Strengthening Vietnam-Japan Cooperation in financial sector for green growth
On March 18, the Japan International Cooperation Agency (JICA) in Vietnam and the Ministry of Finance co-hosted the seminar on New generation ODA - Development policy loan for Green transformation toward green growth and climate resilience.
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The event was attended by Deputy Minister of Finance Tran Quoc Phuong, Japanese Ambassador to Vietnam Ito Naoki, JICA Chief Representative in Vietnam Kobayashi Yosuke, along with leaders from ministries, organizations, and enterprises of both countries.
The seminar is considered particularly significant as Vietnam strives to fulfill its commitment to achieving net-zero emissions by 2050. Meanwhile, Vietnam-Japan relations continue to develop comprehensively across all sectors following the upgrade to a comprehensive strategic partnership since 2023.
The event also aimed to announce a "new generation ODA" loan worth 50 billion Yen (approximately 320 million USD) with a streamlined preparation process and rapid disbursement procedures, while ensuring development goals through sound policy design and effective resource mobilization.
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| Japanese Ambassador to Vietnam Ito Naoki speaking at the seminar. (Source: JICA) |
In his opening remarks, Japanese Ambassador to Vietnam Ito Naoki emphasized that this is not an endpoint but the beginning of new initiatives and proactive efforts towards green growth and Net Zero in Vietnam and the Asian Zero Emission Community (AZEC).
According to Ambassador Ito Naoki, Japan, through the cooperation of various agencies, including the proactive contribution of JICA Vietnam, will continue to support Vietnam on this path to green growth.
“In particular, the program loan with a policy framework on green growth, green transition, and climate change adaptation is expected to accelerate green transition efforts through policy support and financial resource provision,” Ambassador Ito Naoki stated.
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| Deputy Minister of Finance Tran Quoc Phuong hopes the seminar will establish a mechanism for evaluation, monitoring, and tracking to enhance the effective use of these resources, paving the way for more efficient new generation loans to achieve double-digit growth targets. (Source: JICA) |
For his part, Deputy Minister of Finance Tran Quoc Phuong stated that the Prime Minister of Vietnam has issued a National Strategy on Green Growth for the period 2021-2030, with a vision to 2050. Therefore, the demand for financial resources for green growth in Vietnam in the coming period is substantial.
According to experts, the financial demand for emission reduction measures in each sector under Vietnam's environmental commitments by 2030 is approximately 68.75 billion USD. Of this, the national self-implementation source is expected to be over 24.7 billion USD, accounting for 36%, and the demand for international support resources is estimated at around 44 billion USD, accounting for 64%.
“To ensure these resources, Vietnam hopes foreign partners, including Japan, will continue to accompany, cooperate, and support Vietnam in terms of finance, technology, and human resources in this field,” Deputy Minister Tran Quoc Phuong emphasized.
Additionally, Japan is a country with much successful experience in green transition and climate change adaptation. Therefore, Deputy Minister Tran Quoc Phuong expressed hope that the two countries will exchange and share experiences on institutional and policy building, as well as discuss initiatives and technological solutions in the field of green transition and climate change adaptation, opening opportunities for further cooperation in this area in the future.
| According to information from the Ministry of Finance, this 50 billion Yen loan aims to achieve goals based on three main pillars: The first pillar: Supporting Vietnam in developing financial and investment policies to encourage economic sectors to invest in green projects and climate change response projects. Specifically, preferential policy solutions on taxes, administrative procedures, and investment to encourage business investment. Additionally, there are solutions to enhance enterprises' access to green resources such as green bonds or green credit to implement projects. The second pillar: Developing policies to implement nationally determined contributions. This pillar reflects global trends such as green transition and greenhouse gas emission reduction towards the Net Zero target, and we have full autonomy in participating in these processes. This loan will support Vietnam in effectively implementing international commitments. The third pillar: Responding to climate change. This idea emerged after Vietnam suffered significant damage from major storms like Matmo, Bualoi, Yagi... Japan proposed building a pillar to help Vietnam cope with natural disasters, storms, and future climate change. This is a highly meaningful content in the context of Vietnam increasingly facing climate change impacts. |
Other photos at the event:
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(TGVN)
