Striving for green standards is the message that state officials and experts have been trying to convey.

“This is an important factor for Vietnamese enterprises to build Vietnamese brands which will allow us to earn bigger money,” Khanh said. “For example, for every 10 dong worth of export value, 7-8 dong can go to Vietnamese pockets."

Nguyen Hong Loan, an expert at the technical assistance project on assessing the impact of CBAM (the EU's Carbon Border Adjustment Mechanism), said Vietnam has set goals for sustainable development related to greenhouse gas emission reduction. 

Vietnam has set a very big goal, similar to the EU’s, to have zero percent emissions by 2050.

Loan hopes that the Ministry of Industry and Trade (MOIT) and relevant ministries will introduce channels through which businesses can call for support and preferences to carry out the green transition, which means a shift towards economically sustainable growth.

She said that the World Bank and international organizations are ready to join forces with the government of Vietnam to support enterprises. If businesses commit to go green sooner or complete the process on schedule, they will be given preferences in loan interest rates and non-refundable aid related to capability strengthening. 

Nguyen Thi Thu Trang, director of Center for WTO (World Trade Organization) and International Trade under the Vietnam Chamber of Commerce and Industry (VCCI), said businesses all have said that going green is a big challenge.

However, Trang believes that opportunities exist in challenges. Going green is a must for Vietnam’s businesses because this is the trend in the world.

“This is the mainstream in the world,” she said. “We have no other choice than following the stream."

Dr Bui Quang Tuan and Dr Ha Huy Ngoc from the Vietnam Economics Institute presented at the recent Socio-economic Forum, saying that Vietnam is at a crossroads to recover in the post-Covid period. 

It needs to follow the old process or the green growth process. If Vietnam chooses the latter, it will become a pioneer in green growth and green recovery.

Trang said the EU is leading the world in implementing green standards and sustainable development. If Vietnamese enterprises can satisfy the requirements of the EU market, they won’t face problems when dealing with other markets.

Luong Bang