Viet Nam is among a growing number of developing countries looking to spur investment in green innovation and improve the efficiency of natural resources use, while simultaneously improving the resilience of the whole country as well as the poor and vulnerable to the impacts of climate change.
Strengthening Capacity and Institutional Reform for Green Growth and Sustainable Development in Viet Nam, known as the CIGG project, is to supports capacity building and policy development for the effective implementation of Viet Nam’s national green growth strategy and achievement of sustainable development goals. Assistance will be provided at the national and provincial levels to integrate green growth and low-carbon development into sectoral and provincial Green Growth action plans.
“We are expected to take a leadership role in green growth. This new initiative will further our ambitions in green investment and help us to integrate new policy directions for greener growth in Viet Nam into the next 5 year Socio-Economic Development Plan” noted Vice-Minister of the Ministry of Planning and Investment (MPI) Nguyen The Phuong, in his opening speech.
UNDP Resident Representative in Viet Nam, Ms. Pratibha Mehta stressed that, “taking action on climate change makes good business sense. Green investment is good investment. It will be forward-looking countries, companies, and investors leading the transition to greener economies and reaping the most reward”.
“This project will assist Viet Nam in a number of critical green growth-related areas,” said U.S. Ambassador to Viet Nam Ted Osius. “It will strengthen the capacity for the Ministries of Planning and Investment, Finance, and Transportation, as well as provinces to effectively implement and monitor the Viet Nam Green Growth Strategy and Action Plan. The project will help develop policies for promoting investment in green growth development and improve access to green growth financing for Viet Nam.”
MPI will review the country’s investment policy framework and work with the Ministry of Finance to assess fiscal tools to identify gaps and potential for reforms that will accelerate Viet Nam’s transition to a greener economy. Together with the Ministry of Transportation, MPI will review incentives for investment in energy-efficient transportation networks. By focusing on removing barriers to green growth, the initiative is expected to support new public-private partnerships to take advantage of new green investment opportunities.
Through this partnership with UNDP and the US Government, MPI will work with other ministries, provinces, business, research institutes and development partners to meet the implementation targets in the national Green Growth Strategy.