Sustainable Economic Development Forum 2024

The join in to exchanged ideas, discussed challenges and opportunities, and developed solutions to promote sustainable development and mitigate the impact of climate change.

On July 26, in Ho Chi Minh City, the Vietnam Union of Science and Technology Associations (VUSTA), in coordination with the Center for Quality Certification and Business Development (QQC) and Tin Thanh Group (TTG), organized the Sustainable Economic Development Forum 2024 with the theme "Green transition, the journey towards the Net-zero goal".

The forum was chaired by Mr. Le Cong Luong, Deputy Secretary General and Head of VUSTA's Department of Science, Technology, and Environment, and Mr. Ta Quang Kien, Director of theCenter forQuality Certification and Business Development.

The forum was attended by Deputy General Secretary and Head of VUSTA’s Department for Science, Technology, and Environment CommitteeLe Cong Luong; Tunku Naquiyuddin, a member of the Malaysian royal family; Mr. FIRDAUZ OTHMAN, Consul General of Malaysia in Ho Chi Minh City; Director of the Center for Quality Certification and Enterprise Development Ta Quang Kien; Chairman of the Board of Directors of Tin Thanh Group, Tran Dinh Quyen; and representatives from central ministries, local departments, as well as a large number of businesses.

Deputy General Secretary and Head of the VUSTA’s Department for Science, Technology, and Environment, Le Cong Luong, delivered the opening speech at the Forum.

At the opening speech, Deputy General Secretary and Head of VUSTA’s Department for Science, Technology, and Environment, Mr. Le Cong Luong emphasized that in the green transition journey, greenhouse gas emission inventory is the first step, providing a foundation for businesses to identify their position in the national greenhouse gas emission reduction map, and to develop suitable emission reduction plans according to their scale and capacity. According to the Environmental Protection Law issued in 2020, effective from January 1, 2022, facilities that emit greenhouse gases listed for inventory must organize greenhouse gas inventory, establish and maintain a greenhouse gas emission database, and periodically report inventory results every two years to the Ministry of Natural Resources and Environment by December 1 of the reporting period for consolidation and reporting to the Prime Minister.

The delegates attending the Forum

The forum focused on discussing and orienting solutions for the greenhouse gas inventory; reporting requirements from suppliers and investors; post-inventory and its role in the green transition journey; providing the recommendations for businesses to use inventory data for emission reduction strategy planning; summarizing breakthrough solutions from managers, experts, and business representatives on using emission data, green solutions from ecosystems affecting green transition roadmaps for businesses, using clean LNG fuel in industrial production; carbon credits and market potential; sharing practical experiences from entities working towards carbon neutrality, to help industrial, construction material, and infrastructure businesses build green transition roadmaps and fulfill environmental and social responsibilities.

It is expected that Vietnam will generate about 10.8 million voluntary carbon credits annually, with increasing demand for exchange and trading mechanisms. The government aims to pilot the carbon credit trading market by 2025 and officially operate it from 2028; by the end of 2027, the regulations for managing carbon credits and pilot exchange and offset of carbon credits will be completed. The question is how Vietnamese businesses should start to keep pace with domestic and international markets.

Former Deputy Minister of Education and Training and Member of the Scientific Council of Tin Thanh Group, Professor Bui Van Ga, spoke at the forum

Former Deputy Minister of Education and Training and Member of the Scientific Council of Tin Thanh Group, Professor Bui Văn Ga, spoke at the forum, sharing his insights on the voluntary and mandatory carbon credit markets and the advantages of hydrogen in reducing greenhouse gas emissions, offering an alternative to fossil fuels.

Experts also analyzed and debated whether the carbon market presents opportunities or challenges for Vietnamese businesses and how they can leverage opportunities from the carbon finance market in the context of Vietnam's strong commitment to reducing emissions towards the goal of net zero carbon by 2050.

The forum also highlighted that participation in the carbon market drives development and innovation in low-emission technologies, aiming for a carbon-neutral economy. Organizations, businesses, and countries engaged in the carbon market benefit twofold: reducing greenhouse gas emissions and contributing to sustainable development while being recognized with carbon credits, thus promoting the economy. Businesses also benefit from selling carbon credits and building a positive brand image with consumers. Accessing Green Finance to realize the market's potential is an opportunity that all parties need to seize.

Chairman of the Board of Directors of Tin Thanh Group,Tran Dinh Quyendelivered a speech

Chairman of the Board of Directors of Tin Thanh Group, Tran Dinh Quyen, stated that participating in the carbon credit market is an important step in efforts to reduce greenhouse gas emissions and achieve sustainable goals. The carbon credit market allows companies and countries to buy and sell emission rights, thereby promoting global emission reductions. Participation in the carbon credit market not only helps mitigate climate change but also opens up many business and sustainable development opportunities.

On the green transition journey towards Net Zero goal, the process involves shifting from unsustainable production and consumption methods to environmentally friendly ones, including developing renewable energy, improving energy efficiency, and promoting sustainable products and services. Balancing greenhouse gas emissions into the atmosphere with the amount removed is essential. Countries and businesses are setting NET ZERO targets to combat climate change. This journey requires efforts to minimize emissions, invest in carbon removal technologies, and develop innovative solutions to offset remaining emissions.