Green finance - A positive starting point
Prof. Dr. Andreas Stoffers, Professor of Southeast Asian Business Relations at the University of Applied Sciences for Economics and Management (FOM), remarked that digitalization, smart city development, and green finance are still in their early stages in Vietnam, and the country will need support from P4G members.
Latest
 |
| Prof. Dr. Andreas Stoffers. |
In recent years, Vietnam has implemented bold policies and taken decisive steps on its green transition journey toward sustainable and inclusive growth. How do you assess the country’s progress so far?
Over the past few decades, Vietnam has successfully transformed from one of the world’s poorest nations into a shining example of economic growth and a magnet for investment in the Southeast Asian region. Now is the time for the country to take the next step - combining economic growth with the protection of its natural environment.
Vietnam has made strong and decisive policies to pursue a green transition and promote sustainable and inclusive growth. These efforts have already “reaped” initial fruit. However, there are still many areas where further, concerted action is needed - particularly in tackling air pollution and the overexploitation of natural resources.
I would also like to highlight the green finance sector, which could serve as a positive starting point. This sector involves compliance with green standards, carbon trading, green classification system, and environmental protection.
In addition, the development of green finance supports the growth of two financial centers Vietnam is currently working toward, the regional financial center in Da Nang and the international financial center in Ho Chi Minh City. Establishing a financial hub in Vietnam will have a positive impact on the broader economy.
The government has also recognized the importance of digitalization for the country. I particularly appreciate the Vietnamese Government’s decision to issue the National Digital Transformation Program to 2025 with a vision to 2030, as well as the National Strategy on Blockchain Application and Development to 2025, also with a vision to 2030.
However, the key now is to continue turning words into action when it comes to green transformation. Digitalization, the Fourth Industrial Revolution, smart city development, and green finance are just beginning to take shape - and Vietnam will certainly need support from both domestic and international experts in science and business. In this context, the support of members of the Partnering for Green Growth and the Global Goals 2030 (P4G) forum is vitally important.
| Vietnam is one of P4G’s seven founding members and an official partner of the forum. Over the years, the country has closely collaborated with other members to advance P4G’s agenda, vision, and mission - working toward the global sustainable development goals, green transformation, and climate change response. |
As one of the seven founding members of P4G, what experiences has Vietnam learned from other member countries to help advance its green transition?
In my view, one of P4G’s greatest strengths lies in its diverse membership, spanning four continents and encompassing economies at various stages of development.
This diversity allows P4G to effectively identify and support suitable development strategies suitable for each member.
Vietnam is one of P4G’s seven founding members and an official partner of the forum. Over the years, the country has closely collaborated with other members to advance P4G’s agenda, vision, and mission - working toward the global sustainable development goals, green transformation, and climate change response.
I believe Vietnam has benefitted in many ways from participating in the forum. P4G has funded 12 partnerships to implement projects across a wide range of development themes in Vietnam, such as digital water solutions, energy transition, and tackling the challenges of urbanization, industrialization, and intensive farming. Key initiatives include promoting the expansion of rooftop solar energy and converting waste into alternative fuels.
Through this support, Vietnam is advancing sustainable agriculture, energy efficiency, and the circular economy. The country is also learning from pioneering nations like the Netherlands and Denmark, while also actively contributing its own innovative ideas.
 |
| Vietnam will host the P4G Vietnam Summit under the theme “Sustainable and People-Centered Green Transition”, in Hanoi from April 14-17. (Photo: Linh Chi) |
In the future, what recommendations do you have for Vietnam to continue on the green transformation journey, towards green, sustainable and inclusive growth?
P4G is a leading global forum that promotes public-private partnerships by connecting governments, businesses, and socio-political organizations to develop breakthrough solutions for green growth, contributing to the Sustainable Development Goals for 2030.
The forum’s mission aligns with global green initiatives. Therefore, my recommendation for Vietnam is to maintain and further intensify its efforts toward achieving a green transition.
However, it’s important to remember that only a strong economy can generate the financial resources necessary to support a green transformation.
This is why Vietnam’s goal of becoming an industrialized nation by 2045 must go hand in hand with its green growth agenda. A prerequisite for the country’s economic rise is adherence to free trade, investment protection, sound public finance, and a Vietnamese-style market economy.
There is an undeniable truth: “Each dollar can only be spent once.” We all recognize that environmental protection - including clean water, wastewater treatment, waste management, air pollution control, and the preservation of the biosphere - must be a top priority. However, focusing solely on these areas is not the only path to achieving Environmental, Social, and Governance (ESG) goals. I would add two more considerations for Vietnam: protecting property rights and individual freedoms.
As Vietnam looks toward a green future, it must set clear priorities to become a role model in both economic growth and environmental protection in the Asia-Pacific region.
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. |
Multimedia
Infographics Photos Videos E magazine
