A view of Ho Chi Minh City from above

At the conference “Enhancing cooperation with global investment institutions in mobilizing green finance for sustainable development and State-owned enterprise (SOE) restructuring in Vietnam” held by the Ministry of Foreign Affairs (MoFA) in Hanoi on November 25, a representative of Credit Suisse Group forecast that Vietnam's economy can grow by 8% in 2022, among the highest in Asia and ASEAN.

According to the firm, Vietnam has maintained export momentum thanks to Free Trade Agreements (FTA), and it has also retained stability of the domestic financial and monetary market in the face of external challenges.

Vietnam is not under public debt pressure and is one of the top destinations for foreign investment in ASEAN, it added.

Meanwhile, Warburg Pincus Investment Fund emphasised that Vietnam is one of the most attractive investment destinations in Southeast Asia, noting that it has so far poured 2 billion USD into the country.

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To attract more capital from investment funds, Vietnam needs to focus on maintaining a stable investment environment; developing the economy's infrastructure and soft infrastructure in terms of financial capacity, health system, sustainable energy transition, effective policy implementation capacity; and scrutinising the sustainability of foreign investment projects, Warburg Pincus said.

Carolyn Turk, Country Director for the World Bank in Vietnam and representatives of countries and international organisations, spoke highly of Vietnam's commitments at the 26th United Nations Climate Change Conference (COP26) on emission reduction, saying that they are willing to accompany and support Vietnam in realising its sustainable development goals.

Carolyn Turk and Ambassador of the European Union (EU) to Vietnam Giorgio Aliberti proposed a number of recommendations for Vietnam on financial mobilisation solutions, including linking climate commitments to green and feasible projects, promoting public-private cooperation, consulting international experience on green finance, and building appropriate legal framework for ODA disbursement, among others.

Minister of Foreign Affairs Bui Thanh Son affirmed that effectively mobilising external resources in combination with domestic resources for sustainable socio-economic development is a consistent goal and requirement of Vietnam.

Apart from luring foreign direct investment (FDI), Vietnam is pushing to attract green finance and capital from investment funds to serve economic restructuring, focusing on restructuring SOEs and fully tapping new growth motivations of green transformation and growth.

At the 22nd Assembly of the World Peace Council (WPC) in Hanoi on November 22, participants also highly valued Vietnam's economic achievements and the country’s efforts in ensuring social security towards sustainable development./.