Vietnam’s socio-economic development strategy until 2030 has set as a goal taking advantage of the Fourth Industrial Revolution and international integration to restructure into a green economy, a digital economy, and a digital society. Many businesses have worked to make their production model more sustainable and environment-friendly.

Nguyen Doan Ket, Deputy Director General of the Rang Dong Light Source and Vacuum Flask Company, said the company has invested in modern machinery and equipment. 72% of Rang Dong’s automated assembly line has uninterrupted operation.

“Our electric furnace is a closed furnace that produces no dust, carbon dioxide, or sulfur dioxide emissions and energy is used efficiently, thanks to new digital technology,” Ket told VOV, adding, “Rang Dong's robot system is very special. We buy and integrate each new module with our smart production system. As a result, we’ve improved the efficiency of our use of energy and natural resources.”

Vietnam faces many problems in developing a green economy, the biggest of which is limited resources.

Dr. Dang The Anh, Deputy Director of the Central Institute for Economic Management, underlined the need for more solutions, mechanisms, and policies to encourage businesses to invest in green transformation and sustainable development.

“The first thing we need to do is stabilize the economy, improve the business environment, and remove business barriers in various fields. This is the top priority and then comes selective support solutions for each industry and field,” said The Anh.

To achieve the goal of becoming a developing country with modern industry and upper-middle income by 2030, and a developed, high-income country by 2045, Vietnam needs to maintain high continuous growth in the coming decades.

As growth in the traditional way is based mainly on exploiting low-cost labor and shrinking natural resources, labor productivity is now the decisive factor determining the competitiveness of the economy, each locality, and the business sector.

Chu Duc Hoang, Office Chief of the National Technology Innovation Fund of the Ministry of Science and Technology, underscored the urgent need to invest in technology, especially innovative technology, so realistic policies should be implemented that help businesses take the initiative in tech innovation.

“In addition, businesses need support from the community, research institutes and universities, policy makers, and capital sources,” according to Hoang.

Policies need to be clearer, more transparent, and make businesses the center. Effective support for businesses will help restructure the economy, improve competitiveness, and help Vietnam catch up with other regional countries.

Associate Professor Doctor Nguyen Dinh Tho, Director of the Institute of Strategy and Policy on Natural Resources and Environment, said Vietnam's current green classification criteria are in sync with European standards and the regulations of the World Bank and other climate finance organizations.

“If a business meets Vietnam's green criteria, it means it’ll also meet the green criteria set by financial institutions around the world. This creates an opportunity for Vietnamese businesses to access global green financial resources,” said Tho.

A digital and green economy would help Vietnam become a developed, high-income country by 2045. But it will require a national strategy for green transformation with specific goals and a roadmap. Meanwhile, Vietnamese businesses are doing their best to innovate and invest in technology to improve their competitiveness.