European firms asked to boost investment in green development in Vietnam: Minister of Finance

On February 14, in Hanoi, Finance Minister Ho Duc Phoc had a working session with a delegation of the EU-ASEAN Business Council (EU-ABC), expressing a hope that European businesses support and effectively invest in green economic development in Vietnam.
European firms urged to boost investment in green development for Vietnam
A solar power plant in Da Mi hydropower plant, Binh Thuan province. (Photo: VNA)

The Minister highlighted the fruitful development of cooperation between Vietnam and the European Union (EU), saying that investors from Europe have strongly invested in many projects in Vietnam which have had great effects on the country’s socio-economic development.

The Vietnamese Government is promoting the development of wind and solar energy, and the circular economy, minimising coal-fired power and reducing emissions, and greenhouse emissions, Phoc said.

The Ministry of Finance pays special attention to allocating budget for and mobilising social resources in these areas, Phoc noted, showing the hope that European firms will expand investment in those in the coming time.

The Ministry of Finance will direct tax and customs agencies to create favourable conditions for businesses in customs clearance and tax payment activities, he stated.

Jens Ruebbert, Managing Director & Regional Head Asia/Pacific at the Landesbank Baden-Wuerttemberg (LBBW), Head of the Delegation, congratulated the Ministry of Finance and the Government of Vietnam on their efforts and achievements in responding to the COVID-19 pandemic and speeding up economic recovery and development in 2022, and their goals in 2023.

The EU attaches great importance to investing in the ASEAN market, with Vietnam being a priority, he said.

Ruebbert emphasised that Vietnam shows a great ambition when it committed net zero emissions by 2050, and the country is working hard to realise its digital transformation goal.

These are the areas where European businesses can strengthen cooperation and support Vietnam, he affirmed.

At the working session, the two sides discussed measures to further boost cooperation in digital transformation and green economic development, make reforms in international taxation, and develop a stable capital market.

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(Source: VNA)