EuroCham recommends Việt Nam develop legal framework for green transition

Võ Tân Thành, deputy chairman of VCCI, delivers the welcome speech at the Forum. — VNA/VNS Photo

HCM CITY — The Vietnam Chamber of Commerce and Industry (VCCI) held a national forum on promoting the Việt Nam – EU partnership and sustainable development in HCM City on August 21, aiming to bolster the cooperation between Vietnamese businesses and the EU market.

In his opening remarks, VCCI Vice President Võ Tân Thành said the EU is one of Việt Nam’s most crucial partners, and Việt Nam is a safe and potential investment destination for European enterprises. He also stressed that Việt Nam is the only Southeast Asian nation with a comprehensive cooperation framework with the bloc.

Thành urged the EU to share more information and experiences with Việt Nam and assist the nation in the development of green, modern, and efficient policies and growth models. He called for EU support in enhancing Việt Nam’s infrastructure, human resources, technical assistance, and technology transfer to help the country meet international standards. Additionally, he hoped for broader access to various EU market segments beyond the traditional markets of northern, western, and eastern Europe.

Recommending EU investors to expand cooperation with Vietnamese provinces and cities, Thành affirmed that the VCCI is committed to supporting the Vietnamese and EU business communities in their cooperation and investment, thereby further enhancing the Việt Nam-EU relations.

Jean Jacques Buouflet, Vice President of the European Chamber of Commerce in Việt Nam (EuroCham), acknowledged Việt Nam’s efforts in building a policy framework for green economic development and its strong commitments to sustainable growth. He cited the country’s national green growth strategy, which aims for net-zero emissions by 2050, alongside national strategies on forestry, environmental protection, and sustainable development.

However, Buouflet noted that Việt Nam still lacks specific legal frameworks for green development across various sectors and guidelines for mobilising financial resources to support this transition. EuroCham recommended that Việt Nam persist in developing these frameworks and increasing social resources to implement green transition goals, leveraging international experience and knowledge to avoid misallocation and waste of resources.

EuroCham is willing to support Việt Nam in accelerating its green transition, particularly in renewable energy, green transport, and green finance, the official said. The chamber is committed to close collaboration and sharing expertise with different sectors in Việt Nam to advance sustainable green economic development.

At the forum, Vietnamese and EU economists, VCCI officials, and representatives from the Ministry of Industry and Trade discussed market trends, new opportunities in the EU market, smart agriculture, green finance, and potential business prospects in emerging fields.

Currently, the EU is Việt Nam’s largest development partner, fifth largest trading partner, and the sixth largest foreign investor. Meanwhile, Việt Nam is the EU’s largest trading partner in ASEAN and 14th globally. Two-way trade in the first half of 2024 stood at nearly US$32.39 billion, up 13.5 per cent year on year, in which Việt Nam’s exports were valued at $24.69 billion, up 15.4 per cent. — VNS