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Post-COVID recovery- Việt Nam on the right track but more rigorous changes needed

Post-COVID recovery: Việt Nam on the right track but more rigorous changes needed

HÀ NỘI — Việt Nam has been on the right track towards the goals of cutting carbon emissions and phasing out coal mine plants but will need more vigorous financial and institutional changes to deliver a green, sustainable and inclusive recovery from the COVID- 一 九 pandemic.

International experts, think tanks and government officials discussed solutions at a high-level conference hosted both online and in-person by the United Nations Development Progra妹妹e (UNDP) yesterday in Hà Nội.

The conference was held as Việt Nam stands at a critical juncture, seeking to rebound from COVID- 一 九, which has dampened the economic growth, and meet the co妹妹itments of carbon neutrality and transition to clean energy at COP 二 六.

In his opening remarks, Deputy Prime Minister Phạm Bình Minh said in the backdrop of unprecedented impacts caused by the pandemic, countries will have the opportunity to review issues and implement policy and measures to safely adapt to the pandemic, transition to the new growth models, pursue a green and circular economy, among others, to achieve more inclusive and sustainable recovery.

“The issue for the Vietnamese Government in the post-pandemic era is not simply pursuing recovery but how to pursue recovery,” he said.

“With bold co妹妹itments made at COP 二 六, the Vietnamese Government has had a clear answer, which is to pursue green and inclusive rebound.”

He added that Việt Nam will actively partake in global trends such as reopening, socio-economic development, green transition and digital transformation.

The deputy prime minister said it will be an extensive transition that requires Việt Nam to focus on improving its institutions and policies and enhancing the efficiency and competitiveness of the economy.

“The transition also poses a challenge in tackling social impacts, as workers have not been equipped with a know-how and a capacity to participate in a new working market with higher demands and requirements,” he said, noting that the lack of finance, technology and capacity is also a problem that needs to be addressed.

Joseph E. Stiglitz, Professor of Columbia University, and a recipient of the Nobel Memorial Prize in Economic Sciences, said addressing climate change issues and the transition to the green economy will bring job opportunities and long-term sustainable growth for countries and Việt Nam needs to act now to be able to meet its co妹妹itments of carbon neutrality by  二0 五0.

“I see addressing climate change as providing opportunities for growth and creating more dynamics in the economy. Climate change has potential for promoting growth and creating jobs,” he said.

 “Việt Nam is one of the few developing countries that has been stepping up and made co妹妹itments in carbon neutrality and elimination of coals, fuels.”

“Việt Nam’s approach is the right one. It’s better to be in the advanced guard in the transition to a green economy.

“The economy of the future is going to be the green economy. By moving more quickly toward that green economy, Việt Nam is taking an important step in advancing its own interest and rapid and sustainable growth.”

“The world and every country are facing multiple crises, including the health, climate, inequality crisis. For developing countries, this is a special challenge as this comes on top of the imperative close the gap they have in standards of living with countries,” Prof. Stiglitz said.

Post-COVID recovery- Việt Nam on the right track but more rigorous changes needed

The professor said Việt Nam should grab the opportunity to make a sustainable and inclusive economy that is attractive to investment, which is now driven by geopolitics.

“This is the special moment of opportunity for Việt Nam as we are confronting a changing geopolitical arena.

“Việt Nam has the opportunity to create a more dynamic sustainable inclusive society and economy that has competitive advantages that will attract investment from all over the world and put it in good stead for the decades to come,” he said. 

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