Industries helping Vietnam achieve net-zero emissions could be worth 300 billion U.S. dollars of Vietnam's gross domestic product by 2050, skyrocketing from only 6.7 billion in 2020, Vietnam News Agency reported on Tuesday.
The clean economy is forecast to fuel environmentally-focused products and services in the Southeast Asian country, including renewable power generation such as rooftop solar panel production and offshore wind development, renewable energy transmission and storage, green finance and carbon-neutral manufacturing, said experts at a conference on Vietnam's transition towards clean growth.
"The push for green development is going to present unprecedented opportunities for local companies to make deals with multinational groups and companies in key sectors for low-carbon economic pathway," said Nguyen Chi Dung, the country's minister of planning and investment.
As countries have increasingly prioritized the shift to clean power to reduce disruptions from global uncertainty and challenges, Vietnam has massive renewable energy potential, the minister added.
Boston Consulting Group estimated that switching from coal to wind and solar energy could be worth 70-80 billion U.S. dollars of the country's gross domestic product.
Besides, the transition towards a clean hydrogen ecosystem could add 40-45 billion U.S. dollars to the annual economic growth, said Jaime Ruiz-Cabrero, chief executive of Boston Consulting in Southeast Asia.
Given different emerging market opportunities, Vietnam could become a leading producer and exporter of renewable energy in the region and worldwide, he said.
Industry experts suggested Vietnam implement a regulatory framework for green energy, provide regulatory support for financial institutions to boost green finance, develop clean power transmission, energy efficiency and storage, and accelerate the shift to a clean hydrogen ecosystem.
Editor: Galia
