Green transformation: Driver of Vietnam’s new growth model

With the goal of achieving double-digit GDP growth in 2026-2030, what green drivers will support Vietnam’s rapid and sustainable growth?

In my view, the core issue is changing how the economy creates value. We need to shift from growth based primarily on increasing inputs to growth driven by productivity, innovation and resource-use efficiency. This is also a requirement set out in Resolution 19-NQ/TW dated July 28, 2026 on renewing Vietnam’s development model. The resolution sets a goal of establishing by 2035 an economic model that is “highly efficient, innovative, green, self-reliant, inclusive and integrated,” in which the green economy, digital economy, circular economy and low-carbon economy become important components of the economy.

From this perspective, I believe Vietnam needs to focus on four fundamental drivers of green growth.

First, energy transition linked to greater energy efficiency. BloombergNEF’s Energy Transition Investment Trends 2026 report recorded US$2.3 trillion in global energy transition investment in 2025, up 8% from the previous year, including US$893 billion in electrified transport, US$690 billion in renewable energy and US$483 billion in power grids. For companies, using energy efficiently is a direct way to reduce costs, limit risks and improve competitiveness.

Second, improving resource productivity through the circular economy. A December 2025 report by UNDP found that the global economy’s circularity rate was only about 6.9%, indicating significant scope to retain the value of materials within the economy. For Vietnam, the circular economy needs to be approached as a strategy for improving economic efficiency, rather than simply as a means of treating waste.

Third, promoting the twin transition by using digital technology and data to improve the efficiency of the green transition, identify waste, optimize operations and make more accurate investment decisions.

Fourth, improving workforce quality. The World Economic Forum’s Future of Jobs Report 2025 found that environmental management skills appeared for the first time among the top 10 skills projected to grow fastest in importance by 2030, showing that the green transition requires coordinated changes in technology, management and workforce capabilities.

I also want to emphasize that green growth cannot be separated from the economy’s resilience. Protecting water resources, land and ecosystems, and investing in climate change adaptation are ways of safeguarding the conditions for long-term production. The direction set by Resolution 19 to gradually account for natural capital in the national statistical system shows that requirements for managing development resources are expanding toward a more comprehensive approach.

How do you see Vietnamese companies changing their approach to sustainable development?

After more than a decade of implementing the Vietnam Sustainable Development Business Forum (VCSF) and the CSI Program for assessing and recognizing sustainable companies, we have seen sustainable development shift from an activity associated with social responsibility to an integral part of business strategy and corporate governance.

While many companies previously focused mainly on complying with environmental regulations or conducting community activities, issues such as emissions reduction, energy efficiency, ESG (environmental, social and governance) management and supply chain responsibility are now receiving greater attention in investment decisions and production planning.

In 2025, the CSI Program attracted more than 500 participating companies, about 30% of which were small and medium-sized enterprises - the highest ratio in the program’s history; the average score of submissions also increased compared with previous years. While these figures are not representative of the entire business community, they reflect positive changes among proactive companies.

However, we must also recognize that significant gaps remain between awareness, commitment and implementation capacity. Many companies, particularly small and medium-sized enterprises, face difficulties with capital, technology, human resources and the ability to measure sustainability indicators.

I believe Vietnamese companies need to change their mindset in three directions: from responding to standards to proactively upgrading capabilities; from competing on price to competing on quality and value; and from participating in individual stages to building the capabilities needed to participate more deeply in value chains. For the business community, these directions need to be translated into programs that strengthen supplier capabilities, develop production standards and promote technology cooperation.

What breakthrough steps will you take to support companies in the twin transition during the upcoming acceleration period?

The requirement for the coming period is to shift from raising awareness to supporting implementation, and from individual programs to building an ecosystem that helps companies make coordinated transitions and measure results.

VCCI and VBCSD will focus on three areas of action. First, upgrading sustainable management tools to make them more practical and accessible, with the Corporate Sustainability Index (CSI) as the focus. 2026 marks the 11th consecutive year that we have implemented the CSI Program. We want CSI to serve not only as an assessment and recognition tool, but also to help companies identify management gaps, determine priority issues and develop improvement roadmaps.

Second, promoting resource connections and cooperation across value chains. We will continue to promote activities of the CSI Club and training programs on ESG, sustainable management and greenhouse gas inventories. We will also strengthen connections between companies and financial institutions, technology partners, international organizations and research institutions to support feasible transition projects.

Third, improving the quality of policy dialogue and promoting public-private cooperation initiatives. Through the VCSF and dialogue activities, we will continue to consolidate companies’ practical difficulties and make recommendations to improve implementation mechanisms, particularly in clean energy, the circular economy, the carbon market, green finance and supplier development. We will continue to work alongside companies so that individual efforts contribute to the collective transition capabilities of the business community.

Thank you very much!

Le Ngoc Lam, Chairman of the Board of Directors, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) In our view, the key to pursuing substantive and long-term sustainable development is the consistent commitment of leadership and the ability to translate that commitment into specific strategies, goals and actions across all business operations. Sustainable development should not be viewed simply as a compliance requirement or a form of social responsibility, but should become part of the development strategy, business model and long-term competitiveness. For BIDV, this approach is clearly reflected in its “Big - Strong - Green” development positioning, with “Green” as one of its three long-term strategic pillars. BIDV is a pioneer in Vietnam in developing a Sustainable Development and ESG Practices Strategy for 2026-2030, with the goal of becoming a market leader in green and sustainable development and ESG practices in Vietnam. The strategy identifies material issues, sets specific goals and establishes a clear implementation roadmap to gradually integrate ESG across banking operations. We are gradually completing our sustainable finance ecosystem, promoting green credit, strengthening environmental and social risk management, and supporting customers in their transition. From BIDV’s experience, we believe sustainable development is a long-term transformation process, not a short-term destination. Although each company has a different starting point and resources, the important thing is to begin with genuinely material issues, set appropriate goals and remain committed to implementation. In particular, ESG should be viewed not only in terms of costs or obligations, but also as an opportunity to innovate business models, improve management capabilities and adaptability, and create new growth drivers. Worawit Arunraksa, Sustainability Director, C.P. Vietnam Livestock Corporation For C.P. Vietnam, sustainable development must be reflected in concrete actions and measurable results. The important thing is to integrate this goal into daily production and business operations and pursue it consistently over the long term. During more than 33 years of operations in Vietnam, we have gradually applied technology to the integrated Feed - Farm - Food model. From smart farming systems to digitalized management and factory operations, these solutions have been implemented to improve production efficiency, use resources more efficiently and reduce environmental impacts. To track our progress, we participate fully in assessment programs such as the CSI, benchmarking our operations against governance, environmental and social responsibility indicators. We also proactively implement extended producer responsibility (EPR) with the PRO Vietnam Alliance and carry out a program to plant 3 million trees during 2021-2030 in coordination with the Department of Forestry and relevant parties. In the first phase, from 2021-2025, the program completed the planting of 1.5 million trees. Responsibility to the community is also an important part of our sustainable development approach. Based on C.P. Vietnam’s experience, we believe sustainable development is an investment in competitiveness and brand reputation over the long term. This requires persistence, transparent measurement and close cooperation with stakeholders, from government agencies, industry associations and nongovernmental organizations to local communities.   James Crampton, Corporate Affairs Director – HEINEKEN Vietnam At HEINEKEN Vietnam, sustainability has always been inseparable from the way we grow our business. Guided by our Brew a Better Vietnam strategy, we put sustainability and responsibility at the heart of how we operate, innovate and create value - for our company, our stakeholders and the communities where we operate. This is reflected in how we operate and contribute to Vietnam’s sustainable development - from pioneering a public-private partnership to conserve water across five key river basins, with an ambition to achieve 100% water balance across all HEINEKEN Vietnam breweries, to investing in our people and building a workplace where talent can thrive, while standing by local communities through both good and challenging times. We have also spent 15 years working alongside the government and partners, including the Traffic Police, to promote responsible consumption and contribute to road safety. But no business grows alone. When We Grow, Others Grow with Us - this is the principle that guides how we think about our role in Vietnam. Over the years, we have worked closely with government agencies, business partners, suppliers, communities and other stakeholders to share knowledge and technology, build local capabilities and strengthen long-term partnerships. By connecting people, expertise and resources across our value chain, we aim to create opportunities that extend beyond our own operations and contribute to more inclusive and sustainable growth for Vietnam.