Bình Định is well-positioned to develop a carbon credit market: minister

Minister of Industry and Trade Nguyễn Hồng Diên (right) speaks at the working session. — VNA/VNS Photo

BÌNH ĐỊNH — With a forest coverage of 58 per cent, Bình Định has favourable conditions to establish and develop a carbon credit market, enabling local businesses to obtain green certifications for production and export. Therefore, the province should require export-oriented businesses to transition to green production practices.

This was highlighted by Minister of Industry and Trade Nguyễn Hồng Diên during a working session on August 9 between a delegation from the Ministry of Industry and Trade and Bình Định Province, which focused on the province’s industrial and commercial production, as well as the implementation of national sectoral plans in energy and minerals.

Hồ Quốc Dũng, secretary of the Bình Định Province’s Party Committee, noted that Bình Định is rapidly developing in infrastructure, industry, and tourism, with ambitions to become a leading province in Central Việt Nam. However, the province is encountering challenges in advancing major industrial projects. He called for continued support from the Ministry of Industry and Trade, particularly for the PNE project by a German corporation, as well as in the development of e-commerce for local speciality products and the planning of mineral resource exploitation.

Minister Nguyễn Hồng Diên acknowledged that while Bình Định’s industrial and commercial indicators have shown growth, production remains small-scale and has not yet fully exploited the province’s potential. He suggested that the province must thoroughly implement and effectively execute socio-economic policies, especially new laws such as the Land Law, the Housing Law, and new energy sector policies, including direct power purchase agreements and solar power development.

With its significant forest coverage, Bình Định has the potential to develop a carbon credit market, helping enterprises achieve green certifications for export. The minister urged the province to mandate businesses to shift to green production, review and adjust their planning to align with regional and national strategies, and implement energy and mineral sector plans.

The province should restructure its industry towards modern, green, and sustainable development, transforming Bình Định into a hub for high-tech manufacturing and innovative science. Additionally, it should develop both traditional and modern commercial infrastructure, with a focus on domestic and cross-border e-commerce.

Regarding the PNE project by the German corporation, Minister Diên suggested that the province should collaborate with a consortium to execute the offshore wind power project due to national security concerns. He also agreed to establish a Certificate of Origin (C/O) office in Bình Định to facilitate import-export activities, particularly in the wood processing, seafood, textiles, and footwear industries.

Reporting to the delegation, Nguyễn Tự Công Hoàng, deputy chairman of the Bình Định People’s Committee, stated that the province’s Gross Regional Domestic Product (GRDP) in the first half of 2024 increased by 7.6 per cent compared to the same period last year.

Bình Định is currently ranked 19th out of 63 provinces and cities nationwide and 4th out of 14 provinces in the north central and central coastal regions. In 2024, 64 industrial production projects are expected to commence operations in Bình Định, including 12 key projects. In the first seven months of 2024, 25 projects have already begun operations, with a total investment of approximately VNĐ4.133 trillion. — VNS