Vietnamese Party General Secretary To Lam told the fourth Summit of the Partnering for Green Growth and the Global Goals 2030 (P4G), organised last week in Hanoi, that Vietnam is focused on strategic breakthroughs to prepare for a national development process that is fast, inclusive, and sustainable.

The summit in Hanoi covered areas from finance and banking to agriculture and technology Photo: Dung Minh

“We will strongly transform political commitments into practical actions, creating motivation for businesses and the whole society to participate in sustainable economic development, in which green institutions are the decisive foundation,” General Secretary Lam stressed at a hall attended by government leaders, UN representatives, diplomats, experts, and entrepreneurs.

General Secretary Lam also stressed that when it comes to green transformation, despite being a developing country with a transitional economy and limited resources, Vietnam has achieved some important results.

Besides making a 2050 net-zero commitment in 2021, Vietnam also endorsed six global initiatives at the time, on forest and land use, methane, clean power transition, sustainable food and agriculture, and more.

“Vietnam is now a leading country in supplying renewable energy in ASEAN, with wind and solar power capacity accounting for two-thirds of ASEAN’s total capacity,” he said.

“Additionally, Vietnam is also a good example of encouraging sustainable agriculture. The initiative to develop one million hectares of high-quality and low-emission specialised rice is a pioneering model that many partners and international organisations are interested in.”

A greener future

Vietnam is an active and responsible member of all multilateral mechanisms and major initiatives on green growth and energy transition such as the Paris Agreement on climate change, the Just Energy Transition Partnership, and the P4G.

“However, as a developing country with a transitional economy, we also face many challenges in terms of financial resources, technology, personnel, and resilience to the impacts of climate change and geopolitical fluctuations globally,” said General Secretary Lam.

The summit adopted the Hanoi Declaration, strongly affirming commitments to sustainable growth with people at the centre, and a determination to collaborate responsibly in addressing current global challenges. Vietnam is expected to enjoy continued support from the international community in its journey to a green economy including energy transition.

According to the World Bank, to ensure sufficient funding for responding to climate change, mobilising domestic finance is possible, but external support is needed.

Overall, Vietnam’s total incremental financing needs for the resilient and decarbonising pathways could reach $368 billion over 2022–2040, or approximately 6.8 per cent of GDP per year.

The resilient pathway alone will account for about two-thirds of this amount, as substantial financing will be required to protect the country’s assets and infrastructure as well as vulnerable people.

The cost of the decarbonising pathway will mainly arise from the energy sector – investments in renewables and managing the transition away from coal might cost around $64 billion between 2022 and 2040. All the figures are in net present value terms at a discount rate of 6 per cent.

This $368 billion in financing needs will include $184 billion from private investments or about 3.4 per cent of GDP annually, $130 billion or about 2.4 per cent of GDP annually from the state budget; and $54 billion or about 1 per cent of GDP per year from external sources.

Choi Youngsam, South Korean Ambassador to Vietnam, said that within the P4G framework, South Korea and Vietnam have completed or are currently implementing joint projects in areas such as food and agriculture, energy, water, and urban development.

“Looking ahead, both sides are expected to broaden and deepen their partnership under the P4G framework,” he said.

At the P4G Summit held in Seoul in May 2021, the two governments signed the Framework Agreement on Cooperation in Response to Climate Change, laying a solid policy foundation for the implementation of international emissions reduction ventures.

“On this basis, I hope that South Korea will leverage its technological expertise and financial resources to carry out greenhouse gas emission reduction projects in Vietnam, with both countries mutually recognising the results,” Ambassador Youngsam said.

“This would contribute to establishing a win-win model of emissions reduction cooperation. At the same time, I look forward to seeing active engagement from South Korean enterprises possessing green technologies, in close collaboration with the Vietnamese government.”

Encouraging developments

Deputy Minister of Science and Technology Hoang Minh said at a policy dialogue on the sidelines of the P4G 2025 that the active participation and strong cooperation from stakeholders – from the public and private sectors to international organisations – can help materialise Vietnam’s aspiration of an efficient and sustainable innovative startup ecosystem.

“Innovation, creative entrepreneurship and collaboration are key to solving environmental problems, while encouraging the development of a circular economy,” he said.

Vietnam currently has over 4,000 innovative startups, including two unicorns valued at over $1 billion, 11 companies valued at over $100 million, more than 1,400 startup support organisations, 202 co-working spaces, 208 investment funds, and 35 business promotion organisations. Among these, it is estimated that around 200–300 companies focus on green transition, covering areas such as renewable energy, environmental technology, sustainable agriculture, and the circular economy.

According to the Vietnamese Ministry of Foreign Affairs, hosting the fourth P4G Conference is of great significance to Vietnam. It is aimed to boost its role as a good friend, a reliable partner, and a responsible member of P4G and the international community. Moreover, it is also aimed to reaffirm its commitment to sustainable development, energy transition, and the goal of carbon neutrality by 2050. Besides that, it is aimed at contributing to raising awareness of international cooperation and encouraging the role and voice of developing countries in the sector of green growth and sustainable development.

The high-level dialogue between government leaders and businesses at the 2025 P4G Vietnam Summit last week, chaired by Prime Minister Pham Minh Chinh, brought together senior officials, global experts, international organisations, and private sector leaders.

They recognised that the climate crisis, digital transformation, and resource depletion are converging in ways that demand not only innovation, but deep and long-term collaboration between the public and private sectors.

UN Deputy Secretary-General Amina J. Mohammed acknowledged Vietnam’s leadership in renewable energy, noting its potential to attract trillions in sustainable investment.

“Emerging economies must accelerate the adoption of new investment models, particularly those that align private capital with green infrastructure priorities. Governments must work with the private sector to expand ambition, strengthen accountability, and deliver real impact,” she said.

From Italy, Prime Minister’s Climate Envoy Francesco Corvaro stressed that public-private partnerships (PPPs) are indispensable in addressing climate finance gaps. Drawing from Italy’s experience, he underscored the importance of public investment as a risk mitigator, enabling private sector participation in clean energy and smart infrastructure projects.

“Public investment can unlock private capital, but local authorities must lead with clear priorities and long-term vision,” Corvaro noted. “You can’t talk about renewables, AI, or digital infrastructure without modern, resilient grids, and that requires strong public-private alignment.” he said

Alejandro Dorado, Spain’s High Commissioner for Circular Economy, argued that the case for stronger PPPs lies at the intersection of two accelerating forces: the environmental-climate crisis and a wave of disruptive technologies.

“In a world where AI, green technologies, and digitalisation are reshaping the global economy, the clock is ticking. According to the Intergovernmental Panel on Climate Change, we have less than a decade to prevent irreversible climate disaster. Meanwhile, the World Economic Forum has identified biodiversity loss as one of the most severe economic risks,” he said.

Dorado added that while multilateralism is being questioned or weakened in some quarters, the need for cooperation has never been more urgent – both to solve environmental challenges and to harness the transformative potential of innovation.

“No government or business can tackle these crises alone. Public authorities must provide the regulatory frameworks, fiscal incentives, and infrastructure deployment needed at scale to safeguard the common good,” he stressed.

From the business side, Stuart Livesey, country representative of Copenhagen Infrastructure Partners (CIP), provided a frank but optimistic outlook. Livesey stated CIP’s commitment to supporting Vietnam’s transition, but emphasised the need for enabling conditions.

“What we seek are clear, bankable projects underpinned by stable regulatory frameworks, collaborating with strong local partnerships. This is where public-private cooperation becomes not just helpful, but essential,” Livesey noted. “Over the next 10-15 years, the offshore wind sector and green energy consumers will trigger massive demand for new technologies, digital solutions, and skilled labour.”

To meet this demand, CIP is investing not only in infrastructure, but also in capacity building, research and development, and local supply chain development through partnerships with Vietnamese universities.

Still, he acknowledged barriers. “Technological application and innovation in green projects face challenges, from long-term financing constraints and skilled labour shortages to fragmented policy signals. These are not unique to Vietnam, but they require proactive, tailored local solutions,” he said. “Addressing issues such as grid availability, regulatory clarity, and inter-ministerial coordination will be critical.”

Tim Evans, CEO of HSBC Vietnam, stated that the banking sector is ready to facilitate green finance, particularly in sectors aligned with national climate targets.

“We see ourselves as a bridge between global capital and local sustainability goals. The clearer the pipeline of bankable, climate-aligned projects, the faster we can move capital,” he noted. “What’s crucial now is consistency in policy and coordination among stakeholders to ensure these projects reach maturity.”

Prime Minister Pham Minh Chinh addresses the conference. (Photo: VNA)

Can Tho – Unlocking all modes of transport, including road, air, maritime, inland waterway, and rail, is key to lifting the Mekong Delta out of poverty and propelling its growth, Prime Minister Pham Minh Chinh has said.

Addressing a conference in Can Tho city on April 21 to review the progress of major transport infrastructure projects in the south, PM Chinh underlined that each generation must contribute to achieving this overarching goal.

According to the road network plan for 2021–2030 with a vision to 2050, the region will have 1,256km of roads, comprising three vertical and three horizontal expressways.

Currently, 121km of vertical expressways have been completed, including Ben Luc – Trung Luong – My Thuan (91km), My Thuan – Can Tho (23km) and My Thuan 2 Bridge (7km). From 2021 to 2025, ten additional expressway projects totalling 432km are being implemented. A further 703km are planned for the coming time, including the 90km Ca Mau – Dat Mui route.

With strong Government oversight and local cooperation, issues such as land clearance and the supply of construction materials have been largely resolved, allowing smoother implementation.

Key projects include Can Tho – Ca Mau (110km), which is scheduled to complete by 2025; Chau Doc – Can Tho – Soc Trang (191km), expected to finish in July 2026; and Cao Lanh – An Huu, to be completed by 2027. Meanwhile, the My An – Cao Lanh project’s construction will begin June 2025, the Cao Lanh – Lo Te and Lo Te – Rach Soi projects have their construction deadlines in 2025, and the Ho Chi Minh Road (Rach Soi – Ben Nhat, Go Quao – Vinh Thuan) and Rach Mieu 2 Bridge are all scheduled for completion this year.

In aviation, the region currently has four airports: Can Tho, Ca Mau, Rach Gia and Phu Quoc. A high-speed rail line connecting Ho Chi Minh City and Can Tho (174km) is planned for investment before 2030, with a future extension to Ca Mau under review.

The maritime network includes 12 seaports across all delta localities, while a comprehensive system of inland waterways and logistics corridors is being developed.

PM Chinh affirmed that in special circumstances, with extraordinary efforts and methods, exceptional results have been achieved, surpassing initial targets.

He outlined three key requirements for all infrastructure projects: completion on time or ahead of schedule, high quality, and no cost overruns, adding there must be zero corruption and strict adherence to environmental standards.

The PM instructed the Ministry of Construction to issue guidance next week on adopting advanced technologies to accelerate construction.

With building materials now largely secured, he called on relevant ministries to expedite the reallocation of sand and the transfer of mining rights between projects to ensure resource efficiency. The Ministry of Finance was tasked with guaranteeing sufficient funding.

Drawing inspiration from the Great Spring 1975 Victory, the PM called for “faster, bolder and greater” action in transport infrastructure development, stating that each year must be better than the last, and each term must surpass the one before. He stressed a long-term vision that prioritises national interests above all.

By the end of the current term, the region is expected to have 600km of expressways, with a goal of at least 1,300km by 2030 – 100km more than initially planned.

Plans are also in motion to expand Phu Quoc, Ca Mau and Rach Gia airports, with local governments responsible for land clearance. Key seaports under development include Cai Cui, Tran De and Hon Khoai.

The Government leader also underscored the need for comprehensive and inclusive development, underpinned by transparency and accountability, with clear responsibilities, clear timelines, and clear outcomes.

He reiterated the principles of ensuring the benefits of the State, the people and enterprises, and say no to corruption and wastefulness of public assets and resources.

Beyond transport, the Government plans initiatives to combat land subsidence, erosion, and salinity, and to enhance health care, education and human resources development, he stated.