European firms reaffirm strong commitment to Vietnam’s green transition, sustainable development

European businesses  stand firmly with Vietnam on its path toward sustainable development, said Bruno Jaspaert, Chairman of the European Chamber of Commerce in Vietnam (EuroCham), today (November 27).

Jaspaert said that European companies raised roughly US$70,000 within just 24 hours to aid Vietnam’s recovery efforts after severe natural disasters in the Central Highlands, highliting what he described as a strong commitment to the country’s development.

This swift and heartfelt response reflects the deep commitment of European enterprises to Vietnam’s sustainable development journey, he said at the Plenary Session of the Green Economy Forum (GEF) 2025, themed “Shaping Changes, Building Futures”.

Official reports show that with 14 storms recorded this year and the 15th approaching, Vietnam has faced one of its most severe storm and flooding events in the past 50 years, resulting in more than $3.2 billion in economic losses.

“Vietnam is experiencing the escalating impacts of climate change on people’s lives and the economy,” he said.

Jaspaert said green transition could become Vietnam’s future engine of growth, strengthening the country’s resilience against climate shocks. He stressed that this is now an urgent priority.

“Sustainable development is no longer a slogan or a distant goal. It is a shared duty and it is a duty of the present,” he said.

He said Vietnam has the full capability to shape its own development path, which ensures long-term resilience and positions the country to withstand future climate shocks.

Jaspaert highlighted bold steps Vietnam has taken to advance its green transition.

These include the commitment to net-zero emissions by 2050 guided by the National Green Growth Strategy, the implementation of National Power Development Plan VIII with a target of 47% renewable energy by 2030 and preparations for a carbon market expected to operate in 2029.

At the same time, Vietnam remains one of the world’s fastest-growing economies, attracting more than US$31.5 billion in FDI in the first 10 months of 2025.

“These are the drivers of a new era of strong growth,” Jaspaert said. “Green transition is a must-win battle for Vietnam to protect the country from climate-related losses and boost long-term growth.”

He said Vietnam can deepen international partnerships through platforms such as the Green Economy Forum, the European Green Deal, which mobilizes at least 1 trillion euros ($1.16 trillion) in sustainable investment, and the 300-billion-euro ($347.6 billion) Global Gateway Initiative for strategic cooperation.

As Europe reshapes global supply chains, Vietnam is well positioned to participate and benefit from diversification efforts, he added.

At the event, delegates and specialists urged policymakers, businesses, innovators and communities to work together to turn climate commitments into measurable results.

EU Ambassador to Vietnam Julien Guerrier said that although Vietnam is among the most climate-vulnerable countries, its resilience, proactive green strategies and strong capabilities can significantly enhance its competitiveness.

He said businesses play a central role in Vietnam’s green-transition journey by driving innovation, mobilizing capital and building capacity.

“The businesses here today are pioneers in restructuring the economy around sustainable solutions. Through economic growth, higher productivity and sustainable development, EU businesses stand firmly with Vietnam in shaping its future,” he said.

Vu Ba Phu, Director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, noted that 35 years of Vietnam–EU relations have demonstrated strong strategic trust in economic and security cooperation.

Since taking effect in 2020, the EU–Vietnam Free Trade Agreement (EVFTA) has strengthened trade ties and expanded export markets for Vietnam’s key industries, he said.

“We value the depth, transparency and effectiveness of these cooperation frameworks,” Phu said.

“They boost exports in agriculture, textiles and processed industrial goods and they support important reforms in Vietnam, improving competitiveness and advancing production toward sustainability.”

Phu said many manufacturing sectors are upgrading labor, environmental and green-traceability standards to meet Europe’s rising sustainability requirements and consumer safety expectations.

At GEF 2025, thematic discussions focused on renewable-energy policies, green skills, sustainable industrial-urban infrastructure and climate-smart agriculture.

Participants also explored solutions to narrow the green-skills gap and strengthen long-term cooperation to support sustainable growth and create a more resilient business environment for Vietnamese and regional enterprises.

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