HCMC – Global drug firm AstraZeneca has agreed to provide Vietnam with US$50 million, or some VND1.2 trillion, to aid the nation in reforestation and to address climate change.
This is part of the British-Swedish pharmaceutical and biotechnology company’s AZ Forest, a global initiative to plant and maintain 50 million trees worldwide by the end of 2025. It would partner with governments and non-profit organizations focused on global reforestation to carry out the program.
The program is expected to plant around 22.5 million trees in the next five years, restore forests and landscapes in Vietnam, facilitate biodiversity development and sustain livelihoods for more than 17,000 farmers’ households.
The funding will be used to sustain the production of timber, fruits, seeds, essential oils and resins; improve agricultural productivity through intercropping; and sustainably develop the market value chain.
At the investment announcement ceremony held on May 5, Foreign Minister Bui Thanh Son said the US$50-million program will make important contributions to supporting the Vietnamese Government’s strong commitment to net zero emissions by 2050.
The reforestation would facilitate biodiversity benefits on a large scale, improve food and nutrition for local communities, soil and water conservation, enhancement of adaptability to climate change, reduction of risks of natural disasters and carbon sequestration.
The newly announced investment follows AstraZeneca’s US$310 million investment into Vietnam during the 2020-2023 period, aiming to reduce the burden of disease, enhance the health system, and improve the research and manufacturing capability of biological products in the country.