Saturday, July 20,2024 - 4:1 GMT+7  Việt Nam EngLish 

Ho Chi Minh City calls for investment for green growth 

 Friday, January 26,2024

AsemconnectVietnam - Aiming for sustainable development, promoting economic restructuring associated with innovating green growth models, on January 24, the World Bank in Vietnam (WB) and Ho Chi Minh City People's Committee coordinated to organize a Conference on investment promotion and green growth development in Ho Chi Minh City.

Specific mechanisms and policies to promote green growth
Speaking at the opening of the conference, Chairman of Ho Chi Minh City People's Committee Phan Van Mai said that Ho Chi Minh City was identified as one of 10 cities in the world heavily affected by climate change. The latest research results published by the Institute of Environment and Natural Resources (National University of Ho Chi Minh City) showed that, on average, each year, the total greenhouse gas emissions in the city are more than 60 million tonnes of CO2.
Ho Chi Minh City has set a target of reducing emissions by 10% by 2030 in the Action Plan to respond to climate change for the period 2021-2030 in an effort to build a convenient, safe and sustainable living and working environment for people and businesses.
Ms. Carolyn Turk, World Bank Country Director for Vietnam, East Asia and the Pacific Region, said that the target of reducing CO2 emissions by 10% is "ambitious, but doable with the right strategy ".
Ms. Carolyn Turk believes that it is necessary to create incentives for the private sector to participate in the green transition process. In many countries, the use of tax tools to help businesses develop green has been used, but not all countries can do it, because of budget limitations, and especially in developing countries. The World Bank hopes to accompany Ho Chi Minh City in implementing the economic development strategy to reduce emissions.
Ho Chi Minh City and the World Bank created a joint working group 2 years ago and have had some results, such as an investment package of 650 million USD for a 10-year long-term program. There is an investment program to upgrade public assets; implementing an integrated flood management program, etc. WB is committed to supporting Ho Chi Minh City in accessing financial resources and attracting foreign resources to reduce carbon emissions. According to Ms. Carolyn Turk, the carbon credit market is a good resource and hopes that Ho Chi Minh City can sell credits on the voluntary carbon market.
Notably, Ho Chi Minh City has proposed mechanisms and policies to promote green growth according to Resolution 98/2023/QH15 of the National Assembly. According to Ms. Marieke Van Der Pijl, General Secretary of the European Chamber of Commerce in Vietnam (EuroCham), Resolution 98 covers many areas such as investment management, finance, urban management, natural resources and environment. This is not only consistent with global efforts to combat climate change but also positions Ho Chi Minh City as a forward-thinking and environmentally conscious city. Those mechanisms provide interesting opportunities for green investment in Ho Chi Minh City.
The city may focus on developing electronics and microchips
Within the framework of the conference, Ho Chi Minh City announced a list calling for investment in 28 projects in the city's green development program, with a total capital of nearly 160,000 billion VND. Notably, out of a total of 28 projects calling for investment in Ho Chi Minh City this time, there are 6 projects related to high technology. Specifically, there are 5 projects in the research and implementation group in the fields of electronics, semiconductor chips, and biotechnology with a total investment capital value of nearly 4,400 billion VND, equivalent to nearly 190 million USD. The Data Center project alone has an investment capital of 6,950 billion VND.
Mr. Nguyen Anh Thi, Head of the Management Board of Ho Chi Minh City Hi-Tech Park, said that currently, the lands in this Hi-Tech Park are all "clean" land and have full infrastructure such as roads, electricity, water, and telecommunications, etc. When investors come in, they can start building the factory immediately. As the country's economic leader, the requirement for Ho Chi Minh City by 2030, with a vision to 2045, is to select products and processes with high added value to participate in the regional and global value chain. Luring investment to develop the semiconductor chip industry will contribute to transforming the industrial structure and creating new growth engines for the city.
In addition to the above projects, Ho Chi Minh City also calls for investment in a number of projects in Thu Thiem New Urban Area. Among them, there is a 7.7-hectare multi-functional financial, commercial service and residential center project with a total investment of 12,071 billion VND; a project of a 15.8-hectare convention, exhibition, hotel and trade service center complex with an investment capital of 1,659 billion VND; a central square and riverbank park in Thu Thiem New Urban Area with investment capital of 5,348 billion VND.
Source: VITIC/


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