Vietnam will facilitate European investment in green growth: PM

Vietnam will continue creating favorable conditions for European firms to invest in renewable energy, environmental protection, high technology and the green transformation process, Prime Minister Pham Minh Chinh said Monday.

The country is prioritizing the above-mentioned areas as it seeks to meet its carbon neutrality target by 2050, Chinh said at the opening ceremony of the Green Economy Forum & Exhibition (GEFE) 2022 held November 28-30 in HCMC by EuroCham Vietnam.

“Green development is a must for Vietnam now,” he noted, adding the government was inspired by the presence of high-ranking European Union officials at the event, which shows the continent’s interest in Vietnam’s sustainable development.

Vietnam considers adapting to climate change and embracing development of the green economy and circular economy as key people-centered policies, the PM said. He called for low cost green financing and green technology from Europe to support Vietnam.

Carolyn Turk, the World Bank’s Vietnam representative, said the bank was in a position to continue partnering Vietnam in pursuing green and sustainable development. She appreciated the government’s commitments and efforts to cut carbon emissions and enhance renewable energy development.

Meeting with the PM before the opening ceremony, the European business community also emphasized that they would continue supporting Vietnam with its green transformation. They said Vietnam held great potential for developing renewable energy, and EU firms were ready to invest billions of dollars into wind energy in the country

“The EU and Vietnam are already key partners. The EU-Vietnam Partnership and Cooperation Agreement and the Free Trade Agreement have strengthened our political and commercial relations,” said Virginijus Sinkevicius, European Commissioner for the Environment, Oceans and Fisheries.

“The EU will double its external financing for biodiversity to seven billion euros in the 2021-2027 period,” the high-ranking EU official noted, adding that this would support implementation of the post 2020 Global Biodiversity Framework.

“I’m here today because the EU is aware of the need for global change. No one country can advance a sustainability agenda in isolation.”

Among the dignitaries attending the event is Dutch Minister for Foreign Trade and Development Cooperation, Liesje Schreinemacher. Schreinemacher will meet with Vietnam’s Minister of Industry and Trade Nguyen Hong Dien to discuss their bilateral trade and investment agenda. The two ministers will discuss a number of topics, including business climate support, green business opportunities, implementation of the EU-Vietnam Free Trade Agreement and a visa waiver program.

With the largest national pavilion at the event, the Netherlands hosts has almost 50 Dutch companies showcasing innovations in water, energy, logistics, waste treatment, waste management, circular economy and other areas.

“It’s good to see such a strong presence of Dutch companies here. Our bilateral ties are built on strong foundations going back nearly half a century,” Schreinemacher said.

We will further promote sustainable trade relations to accelerate the crucial transformation to a green economy," she added.

Early this month, Copenhagen Infrastructure Partners (CIP), a Danish giant offshore wind developer, signed three memoranda of understanding with companies in Vietnam to accelerate the development of offshore wind projects and supply chain in the country.

The deals were signed with Xuan Cau Holdings; PTSC Mechanic & Construction of Petrovietnam and Semco Maritime; and Pacific Corporation JSC.

Under the MoU signed with Xuan Cau, the two companies will work together to develop several offshore wind projects in northern Vietnam.

With the MoU signed with PTSC M&C and Semco Maritime, CIP and its sister company Copenhagen Offshore Partners (COP) seek to supply offshore substations to CIP’s offshore wind projects in Vietnam.

The MoU with Pacific Corporation JSC aims to allow CIP and COP to work together on their development projects to design and implement solutions so that the Vinh Tan Port in Binh Thuan province could be utilized for construction activities and operational support during the lifecycle of offshore wind farms in Vietnam.

GEFE 2022 serves as a platform for stakeholders to meet and exchange experiences, knowledge and innovative solutions to explore green business opportunities.