Measures sought to promote private investment in green growth

A workshop on enhancing the role of private investment in green growth for the 2021-2030 period was jointly held by the Central Institute for Economic Management (CIEM) and the German development cooperation agency (GIZ) on November 3.

This workshop is part of activities within the framework of the “Macroeconomic Reforms/Green Growth Programme” implemented by GIZ in Vietnam under the authorisation of the Federal Ministry for Economic Cooperation and Development (BMZ). 

According to deputy director of CIEM Nguyen Hoa Cuong, businesses are both subjects and partners in the issues of global warming, environmental pollution and natural resources degradation, therefore attracting private investment in activities towards promoting green growth will contribute to realising Vietnam’s green growth strategy and commitment to reduce greenhouse gas emissions.

Green growth is a very important issue and an inevitable trend for long-term development of the world and Vietnam in particular, he noted.

Michael Krakowski, Director and Chief Technical Advisor of the Macroeconomic Reforms/Green Growth Programme in Vietnam, said that Vietnam is experiencing rapid economic growth but also suffering negative impacts from climate change, air and environmental pollution.

This is a huge challenge that requires timely and effective response measures to ensure sustainable development, he said, adding that Vietnam needs to persistently popularize and support clean production on a large scale and expand investment in clean and renewable energy development. 

Meanwhile, Dr. Ho Cong Hoa, a representative of the CIEM’s research team, said that it is necessary to have a consensus in opinions on building and completing a legal corridor, mechanisms and policies towards encouraging private enterprises to invest in green growth and environmental protection. 

He proposed the Government and relevant agencies issue a pilot mechanism to implement projects in the form of public-private partnership (PPP) in water and waste collection and treatment and water supply in rural areas.

Besides, it is necessary to force polluters to pay, and accelerate administrative reform to ensure a transparent and fair investment environment for private firms in this field, he added. 

Participants also mentioned shortcomings and weaknesses in formulating and implementing solid waste treatment plans, and unstable power purchasing and selling policies, saying that these are reasons that affect the access, investment and implementation of private-funded projects to serve the goal of green growth.

The Government needs to synchronously carry out solutions to create an attractive investment environment, improve the legal framework quality and capacity in realising policies to attract private investment in green growth in the 2021-2030 period, they said./.