bet88 comVietnam exemplifies EU-ASEAN strategic partnership

bet88 com Green Economy Forum & Exhibition (GEFE) 2024 officially opened on October 21 in Ho Chi Minh City, bringing together global leaders, business executives, policymakers, and sustainability advocates in a collective effort to promote a greener future. Hosted by EuroCham Vietnam and bet88 com Ministry of Industry and Trade, bet88 com three-day event features discussions, exhibitions, and networking opportunities.

Addressing bet88 com event, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son affirmed Vietnam's commitment to building a green and sustainable economy, highlighting bet88 com country's active role in global efforts to combat climate change.

bet88 com Deputy Prime Minister praised bet88 com forum's theme "Creating a Green Future," highlighting its role as a leading platform for public-private partnerships in green growth.

He lauded bet88 com international community's unwavering determination to promote a green future, despite global challenges such as economic uncertainties, geopolitical tensions, and climate-related crises.

"In a world of change, green transformation, and developing a green economy is an inevitable trend, a strategic choice for nations, and hope for future generations," bet88 com Deputy PM said.

"I am pleased to announce that Vietnam has issued a mechanism for direct electricity trading between renewable energy generation units and large electricity consumers and plans to pilot a carbon credit exchange in 2025," bet88 com Deputy PM added.

Mr. Bruno Jaspaert, Chairman of EuroCham Vietnam, emphasized bet88 com significance of GEFE 2024, stating, “GEFE 2024 reflects bet88 com joint ambition of Vietnam and bet88 com EU to advance sustainable development. bet88 com participation of high-level officials, industry experts, and business leaders demonstrates our commitment to transforming words into action and building a greener future together.”

Deputy Minister of Industry and Trade Phan Thi Thang highlighted Vietnam’s strong trade performance, reporting import-export turnover of 8.47 billion from January to September this year, a 16.3 per cent year-on-year increase. Trade was in surplus by .79 billion, with exports to bet88 com EU standing at .1 billion, up 17 per cent. “This reflects bet88 com growing potential for effective and high-quality growth between Vietnam and bet88 com EU,” she said, urging businesses to enhance cooperation in investment, trade, and technology transfer, particularly in green growth.

Strategic EU-Vietnam partnership

In his address to GEFE, Vice President of theEuropean Commission Mr. Margaritis Schinas underscored bet88 com growing economic ties between bet88 com EU and Vietnam, driven by bet88 com EU-Vietnam Free Trade Agreement (EUVFTA). He noted that bet88 com agreement has established bet88 com EU as one of Vietnam’s top trade partners, while ongoing negotiations over bet88 com EU-Vietnam Investment Protection Agreement (EUVIPA) hold promise for further sustainable investments.

Mr. Schinas characterized Vietnam as a crucial player in advancing bet88 com broader EU-ASEAN strategy, saying, “Vietnam exemplifies bet88 com strategic partnership.” He added that green growth is central to their collaboration, asserting, “bet88 com time is now. This transition to a greener future presents challenges, but also offers bet88 com opportunity to effect significant change for future generations.”

He emphasized that bet88 com EU-Vietnam Partnership and Cooperation Agreement (PCA) and bet88 com free trade agreement (FTA) have strengthened political and commercial relations. Acknowledging shared challenges, particularly in tackling climate change and environmental degradation, Mr. Schinas expressed optimism that these issues would deepen their partnership. Furthermore, he reaffirmed bet88 com EU’s commitment to supporting Vietnam’s green transformation, emphasizing bet88 com need for collaboration with bet88 com private sector to drive sustainability and unlock new business opportunities.

Climate action takes center stage

bet88 com recent impact of Typhoon Yagi serves as a stark reminder of bet88 com urgent need for climate action. Platforms like GEFE are essential, as they underscore that sustainable development is an imperative, not an option.

On this issue, Mr. Schinas emphasized bet88 com necessity of transitioning to a carbon-neutral, circular economy, highlighting bet88 com challenges as stark reminders of bet88 com need for action.

He pointed out bet88 com significant growth in bilateral trade, which reached nearly €68 billion (.5 million) in 2023, a 40 per cent increase since bet88 com EUVFTA took effect in 2020. bet88 com EU is also a leading partner in green transformation, committing to supporting Vietnam in achieving its net-zero emissions goal by 2050.

bet88 com Just Energy Transition Partnership (JETP) was a key topic at bet88 com forum, with discussions noting bet88 com EU’s substantial financial contributions, including €176 million (6.56 million) in grants to aid Vietnam’s transition to clean energy. Mr. Schinas cited bet88 com Bac Ai Hydropower Storage Project in south-central Ninh Thuan province as a flagship initiative, illustrating bet88 com EU’s commitment to fostering renewable energy and improving energy efficiency.

As bet88 com green agenda aligns with economic growth, he reiterated bet88 com importance of private sector involvement in driving bet88 com transition. He praised initiatives like Lego’s climate-neutral factory in Vietnam, showcasing bet88 com potential for green investments.

Opportunities from CBAM

In his speech at GEFE 2024, EU Ambassador to Vietnam, H.E. Julien Guerrier, emphasized bet88 com potential of recent EU initiatives, including bet88 com Carbon Border Adjustment Mechanism (CBAM), as presenting opportunities rather than imposing burdens. He noted that these regulations, along with bet88 com Deforestation Regulation and Corporate Sustainability Due Diligence, can help develop a green, competitive economy while enhancing trade between Vietnam and bet88 com EU.

bet88 com Ambassador explained that compliance with these regulations could provide Vietnamese operators with a competitive edge in bet88 com EU market, facilitating better access and reducing carbon emissions. He stressed that early readiness for CBAM could significantly benefit businesses.

He also highlighted bet88 com success of carbon pricing in bet88 com EU, which has reduced emissions by 47 per cent in bet88 com energy and industry sectors since 2005 and generated over €175 billion (5.5 billion) for climate transition efforts. He encouraged Vietnam to adopt effective carbon pricing as a key partner country.

Additionally, Ambassador Guerrier pointed to bet88 com vital role of bet88 com private sector in bet88 com green transition, praising bet88 com participation of EU and Vietnamese businesses at GEFE. He thanked EuroCham for organizing bet88 com event and supporting businesses with valuable insights through its annual White Book.

He concluded by expressing confidence that GEFE would encourage operators to pursue green growth, assuring them of bet88 com EU’s continued support in this endeavor.