the competitiveness, develop brands for industries and businesses; remove difficulties and policy obstacles to develop raw material sources…, hence helping bring Bac Giang's export turnover in 8 months of this year to more than 14.5 billion USD, ranking 6th in the country.

Nguyen Hai Minh, Vice President of the European Business Association in Vietnam recommended that in order to overcome challenges and take advantage of opportunities of new economic trend standards, in addition to national policies, there should be own policies of localities to support export enterprises, especially into the European market.

That is to support the investment in rooftop solar power systems because in many countries consumers are willing to spend high amounts of money to buy products produced from renewable energy.

The province should have preferential policies for experts because such high-quality human resource will make many contributions to enterprise production.

The businesses need to reform production and grow green. Experience shows that businesses that proactively catch up and adapt quickly will have high competitiveness and strong breakthroughs, and vice versa.

Truong Son
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Bac Giang enterprises, proactively adapt, new economic trends, Bac Giang province, Green transformation, emission reduction, sustainable development
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