Jean-Jacques Bouflet, vice chairman in charge of Advocacy at the European Chamber of Commerce in Vietnam (EuroCham) eagerly anticipates the Green Economy Forum & Exhibition (GEFE) on October 21-23, which is expected to be a pivotal platform for collaboration among businesses, policymakers, and innovators to address Vietnam’s green transformation.

Last year’s event was supported by key stakeholders and VIPs like the Vietnamese prime minister

“As Vietnam accelerates its journey towards a net-zero future, platforms like GEFE are vital in translating high-level policy into practical solutions. The dialogues fostered at the event provide essential guidance for Vietnamese businesses, especially small and medium-size enterprises, to navigate the complexities of meeting the EU’s stringent new sustainability standards,” he said.

The forum has been instrumental in bridging knowledge gaps, particularly in renewable energy and sustainable agriculture, where European expertise is key to advancing Vietnam’s green transition and securing long-term market access abroad, Bouflet added.

According to the vice chairman, the signing of initiatives such as the Just Energy Transition Partnership (JETP) and the Power Development Plan VIII (PDP8) demonstrates the effectiveness of international collaboration in reshaping Vietnam’s energy and manufacturing sectors.

“However, as we aim for a net-zero economy, ongoing engagement between government, private sectors, and multilateral organisations is essential. GEFE continues to facilitate this collaboration, offering the strategic partnerships needed to overcome challenges and ensure a smooth, inclusive transition to sustainable growth,” he noted.

Joining GEFE since its inception in 2022, Stuart Livesey, CEO of Copenhagen Infrastructure Partners (CIP), said that he has witnessed first-hand the transformative impact that this platform has on fostering collaboration between Vietnamese and European businesses.

“Over the years, GEFE has helped the renewable energy community and key stakeholders connect with each other and share concerns, lessons learnt, and consider solutions that are fit-for-purpose in this dynamic market. The ongoing dialogue around renewable energy, green manufacturing, and sustainable finance at the event has been critical in reshaping industries and opening pathways for joint ventures that directly support Vietnam’s ambitious environmental targets,” he added.

Catalyst for change

Under the theme “Building Green Futures”, GEFE 2024 in Ho Chi Minh City will shine a spotlight on the vital role of the international community in supporting Vietnam’s journey towards a green economy.

At the event, there will be high-level discussions featuring 30 sessions on key topics including renewable energy, sustainable finance, decarbonisation, and circular economy solutions, featuring high-level representatives from Vietnam, Europe, and beyond.

Building on the success of previous events, this year’s edition will draw in over 8,000 participants, including key stakeholders, decision-makers, and innovators. Highlights include business-to-business and business-to-government dialogue sessions, which will facilitate collaboration and partnerships to drive real-world solutions for Vietnam’s green future.

According to EuroCham, GEFE 2024 will be a hub for new green investment opportunities, featuring 13 national pavilions and more than 200 exhibitors, showcasing cutting-edge green innovations. It serves as a powerful hub where business and government leaders can explore new green business opportunities, foster partnerships, and drive Vietnam’s renewable energy efforts.

As part of the event, a student day will inspire the next generation of green leaders, with over 2,000 students from across Vietnam participating in competitions and knowledge-sharing events.

GEFE’s annual reports are not only shared with high-level officials at COP climate summits but also serve as a “green book” for Vietnam’s delegation. These reports provide critical insights and data, trusted by decision-makers to inform adjustments to Vietnam’s policies, aligning them with the country’s ambitious commitments.

Brochures are also presented during EuroCham’s annual trips to Brussels and shared with the EU Commission. This potential bridge paves the way for more green foreign-led projects in Vietnam, reinforcing Vietnam’s role as a regional green economy leader.

At GEFE, Vietnam’s green transition success stories will be shared alongside international best practices. The event will showcase global methods in renewable energy, focusing on success stories from countries like Denmark, Germany, and the Netherlands, which have achieved significant progress in their green transitions. Expert insights will also highlight key strategies and technologies that could be tailored for Vietnam’s context.

The previous editions of GEFE in 2022 and 2023 welcomed high-profile delegations including Prime Minister Pham Minh Chinh, EU Commissioner Virginijus Sinkevičius, and many other VIPs, underscoring the platform’s influence on business-to-government dialogues and driving substantial changes in the green industry.

Growing interest and prospects

According to Julien Guerrier, Ambassador of the European Union to Vietnam, the EU is and will certainly continue to be a world leader in green transformation.

“As we head towards 2030, the EU will ensure the delivery of its targets and objectives defined for that year, as well as of the UN’s Sustainable Development Goals. As climate change and green transformation are global challenges, the EU’s role is also to accompany its trade partners, like Vietnam, to achieve the net-zero emission goal by 2050 and the necessary economic transformation,” he said.

“Moreover, our relevance for a transformation into a greener economy is even more important considering the activities and investments of EU companies in Vietnam, now facilitated by the EU-Vietnam Free Trade Agreement,” he added. “But the potential is even higher. While we have to be positive and acknowledge the successes already achieved in this area, we must remember that the way ahead is still long, and most certainly difficult, but achievable.”

Vietnam is well underway on its journey to net-zero. Since pledging to achieve net-zero emissions by 2050, Vietnam has made significant strides. Key policies such as the updated Nationally Determined Contributions, the PDP8, and the national climate change strategy reaffirm Vietnam’s commitment to transitioning to a green economy.

Alongside that, an emerging trend in Vietnam is the shift towards green financing, particularly in renewable energy infrastructure and eco-friendly agriculture. This movement aligns with global environmental goals, presenting fresh investment opportunities in Vietnam’s green transition.

Specifically, the renewable energy sector is poised for substantial growth, especially with the signing of the PDP8 and the JETP. These initiatives are set to revolutionise Vietnam’s energy landscape, emphasising the necessary shift towards clean sources.

This transition makes Vietnam more attractive to foreign investors, including those from Europe. Companies like Lego, with its $1 billion green factory project in Vietnam, exemplify how international brands are supporting the country’s green energy transition. The initiative demonstrates a tangible commitment to sustainability through renewable energy, eco-friendly manufacturing, and a reduced carbon footprint.

However, the path to greener manufacturing is not without obstacles. Smaller businesses, in particular, may struggle to meet the stringent EU standards due to limited resources and technical know-how. Addressing these challenges will require a collaborative effort, with government support and industry partnerships playing a crucial role in ensuring a smooth and inclusive transition.

In this context, GEFE works as a transformative force to support Vietnam in this path, said Livesey from CIP.

“We are thrilled to continue our partnership with GEFE in 2024, as the event grows in scale and significance, reinforcing our commitment to supporting the green transition and forging new business opportunities that will shape a sustainable future for both Vietnam and Europe,” he said.