Deputy Minister of Science and Technology Hoang Minh asks stakeholders for an efficient, sustainable, innovative startup ecosystem in Vietnam. (Photo: Thanh Long)

The active participation and close cooperation from stakeholders - from the public and private sectors to international organisations – can help realise Vietnam’s aspiration of a green, efficient and sustainable innovative startup ecosystem, said Deputy Minister of Science and Technology Hoang Minh at a policy dialogue held on April 16 within the framework of the fourth Partnership for Green Growth and the Global Goals 2030 (P4G) Summit.

Speaking at the dialogue on encouraging investment, business, and promoting entrepreneurship in the field of green transition and sustainable development, Minh said that there is a great opportunity to shape a green and sustainable future for Vietnam and the world together.

“Innovation, creative entrepreneurship and collaboration are key to solving environmental problems, while promoting the development of a circular economy," he said.

Addressing more than 300 participants, Minh said that this is an important event that demonstrates Vietnam's strong commitment to partnering with the international community on the journey toward a future that harmonises economic development with environmental sustainability. Green growth is not only a goal but also a driving force for sustainable development.

He emphasised that the world is facing unprecedented challenges related to climate change, resource depletion, and environmental pollution. Promoting sustainable business models, fostering green innovation, and transforming the economic system toward low emissions and circularity have become urgent requirements.

He noted that Vietnam early identified green growth as a core development strategy, reflected in a series of policies aimed at promoting green growth, encouraging innovative startups, developing a circular economy, and enhancing research and transfer of green technologies. These efforts contribute to the commitment to achieving net-zero emissions by 2050, which Vietnam declared at COP26.

“These strategic directions have created a favourable foundation for promoting a wave of innovative startups in green technology, renewable energy, the circular economy, and emission reduction solutions,” he said.

Vietnam currently has over 4,000 innovative startups, including two unicorns valued at over 1 billion USD, 11 companies valued at over 100 million USD, more than 1,400 startup support organisations, 202 co-working spaces, 208 investment funds, and 35 business promotion organisations. Among these, it is estimated that around 200-300 companies focus on green transition, covering areas such as renewable energy, environmental technology, sustainable agriculture, and the circular economy.

Sharing international experience in promoting green startups, Dr. Malle Fofana, Regional Director for Asia at the Global Green Growth Institute (GGGI), noted that the demand for enhanced climate action worldwide is growing.

As 75% of technologies globally are still in the early stages, it is essential to turn these technologies into opportunities and tangible results, especially those that address climate challenges.

Dr. Fofana also highlighted the role of artificial intelligence (AI) in addressing climate challenges, aiming for green climate technologies to find the shortest path to achieving net-zero emissions.

Additionally, there is a need to view climate technology as an asset for future generations.

To achieve this, the roles of governments, businesses, venture capital funds, international organisations, and public-private partnerships are crucial to ensure that the startups of the future receive the support they need, he said.

During the dialogue, an open discussion on cooperation in promoting green transition and sustainable development was held. Representatives from innovative startups, investors, and support organisations focused on measures to promote public-private partnerships and mobilise resources for the green transition.