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Attracting "green" investment

TTH.VN - Green growth and sustainable development are the most talked-about topics since the COP26 conference, where Vietnam committed to the international community to achieve net-zero emissions by 2050. Since then, the story of attracting investment towards "greening" has gained even more attention.

Thua Thien Hue commits to accompanying FDI businesses"Ingratiating” investorsHue offers many advantages to attract foreign investors


Thua Thien Hue prioritizes attracting technology-related businesses 

A general trend

The trend of green production and green exports has shaped new rules in the fields of import-export and investment activities. Currently, many countries around the world have imposed stricter regulations on imported goods. These include the European green growth policy, the European Green Deal accompanied by programs such as CBAM (carbon border adjustment mechanism), Farm to Fork (from farm to table), action plan circular economy, etc.

To avoid being left behind, nations -  themselves, localities, and businesses must develop their own strategies in the field of exports, paying more attention to green criteria in the supply chain and meeting the new market requirements.

Taking the textile and garment industry as an example, green criteria are no longer an option but are gradually becoming a legal requirement in key export markets. Falling behind this aspect implies a shrinking market.

 Thua Thien Hue encourages technology-related businesses to invest in Hue

At a recent meeting with FDI enterprises organized by the Provincial Department of Planning and Investment, a representative from a textile and garment enterprise shared that apart from meeting market demands, textile, and garment businesses must also meet strict export criteria set by the world. To achieve this, businesses must invest in modern technology, gradually replacing outdated equipment that consumes excessive energy, and labor, and impacts the surrounding environment. Businesses also strictly comply with environmental regulations, limit emissions into the environment and ensure occupational safety and hygiene.

Furthermore, businesses need to diversify trading partners, assess risks, create scenarios, develop carbon reduction strategies, invest in innovative technologies, and participate in industrial collaboration initiatives. When businesses and investors pay more attention to green aspects in production, it also means that certain investment environment is required at the local level.

Greening investment attraction activities

To help authorities have a better understanding of businesses' perspectives in the investment environment, as well as support the construction of a green investment environment, starting in 2022, the Vietnam Chamber of Commerce and Industry (VCCI) and the United States Agency for International Development (USAID) in Vietnam proclaim the Provincial Green Investment Index (PGI). This index is announced as part of the Provincial Competitiveness Index (PCI) published annually.

Accordingly, the level of environmentally friendly technology application by businesses in the locality, the management level and environmental behavior of businesses, the level of interest and willingness to invest in environmental issues by local authorities, and many other important environmental issues will be evaluated.

 Textile and garment enterprises must meet the stringent criteria of the export market.

By assessing this index, businesses can better access and meet the green standards and criteria in their export activities. This index also contributes significantly to improving Thua Thien Hue's provincial green index, helping build Thua Thien Hue as a destination for green projects in line with Resolution 54 of the Politburo.

In fact, Thua Thien Hue has had clearer directions in attracting "green" investment. The story of not trading the environment for growth has been mentioned more often as Thua Thien Hue has rejected many large projects that would have made a breakthrough in revenue generation but would have negative impacts on the environment. This is evidence of Thua Thien Hue's determination to ensure green and sustainable growth.

During a recent dialogue with businesses, Mr. Le Van Cuong, Deputy Director of the Department of Planning and Investment, affirmed that Thua Thien Hue's investment promotion program is closely linked to the economic and social recovery program and the province's goal of becoming a centrally-governed municipality.

Particularly, sustainable growth is always the core objective. Thua Thien Hue is determined to attract selective investment, prioritizing industries with high levels of advanced technology and high-added value, ensuring the participation of businesses in the value chain and balanced development among regions.

The province also prioritizes calling for investment in infrastructure for industrial parks and clusters within its area to attract secondary investors and attract labor from localities and foreign countries to live and work in Thua Thien Hue.

Efforts are also being made to promote investment in logistics and seaport projects, as well as to prioritize investment in clean and renewable energy sources such as wind, solar, and gas. In recent years, the province has also focused on developing green tourism. Thua Thien Hue prioritizes attracting investment in resort services, healthcare, and tourism combined with medical care, culinary experiences, and creating innovative eco-tourism products/check-in points associated with rivers, lakes, waterfalls, and lagoons. The goal is to establish new entertainment venues, nighttime recreational activities, and sustainable green tourism tours that preserve cultural heritage, use renewable energy, and have social responsibility.

Based on green brands such as ASEAN Cultural City, ASEAN Environmentally Sustainable City, and ASEAN Clean Tourism City, Thua Thien Hue will continue to develop on a green, ecological, environmentally friendly foundation, serving as a stopping point for 'green' businesses," affirmed Mr. Le Van Cuong.

Story and photos: HOANG ANH
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