Finance & Economy

By 2050, Vietnam will increase its green economy’s GDP contribution to $300 billion.

Published: April 19, 2023
Author: DIGITAL MEDIA EXECUTIVE

According to Nguyen Chi Dung, the minister of planning and investment, Vietnam has set a goal to increase the contribution of its green economy to its gross domestic product (GDP) from $6.7 billion in 2020 to $300 billion by 2050 through radical and ground-breaking measures.

At a recent conference in Hanoi titled “Promoting Green Growth in Vietnam: Roadmap to Success,” Dung stated that Vietnam views green growth as a long-term option to achieve equilibrium and harmonise the objective of lowering greenhouse gas emissions and growing its economy.

The ministry has urged the prime minister to release the National Strategy on Green Growth for the period 2021-2030, with a vision till 2050, and the National Action Plan on Green Growth for the period 2021-2030. The ministry served as the nation’s coordinator for green growth. Jaime Ruiz-Cabrero, general director of Boston Consulting Group (BCG), made four recommendations for Vietnam at the conference: strengthen the development of a stable green financial system, reduce investment capital costs, develop the grid infrastructure system, lay the groundwork for the advancement of clean and renewable energy sources, and quicken the pace of economic development.

According to the findings of BCG’s research, Vietnam has a huge chance to change, catch up, take short cuts, and be prepared for a leap in economic, social, and environmental development.

According to preliminary BCG research findings, the transition of the wind and solar power industry alone can contribute $70-80 to accelerating green growth. billion to the GDP and add between 95,000 and 105,000 new jobs directly.

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