Green economy expected to reach US$300 bln by 2050

This ambitious target certainly requires drastic and breakthrough steps, Nguyen said while addressing the conference "Promoting green growth in Viet Nam: Roadmap to Success" held in Ha Noi on April 18.

The minister made it clear that green growth is a major solution to boost the restructuring of the economy in association with transformation of the country's growth model and improvement of its competitiveness and resilience against external shocks.

It also helps Viet Nam to catch up with the world's development trend and materialize its landmark historic commitment to achieve net-zero emissions by 2050.

Preliminary research results of Boston Consulting Group (BCG) showed that to accelerate green growth, the transition of the wind and solar power industries alone can contribute US$70-80 billion to GDP and directly create about 90,000-105,000 jobs.

In addition, the clean hydrogen ecosystem based on renewable energy has the potential to contribute from US$ 40-45 billion to GDP annually, create about 40,000-50,000 jobs, and benefit both the domestic market and export potential to developed countries in the world.

At the conference, BCG General Director Jaime Ruiz-Cabrero put forth four key recommendations for Viet Nam, including (i) the need to perfect the green strategic institutions and step up the building of the legal framework; (ii) strengthening the construction of a stable green financial system, helping to reduce investment capital costs; (iii) developing the grid infrastructure system, create a foundation for the development of clean and renewable energy sources; and (4) accelerating the development of clean hydrogen ecosystems.

With its potential and geo-economic position in the global supply chain, Viet Nam is boasting a great opportunity to transform, catch up, and take shortcuts and be ready for a leap in economic, social, and environmental development./.