Import policies in many countries are no longer solely focused on emission reduction but have introduced stricter standards for social responsibility and environmental protection. As such, preparing export goods that meet the sustainability standards of importing countries is now a matter of “survival” for Vietnam’s economy.

Exports Must Go Green

Speaking at the Vietnam Export Promotion Forum 2024 with the theme “Promoting Green Exports” on December 4, Deputy Minister of Industry and Trade Nguyễn Sinh Nhật Tân stated that green and sustainable growth is no longer just a trend but has become a prerequisite for maintaining competitiveness and ensuring long-term economic development.

Key policies like the European Green Deal, Carbon Border Adjustment Mechanism (CBAM), Circular Economy Action Plan, and the Biodiversity Strategy for 2030 are significantly influencing growth models, economic cooperation, trade, and investment worldwide. These policies not only aim to cut emissions but also impose stricter requirements on social responsibility and environmental protection, forcing exporting countries to change their production methods and approaches to meet these rising standards.

With its existing potential and advantages, Vietnam is facing great opportunities to become an important link in the global supply chain—especially in the field of exporting green and sustainable goods, investing in renewable energy, cleaner production, the digital economy, and circular economy. Preparing export supplies that effectively meet sustainability standards is, as the Deputy Minister emphasized, a matter of economic survival.

However, Assoc. Prof. Dr. Nguyễn Đình Thọ, Director of the Institute of Strategy and Policy on Natural Resources and Environment (Ministry of Natural Resources and Environment), cited the 2024 update of the Global Green Economy Index, which ranks Vietnam 79th out of 160 countries. According to him, Vietnam’s green economy accounts for just 2% of the economy, while the “brown” economy still makes up 98%. Although Vietnam’s green economy is growing at a rate of 12–13%, the country’s green infrastructure and position remain limited compared to the global level. This presents a major challenge in maintaining trade and investment momentum moving forward.

According to Nguyễn Bá Hùng, Chief Economist at the Asian Development Bank (ADB), Vietnam’s emissions have been rising over the past two decades, aligning with the country's industrialization. However, while GDP has grown, emissions per GDP unit have also increased—whereas other countries in the region are seeing declines. If this is not quickly addressed, it could hinder the competitiveness of Vietnam’s exports.

Prioritizing Green Finance Mobilization

Vietnam’s total import-export value is expected to reach nearly USD 800 billion by the end of 2024, with exports estimated at USD 380–390 billion. The target of hitting USD 1 trillion in trade by 2025 is within reach, which requires businesses to quickly prepare export goods that comply with the regulations of importing countries.

Emphasizing that green standards are mandatory and businesses must comply—especially in the EU market—Assoc. Prof. Dr. Nguyễn Đình Thọ urged enterprises to proactively learn about EU requirements and regulations. In addition, they should prioritize mobilizing green finance, green technologies, and particularly enhance their capacity to absorb green capital and apply green technologies to meet energy transition demands and shift toward a circular economy. Currently, the Ministry of Natural Resources and Environment is also organizing greenhouse gas inventory training sessions for major emitters.

Regarding green finance, Nguyễn Bá Hùng advised that businesses can access green funds through domestic and international institutions or by issuing green bonds.

Vũ Bá Phú, Director of the Vietnam Trade Promotion Agency (Ministry of Industry and Trade), recommended that businesses should identify their short- and medium-term target export markets. For instance, if exporting to the EU, they must be ready to meet green transition and deforestation prevention requirements by 2026–2028. Meanwhile, Japan, South Korea, the U.S., and China are also gradually establishing green standards and sustainable development goals, so businesses need to make long-term plans accordingly.

“In the near future, the Ministry of Industry and Trade will continue to review, adjust, and improve policies and mechanisms to support businesses in the green transition process. Likewise, imported products from other countries will also be required to meet green development standards,” Mr. Phú added.

In Vietnam’s green transition journey, the international community has committed to supporting the country. Mr. Andri Meier, representative of the Swiss Embassy in Vietnam, shared that Switzerland is preparing a new economic cooperation framework with Vietnam for the 2025–2028 period, set to be launched at the end of 2025. The main goal of this cooperation is to support Vietnam in progressing toward a resilient, high-income economy.

By Hạnh Nhung / Báo Đại Biểu Nhân Dân

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