On August 16, the State Bank of Vietnam (SBV), in collaboration with the Banking Working Group (BWG), organised a conference in Hanoi to discuss measures to attract resources for the implementation of green growth and sustainable development targets.

Within the framework of the conference, participants agreed that Vietnam needs to start implementing effective adaptation and mitigation strategies to contain the challenges as climate impacts are quickly becoming stronger and more unpredictable.

According to the World Bank report, Vietnam has been ranked among the five countries that are most likely to be affected by climate change. Vietnam and Bangladesh are the two countries with the highest exposure to flooding, including riverine, flash, and coastal flooding. Floods represent the largest risk by economic impact in the country.

To confront this situation, BWG chairperson Michele Wee said that finance plays a crucial role in helping Vietnam implement its green and sustainable growth goals and the government support should be strengthened with the participation of the domestic private sector and through public financial sources.

“Vietnam should establish a close, reasonable, and harmonious combination between socioeconomic development and environmental protection,” she said.

At the event, participants discussed the problems relating to mobilising resources, focusing on seeking specific solutions to unlock resources for green growth and creating confidence in international organisations and partners to support the government in fulfilling its COP26 commitments.

SBV Governor Nguyen Thi Hong said that Vietnam is one of the most vulnerable countries to climate change, so the country has rolled out measures to deal with its impacts and promote green and sustainable growth at the same time.

“The international community highly appreciated the strong commitments Prime Minister Pham Minh Chinh announced at COP26, especially the net-zero target. Thus, it is willing to support the country in the development of a circular economy and climate change response via policy consultancy, shared experience, and financial support,” Hong said.