Vietnam to strengthen cooperation with APEC members in promoting green growth

Vietnam is committed to working alongside APEC members in promoting green growth and combating climate change.

State President Nguyen Xuan Phuc.

State President Nguyen Xuan Phuc stressed the view in his pre-recorded speech at APEC CEO Summit 2021 that is taking place in Auckland, New Zealand on November 11-12. The event attracted nearly 3,400 delegates who are business leaders from the Asia-Pacific.

The Vietnam State President, along with country leaders of New Zealand, Australia, Indonesia, South Korea, Singapore, or Germany are honorable guests of the summit.

Addressing the first session on sustainability and climate change, Phuc highlighted the role of APEC not only as of the global main driving force and business and trade facilitators for the past three decades but also the pioneer in climate change response, promoting clean energy and biodiversity preservation.

“In anticipation towards APEC 2040 vision, APEC leaders would bolster solidarity and put aside differences to take drastic action against risks from the climate change for a sustainable livelihood,” Phuc said.

Vietnam’s State President said sustainable development and enhancing climate resilience are strategic issues and responsibilities of every country, economy, and business.

According to Phuc, the Government in every decision in infrastructure, finance, trade, environmental protection, or the labor market, should take into account long-term development goals.

“The Government, however, could not act on behalf of other social components, but serves as a facilitator by creating legal framework and incentives to mobilize social resources for the execution of green projects under the public-private partnership (PPP),” Phuc said.

In this regard, Phuc called for the business community to map out a specific plan on carbon emission reduction in line with local regulations on promoting green growth.

“The world should further invest in the future by focusing on renewable energy and developing new environmentally-friendly technologies, or a smart-agricultural sector. Creating green supply chains and encouraging the public to change their behaviors for a green lifestyle is the way going forward,” he said.

Phuc suggested the APEC Business Advisory Council draft a guideline on promoting sustainable business among members, focusing on small and medium enterprises.

He reaffirmed Vietnam’s commitment to COP26 by setting the goal of reaching net-zero carbon emissions by 2050, along with rising the proportion of renewables to 30% of the total power supply and keeping forest coverage unchanged at 43%.

“The people remain the core and major beneficial during the process of green development, with a modern legal institution and state governance as the foundations,” he said.

Meanwhile, Vietnam would continue to improve the business and investment environment, for such a purpose, Phuc said there would be more incentive policies for businesses to provide green services and products; finalize the legal system for the development of green enterprises.

“Vietnam with friendly policies for green growth, a market of 100 million people, and vast network of 14 free trade agreements, would be an ideal destination for foreign investors to do long-term business and join the process of sustainable development,” Phuc concluded.