MPI, BCG strengthen green growth cooperation

The MoU on strengthening cooperation between MPI, BCG and partners was officially announced during the “Vietnam-Korea economic forum” held on Friday. The event was graced by the presence of Vietnam Minister of Planning and Investment Nguyen Chi Dung and South Korea’s Minister of Ministry of Trade, Industry and Energy Lee Chang-yang.

Accordingly, BCG pledged to fully support MPI in the execution of its Green Growth Strategy. The focus of the MOU is to build a national green taxonomy and incentive scheme, launch a pilot project program, as well as cooperate with authorities at all levels and implement the directions set forth by the National Steering Committee on Green Growth at the first meeting on May 30th with the participation and contributions from ministries and related agencies.

PI representatives signed MOU with BCG and related parties. Photo courtesy of BCG.

Since 2022, MPI, as the standing body of the National Green Growth Steering Committee, has been working with BCG to accelerate its green growth strategy in Vietnam to chart the Net Zero pathway, identify key priority sectors & initiatives, and raise awareness through various national events.

MPI also successfully organized the workshop “Accelerating green growth in Vietnam: A Roadmap for success” on April 18th. The event attracted more than 200 policymakers, industry leaders, investors, scientists, and non-governmental organizations (NGOs) to discuss and share experiences with the same goal of building a more sustainable future for Vietnam.

Vietnam’s unwavering dedication to green growth is evident in the spirit of bilateral cooperation as it seeks to foster more vital collaboration with the South Korean government and the private sector.

South Korea has also exhibited a strong willingness to contribute by sharing its wealth of experience and advanced technology in critical areas – such as new energy, environmental infrastructure, and smart cities – and by increasing investments in technology and human resources.

Vietnam has recently taken significant strides in advancing its green growth policies, striving to become a leader in sustainable development.

Vietnam has achieved a remarkable milestone by becoming the world’s third country to join the Just Energy Transition Partnership (JETP), highlighting its unwavering commitment to a fair and inclusive transition towards cleaner energy sources.

At the same time, Vietnam has officially approved its Power Development Plan VIII (PDP8), a comprehensive roadmap that charts the course for the country’s power sector development, emphasizing the integration of renewable energy and carbon emissions reduction technology.

Il Dong Kwon, Head of BCG Vietnam presented at Vietnam-Korea Economic Forum. Photo courtesy of BCG.

Arnaud Ginolin, Partner and Head of the Public Sector at BCG Vietnam said that the Vietnam government has taken important actions to promote green growth on a national level.

To maintain the momentum, the green growth strategy must be integrated and adopted into all ministerial and provincial action plans. Vietnam must actively prioritize and support high-impact sectors such as renewable energy, clean hydrogen, clean transport and logistics, and green industrial solutions.

He recommended that Vietnam urgently develop policy systems, such as a green taxonomy system or green incentives, in parallel with close coordination from ministries, agencies, and localities.

By collaborating and leveraging the experience and technical know-how of domestic and international partners, Vietnam can select a couple of projects under the pilot project program to promote innovative and impactful technologies and initiatives.

“This program can also serve as a valuable testing ground for the feasibility of new solutions in terms of technology or finance, enabling the government to make informed policies and decisions that drive sustainable development,” Arnaud Ginolin said.

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