Substantial demand for capital to achieve green growth goals

Vietnam is in critical need for a huge amount of capital to materialise its dream of achieving green growth over the next five years, and therefore calling for more international assistance.

- By Thanh Thanh

Collaborations are supporting Vietnam in its path towards a low-carbon and climate-resilience economy

(Photo: Shutterstock)

Deputy Minister of Finance Tran Quoc Phuong last week stated that Vietnam's demand for financial resources to achieve green growth objectives from now until the end of this decade is substantial.

"According to expert assessments, financing needs for emission reduction measures in sectors in line with Vietnam's environmental commitments to 2030, are estimated at as much as $68.75 billion," Phuong told last week's seminar in Hanoi on the issue. The event was also attended by Japanese Ambassador to Vietnam Ito Naoki and leaders of the Vietnam office of the Japan International Cooperation Agency (JICA).

"Domestic resources are estimated to touch more than $24.7 billion, accounting for 36 per cent, while international support is predicted at about $44 billion, responsible for 64 per cent," Phuong added. "In order to secure these resources, Vietnam wishes that international partners will continue accompanying and supporting the country in terms of finance, technology, and human resources in this sector."

In 2025, the Ministry of Finance, in coordination with the Embassy of Japan to Vietnam and JICA, developed a programme on budget support for green transition towards green growth and climate resilience, valued at ¥50 billion ($320 million).

The programme's primary objective is to support the implementation of strategies and policies promoting green growth and climate resilience in Vietnam. It is expected to be approved within the month.