4th P4G Summit: To cooperate fairly with the 'big guys' in green transformation
WVR - Vietnam has achieved remarkable progress in promoting a green economy. These successes lay a solid foundation for a greener, more sustainable Vietnam, serving as a valuable asset for future generations.
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| Mr. Ha Dang Son. (Source: Forbes Viet Nam) |
Initial successes
Vietnam’s most notable success is in terms of access to electricity. Our country has performed very well in achieving nearly 100% access to electricity, which is a highly impressive achievement from a sustainable development perspective.
In some Southeast Asian countries, electricity supply for island communities often depends on renewable sources like wind or solar.
However, these energy sources depend heavily on weather, making electricity supply during storms or natural disasters challenging and reliant on expensive backup sources like diesel generators.
Vietnam has taken a different approach. For many years, the Government has prioritized investment in extending the national grid to islands, ensuring stable electricity for residents.
For instance, Phu Quoc Island has been supplied with electricity through an undersea cable since late 2001, resulting in rapid economic growth and improved living standards for its residents.
Additionally, Vietnam has implemented policies on rural electricity and renewable energy development for many years. Since the 1990s, the country has promoted small-scale hydropower and biogas energy in remote areas.
Today, these policies continue to be encouraged. Thanks to technological advancements, even areas with limited potential for biogas or hydropower can now access solar power for daily needs. Currently, Vietnam ranks among Southeast Asia’s leading countries in renewable energy development. In some provinces like Binh Thuan, Ninh Thuan, and the Central Highlands, there are numerous solar and wind farms, contributing to the country’s high share of renewable energy capacity.
While Vietnam has made significant successes in sustainable energy, it is important to recognize that every energy source has its disadvantages.
Therefore, a balanced mix of energy sources is essential to ensure supply diversity. For example, coal power causes pollution and large greenhouse gas emissions but offers more stable electricity supply compared to renewables like wind and solar.
Recently, the Government approved a policy to revive nuclear power projects. This marks a significant step in building a secure, low-emission energy infrastructure, fostering high-quality human resources and strengthening scientific and technological capabilities.
Although nuclear energy carries environmental risks, statistics show that most incidents related to nuclear power are due to subjective causes. As Prime Minister Pham Minh Chinh has emphasized, when it comes to nuclear power, we must be decisive and “not back down.”
Moreover, green economic development requires a long-term roadmap in which the private sector plays a very important role. The private sector must become the driving force and “locomotive” for green transformation and sustainable growth. If this is achieved, Viet Nam can attract major investments and reach its goal of becoming a high-income developed country by 2045.
Many policy successes in Vietnam are thanks to groundbreaking directives and strong implementation. The recent streamlining and restructuring of the administrative apparatus is expected to create new momentum for policy synchronization, promoting green energy investment, and moving towards a green and circular economy.
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| Vietnam will host the P4G Vietnam Summit under the theme “Sustainable and People-Centered Green Transition”, in Hanoi from April 14-17. (Photo: Thanh Long) |
Vietnam’s “Plus Points”
At the 26th UN Climate Change Conference of the Parties (COP26), Vietnam committed to achieve net-zero emissions by 2050. This bold commitment affirms the country’s determination to be an active member of the Partnership for Green Growth and the Global Goals 2030 (P4G) platform and the global environmental community.
In fact, P4G member support for Viet Nam has been established for a long time. Projects like the Biogas Program for the Animal Husbandry Sector (funded by the Dutch Government since 2003) and the Green Growth Action Plan Support Project (funded by the Korean Government since 2014) have both brought about remarkable results, contributing to Vietnam’s sustainable economic transformation.
| As Vietnam partners with nations like Denmark and the Netherlands to promote clean energy investment, large capital flows from P4G countries will also target Vietnam. |
In terms of attracting foreign direct investment (FDI), a major Danish project - the Lego factory in Binh Duong - will officially come into operation on April 9, 2025, just ahead of the P4G Summit in Hanoi. With a total investment of USD 1.3 billion, the facility is designed to apply Lego's criteria for green electricity consumption and energy saving in the most sustainable way, aligned with LEED Gold standards - an internationally recognized certification for green buildings.
Another famous Dutch brand, Heineken, has also maintained its position as a leading sustainable enterprise in Vietnam for eight consecutive years, with 99% of its energy coming from renewable sources and no landfill waste.
In the future, more projects like Lego and Heineken Vietnam should be encouraged in the S-shaped country. As Vietnam partners with nations like Denmark and the Netherlands to promote clean energy investment, large capital flows from P4G countries will also target Vietnam. This is an important advantage that the country must seize to attract future investment.
At the same time, political stability is another “plus point” that helps Vietnam welcome new investments. What the country must do now is improve its institutions and regulatory frameworks to integrate into the global economy. To engage with major international players on equal footing, Viet Nam’s legal system must align with international norms.
Vietnam’s achievements and its openness to global cooperation are vivid evidence that the country is confidently progressing on the path toward sustainable development and building a greener future.
| The 4th P4G Summit is expected to be chaired by Prime Minister Pham Minh Chinh, with a scale of welcoming about 600 domestic and international delegates. In addition to leaders of the Government, ministries, central and local departments, and large enterprises of Vietnam, the conference welcomes senior leaders of P4G member countries and international organizations that are partners of P4G. Representatives of leaders of countries, international organizations, corporations, enterprises, financial funds, large investments of the Government and private sector in the fields of growth, green transformation, and climate change also attend the conference. |
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