Companies Pursue Opportunities in Green Transition

In the face of global changes, Vietnamese businesses are actively seeking ways to adapt and thrive. To achieve sustainable development, they are exploring opportunities arising from digital transformation and the green transition.

Vietnam's national socio-economic development strategy for 2020–2030 has identified three strategic breakthroughs: socialist-oriented market economic institutions, human resources, and infrastructure. The plan aims to reshape thinking and action, proactively embrace the benefits of Industry 4.0, and ensure comprehensive international integration. This will restructure the economy toward a greener future, with a focus on a digital society.

Increasingly, domestic enterprises are taking concrete steps towards the green transition by innovating business models that promote sustainability and environmental awareness. Rang Dong Light Source & Vacuum Flask Joint Stock Company, for instance, has made significant investments in modern machinery to achieve rapid yet sustainable growth, resulting in the automation of 72% of its production lines.

However, transitioning towards a greener economy presents several challenges, including limited resources and incomplete IT infrastructure, as well as a lack of skilled workers able to handle new technologies. Many local businesses, whether small or medium-sized, often face difficulties investing in technology due to these constraints, along with limited access to finance specifically geared toward this type of investment.

Before introducing specific support solutions for certain industries, Dr. Dang The Anh from the Central Institute for Economic Management Research emphasizes that stabilizing the economy through improving the business environment is crucial. Despite the proposal of numerous policies, their implementation has frequently shown ineffectiveness, leading to certain paradoxes that require resolution.

As Vietnam aims high and looks forward to becoming a developed, industrialized country by 2045, maintaining continuous growth over the next few decades must become a priority.. In an environment where traditional expansion strategies based on cheap labor capital exploitation of natural resources are no longer viable, productivity becomes a key factor in competitiveness.

Chu Duc Hoang, chief officer of the National Technology Innovation Fund under the Ministry of Science and Technology, proposes substantial investments in science and technology, particularly technological innovation, that not only ensure policy effectiveness but also foster proactive tech adoption among companies. However, this requires support from community research institutes, universities, policymakers, and funding sources.

The main obstacles to the transition from 'brown' to 'green' production models include limited investment in technology, poor management, and an unqualified workforce. During this process, businesses need clear and transparent support policies that put them at the center of action.

Assoc. Prof. & Dr. Nguyen Dinh Tho, the director of the Institute Strategy Policy Natural Resources Environment, believes that the World Bank and other climate finance organizations' alignment of Vietnam's green classification criteria with European standards opens up opportunities for local companies to access global green financing.

Experts also believe that a digital economy and a green economy will help Vietnam achieve its goal of becoming a developed country by 2045. For this vision to materialize, there needs to be a national strategy on green transition, complete with specific goals and roadmaps.
 
In conclusion, as Vietnamese businesses face challenges meeting stringent requirements for sustainable development imposed by investors, partners, international markets, and consumers, they must innovate, think, invest, and use technology to improve their competitiveness. Implementing these changes at a slower pace increases the risk of lost opportunities, thereby increasing exports.