 Vietnam enhances efforts to combat climate change |
In a report on Vietnam’s 2024 socio-economic development plan and projections for 2025, presented at the National Assembly last month, Prime Minister Pham Minh Chinh highlighted the government’s effective resource mobilization to address climate change, especially in the vulnerable Mekong Delta and Central regions.
In 2023, more than 170 million USD was allocated to combat soil erosion in the Mekong Delta, and progress was made on 16 sustainable development projects paid for by 2.5 billion USD in foreign loans. Vietnam has also implemented action programs to promote green development, climate change adaptation, emission reductions, and energy transition.
Transition to a green economy
In 2012, the Government launched the Vietnam Green Growth Strategy (VGGS) and the National Green Growth Action Plan (GGAP). These initiatives set specific goals for a green economic transition that promotes comprehensive and sustainable growth. Vietnam also plans to establish a pilot carbon market by 2025 and aims for full implementation by 2028.
In May, Prime Minister Chinh issued Directive 13 to enhance carbon credit management in line with Vietnam’s Nationally Determined Contribution (NDC). The Prime Minister requested that relevant agencies establish a national registration system for carbon credits, regulate greenhouse gas emissions reduction initiatives and carbon credit generation for the upcoming carbon market, and encourage international partnerships.
According to experts, Vietnam has a great potential to develop its carbon market, with advantages in industries that reduce and capture greenhouse gases. It is time for the country to establish and enhance its position in global green value chains.
Associate Professor Dr. Nguyen Thuong Lang of the National Economics University said: "Developing the carbon credit market is an important step in realizing our goal of achieving net-zero emissions by 2050. Failing to develop this market would mean missed opportunities, with even greater costs to make up for lost time in the future. Developing the carbon credit market will enable us to mobilize resources more efficiently, connect Vietnam's market with global partners, and work toward the goal of net-zero emissions through market-based mechanisms rather than relying solely on administrative mandates."
Vietnam’s contributions to COP29
Pham Van Tan, Deputy Director of the Department of Climate Change, Ministry of Natural Resources and Environment, and Deputy Head of Vietnam’s Negotiation Committee, said the key messages of COP29 are “In solidarity for a green world ” and “Enhance ambition, enable action.” The first slogan underscores the need for nations to honor their commitments to reduce emissions and contribute to climate finance, emphasizing collective action for shared goals. The second slogan reflects the urgency revealed by the global assessment, which warns that current commitments will still lead to a temperature rise of 2.4-2.7 degrees Celsius, exceeding the Paris Agreement’s target of limiting the rise to 2 degrees and striving for a 1.5 degree rise.
Tan said countries must “enhance their ambitions” to align with the goals of the Paris Agreement, and “enable action” to turn commitments into reality.
“Climate adaptation efforts receive only about 5% of global climate finance. Vietnam calls for raising resources for both adaptation and mitigation. Resources must be similar to those for greenhouse gas emission reduction,” said Tan.
Prime Minister Chinh has repeatedly said that “words must match actions” and “commitments must be fulfilled”, urging nations to collaborate to meet their nationally determined contributions and raise their targets in future phases. Reflecting on Vietnam’s efforts in climate adaptation, he expressed hope that the world can unite under the UN’s central role in coordinating global action on climate change.