HCMC – Domestic and foreign-invested companies have poured US$9 billion into Vietnam’s green economy, making up almost 2% of the country’s gross domestic product, according to the Ministry of Planning and Investment.

Green economy investments have expanded by 10-13% year-on-year since 2021, said Nguyen Anh Tuan, deputy director general of the Foreign Investment Agency under the Ministry of Planning and Investment.

Renewable energy and sustainable buildings are among the key sectors in investors’ green portfolios.

Tuan noted that businesses, including foreign-invested ones, have considerably geared production and consumption behaviors toward green growth.

Still, challenges have impeded Vietnam’s efforts in sustainable development, including technology capability limitations and regulatory framework hurdles.

As of 2020, 80% of foreign-invested companies have average technology standards, and 15% operate with obsolete technology.

Nguyen Quang Vinh, vice chairman of the Vietnam Chamber of Commerce and Industry, said local and multinational companies in Vietnam play an essential role in helping the country realize its green growth strategy.

Thus, it is necessary to create a favorable legal environment and provide incentives to promote green growth and sustainable development in business operations, according to experts.