Green manufacturing creates competitive advantages for businesses

Held by VOV.VN, the forum, which was moderated by Dr Vo Tri Thanh, director of the Institute for Brand and Competitiveness Strategy, attracted the participation of policymakers, economic experts, and businesses operating in various industries.

Green manufacturing creates competitive advantages

In his opening speech, Do Tien Sy, president of VOV, noted that green growth helps to meet the dual goal of spurring economic development forward whilst limiting the negative impact on the environment. According to the VOV leader, the Government, ministries, and localities have over recent years formulated and introduced legal documents and plans of action on the green economy, sustainable development and environmental protection.

“The National Strategy on Green Growth for the 2021 - 2030 period with a vision to 2050 has set the overall goal of green growth, contributing to promoting economic restructuring associated with innovating growth models to achieve economic prosperity, environmental sustainability and social justice towards a green, carbon-neutral economy while reducing global temperature rise,” he said.

In his view, amid climate change having a profound impact and resources gradually running out, green transformation is an inevitable trend of development. Indeed, green manufacturing supported by green technology, green materials, and green energy is creating competitive advantages for businesses.

“Transformation represents not only a challenge but also an opportunity to build the most effective business development strategy,” he stressed.

Green transformation is a must

Meanwhile, Ta Thi Yen, an official of the National Assembly Standing Committee, pointed out that Vietnam is aware of the importance of green transformation as it is one of the six countries in the world most impacted by climate change.

“Vietnam has been a pioneer in implementing its green commitments that have been recognized internationally as a model of a developing country that still faces many difficulties but has made leading contributions to the safe common house of humanity,” said Yen.

The lawmaker recalled the Vietnamese Prime Minister’s net zero emissions commitment by 2050 at the 26th UN Conference on Climate Change (COP26) and affirmed that the country will strive to meet the target by pooling all of its domestic resources along with garnering international support and assistance.

She also suggested several solutions aimed at developing the green economy, including perfecting the legal system, effectively exploiting and using renewable energy sources and creating business and public consensus about ways of addressing environmental challenges, as well as increasing international cooperation.

Technological innovation is the key to sustainable development

Taking the floor, Chu Duc Hoang, head of the Office of the National Technology Innovation Fund under the Ministry of Science and Technology, stressed that technological innovation represents the key to promoting the development of the digital economy and green economy.

“Most businesses have difficulty accessing investment capital for green technology and digital technology because the capital market for green technology projects is in its infancy,” said Hoang.

Furthermore, he pointed out data connection and data sharing remains limited, with nearly 80% of data scattered across various ministries and agencies. Cyber security risks are increasing, whilst many businesses do not have an appropriate response strategy.

“Technological innovation requires an increased investment in research and development of new technologies; capital and tax incentives for technologically innovative enterprises; and establishment of venture capital funds and support technology startups,” he explained.

He stressed the need to build innovation and technology transfer ecosystems, encourage businesses to participate in the global value chain, and develop quality human resources. According to the official, Vietnam currently has only 500,000 IT engineers while it needs at least one million such engineers by 2025.

“Digital economy and green economy will help Vietnam soon become a developed, high-income country by 2045. The country needs to promote technological innovation and improve national innovation capacity to realize the vision through formulating a national strategy on digital and green economic development with specific and synchronous goals, roadmaps and solutions,” suggested the official.