Deputy Prime Minister and Foreign Minister Bui Thanh Son (5th from right) cuts the ribbon to inaugurate the Green Economy Forum & Exhibition (GEFE) 2024 in Ho Chi Minh City, October 21, 2024. Photo: VGP

Addressing the Green Economy Forum & Exhibition (GEFE) 2024 in Ho Chi Minh City on Monday, Bui said the Vietnamese Government has adopted a number of policies to cope with climate change, reduce emission and boost digital transformation, including the plan to implement the 8th edition of the National Power Development Plan, the strategy for hydrogen development through 2030, the project to develop one million hectare of high-quality and low-carbon rice in the Mekong Delta region.

The Government has amended the Law on Land, the Law on Water Resources and the Law on Electricity in a bid to improve the legal framework for management and use of natural resources and environmental protection.

Bui informed that the Government has issued a mechanism for direct power purchase between renewable power generators and large electricity users.

The Government planned to start pilot operation of carbon credit exchange in 2025, said Bui.

The Government is accelerating the implementation of 16 sustainable development projects financed by foreign partners with total capital of around US$2.5 billion in the Mekong Delta.

Viet Nam has also announced a Resource Mobilization Plan to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP) at the 28th session of the Conference of the Parties (COP28).

The Southeast Asian nation has identified key projects within the framework of the Asia Zero Emission Community (AZEC) initiative led by Japan.

Next year, Viet Nam will host the fourth Partnering for Green Growth and the Global Goals 2030 (P4G) Summit, which indicates the country's wish to join hands with the international community in fostering the process of greening the planet.

Green economy – breakthrough cooperation pillar of Viet Nam-EU relations

Regarding Viet Nam-EU relations, Deputy Prime Minister and Foreign Minister Bui Thanh Son noted with pleasure at the comprehensive advancement of the bilateral ties over the past 35 years.

Bui suggested Viet Nam and the EU should consider green economy cooperation as a breakthrough pillar of their relationship, calling on the EU to soon ratify the EU-Viet Nam Investment Protection Agreement (EVIPA).

He also called on the EU to assist Viet Nam in terms of finance, technology, and human resource training, and share with Viet Nam its experience in developing green economy.

Bui suggested the EU continue ODA for Viet Nam, with a focus on vital fields like public governance, green economy, digital economy, and circular economy.

The Vietnamese Deputy Prime Minister also called on both sides to strengthen exchanges and mutual support at multilateral forums on green growth, energy transition, and other strategic domains.

GEFE 2024 is taking place in Ho Chi Minh City from October 21-23, with an aim to bring together key stakeholders from businesses, government, and non-governmental organizations from Europe and Viet Nam to engage in meaningful discussions and advocate for sustainable practices, policies, and initiatives.

GEFE 2024 brings together experts across sustainable businesses and governance for three days of conferences, exhibition, and high-level B2B and B2G dialogue sessions. The whole slate of events will act as a platform to enhance cooperation between European and Vietnamese business communities, to promote a sustainable green Vietnamese economy through expertise sharing and technology transfer initiatives.

Participants will gain valuable insights into opportunities within existing and emerging industries. Moreover, the event offers unparalleled networking opportunities, allowing attendees to connect with many expert speakers, including industry trailblazers who are pioneering sustainable solutions./.