HCMC – HCMC, despite being the driving force behind Vietnam’s economy, also holds the dubious distinction of being the country’s largest greenhouse gas emitter, said Deputy Prime Minister Le Minh Khai.
This stark contrast was highlighted during the fourth HCMC Economic Forum (HEF) today, September 15.
The city contributes around 20% of Vietnam’s gross domestic product (GDP), over 25% of the nation’s budget revenue, plays a pivotal role in attracting foreign direct investment (FDI) and promoting trade, and is home to nearly 30% of all businesses in Vietnam.
However, it is also responsible for emitting a staggering 57.6 million tons of greenhouse gases, accounting for 23.3% of the country’s total.
Despite making some strides in environmental protection measures, Khai noted that the city’s economy remains predominantly linear and has not yet embraced circularity.
HCMC Party Secretary Nguyen Van Nen shed light on the city’s challenges, including climate change, traffic congestion, and environmental degradation. These challenges underscore the urgent need for more proactive measures and increased international cooperation.
HCMC is currently formulating a green economic growth strategy aimed at 2030, with a vision reaching to 2050. This strategy prioritizes citizens and businesses, emphasizing regional connectivity and international cooperation.
The city’s focus areas include the development of green resources, the construction of sustainable infrastructure, the promotion of eco-friendly behaviors, and intensifying efforts to bolster sectors that have a significant impact on emissions and environmental sustainability.
“Following the forum, the city will gather insights from experts and experiences of local and international partners to refine the strategic framework and implement specific time-bound action plans. Our goal is to establish the fourth revolutionary center in HCMC,” Nen said.
He also emphasized that the city is intensifying efforts to mobilize resources for investments in renewable energy, greenhouse gas reduction, and the creation of an energy-efficient public transportation system. HCMC is fostering an enabling environment to encourage businesses to collaborate in building a green growth economy, ultimately aiming for net-zero emissions.
The HEF, an annual international event organized by the People’s Committee of HCMC, has attracted 1,500 delegates this year. Participants include representatives from financial institutions such as the World Bank, the International Monetary Fund, the International Finance Corporation, and the Asian Development Bank, as well as government officials and experts from Vietnam and 21 other countries.