CT Group embraces sustainable sea-based economic development

Ho Chi Minh City-based real estate major CT Group joined an online forum held in Vietnam last week to discuss sea-based economic development ideas, promoting the United Nations World Oceans Day.

Sustainable development is one of the world’s current hottest issues, with the oceans playing a significant role worldwide. Global warming and rising sea levels have drawn close attention from countries, communities, and the business circle as the whole world is seeking to counter climate change effects.

Additionally, environmental, social, and governance (ESG) incentives are also seen as measures to support global sustainable development.

"Vietnam’s coastline stretches more than 3,260 km while almost half of the Vietnamese population (100 million people in total) are living in coastal localities," Vu Hong Quang, a representative of CT Group’s ESG council, told the forum to explain why sea-based economic development was the event’s topic.

Sea resources make substantial contributions to Vietnam’s socio-economic development in many areas, including steelmaking, shipbuilding, oil and gas, minerals, marine transportation, logistics, high technology, aquaculture and fisheries, coastal industries, and renewable energy. They also play a critical role in Vietnam’s national defense strategy.

CT Group joined the 2021 United Nations Climate Change Conference (COP26) in the UK and supports the Vietnamese government’s carbon neutrality goal by 2050.

Quang said the group’s Leman Cap Residence project in the middle of the beach town of Vung Tau in southern Vietnam is an example of sustainable development. In front of it is the sea, while at the back is a natural forest site carefully cared for. It is using on-site solar energy.

At the forum, Doan Duy Khuong, former chairman of the Vietnam Business Council for Sustainable Development, pointed out a number of strategies and tactics for Vietnam's ocean-oriented development.

Khuong highlighted digitalization as one of the top tasks in exploring Vietnam’s marine advantages. He suggested Vietnam should work out proper sets of standards for the process, and proposed five solutions to promote marine economic fields while protecting the environment.

The first is Vietnam’s development plans for coastal areas and islands, taking into consideration lessons worldwide.

The second is to continue strengthening international cooperation, especially within ASEAN on issues related to the East Sea, internationally known as the South China Sea.

The third is to continue developing logistics in order to further support other fields like tourism. The fourth is to keep promoting public-private partnerships so that private companies can make more contributions.

The final suggestion is to take advantage of digital technology in forecasting climate change and implementing large projects in coastal areas.