Enterprises Increase Demand for Green Transition

Sharing with reporters from Bao Cong Thuong, a representative of a consultancy firm specializing in green transition solutions revealed that the number of businesses interested in green transformation has surged in recent years. Specifically, in 2024, the number of businesses seeking advice on adopting green models increased by 30% compared to 2023.

According to Nguyen Tung Anh from the Enterprise Development Agency under the Ministry of Planning and Investment, green transition is now an urgent requirement for the business community, including Vietnamese enterprises. This necessity has become more pressing as many countries impose green standards on imported products.

To support businesses in achieving green transformation and sustainable development, the government issued Resolution No. 58/NQ-CP in 2023. The resolution outlines key policies and solutions to help enterprises proactively adapt, recover quickly, and grow sustainably by 2025. It emphasizes promoting innovative business models based on digital economy, circular economy, and green economy, fostering the formation of leading enterprises in potential sectors, and contributing to sustainable development goals.

While the demand for sustainable development among Vietnamese enterprises is high, experts highlight three significant challenges: lack of funding, specialized human resources, and suitable technical solutions. Among these, the most critical issue is the lack of financial resources.

The World Bank estimates that Vietnam will require an additional $368 billion from 2022 to 2040 to build resilience and reduce greenhouse gas emissions. Of this, private sector funding accounts for nearly 50% ($184 billion), with public sector contributions amounting to $130 billion and external support covering the remaining $54 billion.

AD Green Solar Panel Manufacturing Plant. Photo: CT

Establishing a Green Transition Fund

To address financial constraints, economist Can Van Luc proposes establishing a Green Transition Fund to accelerate the process.

Beyond financial hurdles, businesses also face challenges related to information accessibility. According to Dr. Nguyen Minh Thao from the Central Institute for Economic Management, green policies are numerous, complex, and continuously evolving. Additionally, there are no standardized green criteria or unified roadmaps for all types of export products.

To promote green transition, Dr. Thao suggests that the government and state agencies provide timely updates and issue clear guidelines. Collaborations with trade partners to facilitate implementation at the enterprise level, completing carbon reduction frameworks, transitioning from coal-fired power, and promoting renewable energy are essential steps. Moreover, introducing carbon pricing regulations, establishing a “Green Taxonomy,” and developing a green finance system are necessary.

For enterprises, Dr. Thao advises proactively understanding green agreements and regularly updating export-related green policies. Businesses should enhance their capacity in terms of funding, technology, workforce, and management while focusing on reducing emissions across production chains. This includes limiting environmentally unfriendly materials, optimizing equipment use, and improving resource efficiency. Waste reduction through recycling and recovery, adopting clean energy, and applying eco-friendly transportation solutions are also critical measures to achieve green transformation.