Vietnam aims to increase green economy’s contribution to GDP to US$300 billion by 2050
Planning and Investment Minister Nguyen Chi Dung said Vietnam has set a goal to increase the green economy’s contribution to gross domestic product (GDP) from US$6.7 billion in 2020 to US$300 billion in 2050 through major breakthrough measures.
Vietnam considers green growth to be a long-term option to ensure balance and coordination between the goals of reducing greenhouse gas emissions and developing the economy, Dung said at a conference titled “Promoting Green Growth in Vietnam: A Roadmap to Success” held recently in Hanoi.
The ministry, as the National Green Growth Coordinator, has advised the Prime Minister to release the National Green Growth Strategy 2021-2030 and the National Green Growth Action Plan 2021-2030. .
At the meeting, Jaime Ruiz-Cabrero, general manager of the Boston Consulting Group (BCG), made four suggestions to Vietnam: improve the green strategic system and strengthen the legal framework; strengthen the construction of a stable green financial system; help reduce investment capital costs and develop power grid infrastructure system; lay the foundation for the development of clean and renewable energy; accelerate the construction of a clean hydrogen ecosystem.
BCG’s findings show that Vietnam faces huge opportunities to transform, catch up and take shortcuts, and is ready for leaps in economic, social and environmental development, a news agency reported.
BCG’s preliminary findings suggest that to accelerate green growth, the transformation of the wind and solar industries alone could contribute $7-80 billion to GDP and directly create approximately 90,000-105,000 jobs.
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