Hanoi, Viet Nam – December 6, 2024 – The Ministry of Planning and Investment (MPI) and the Global Green Growth Institute (GGGI) officially announce the launch of the Viet Nam-GGGI Country Planning Framework (CPF) 2024-2028. The strategic framework is set to fortify Viet Nam-GGGI collaboration over the next five years, driving support for Viet Nam’s green growth ambitions and climate actions, including achieving the net-zero 2050 target.

In her opening remarks at the launch at the headquarters of the Office of the Ministry of Planning and Investment, Vice Minister Nguyen Thi Bich Ngoc emphasized “The launch of the Viet Nam – GGGI new framework marks another milestone in the long-term cooperation between the Ministry of Planning and Investment, and Viet Nam in general, with the GGGI to continue promoting green growth and sustainable development in Viet Nam.”

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc at the event. Photo: GGGI

Viet Nam has solidified its status as a bright investment destination in Southeast Asia. In 2023, the foreign direct investment (FDI) registrations to Viet Nam reached nearly $36.61 billion—a 32.1% increase from the previous year. The country has emerged as one of the rising manufacturing powerhouses, and a key destination for multinational corporations seeking diversification, establishing significant operations. Manufacturing now contributes nearly 24% to Viet Nam’s GDP, underpinning the country’s economic growth.

Amid the impressive economic momentum, Viet Nam is accelerating its decarbonization efforts. At COP26, Prime Minister Pham Minh Chinh pledged to achieve net-zero emissions by 2050, demonstrating the nation’s commitment to climate action and international collaboration. To translate this vision into actionable results, Viet Nam and the Global Green Growth Institute (GGGI) have launched the new Country Planning Framework (CPF) 2024-2028.

The Vietnam-GGGI Country Planning Framework 2024-2028 launchi at the Ministry of Planning and Investment in Hanoi. Photo: GGGI

The new CPF focuses on seven strategic areas: green investments, climate action, green industries (with a strong focus on climate tech startups), climate-resilient agriculture, waste management, green buildings, and carbon pricing. Aligned with national policies such as the Socio-Economic Development Plan 2021-2025, the updated Nationally Determined Contribution (NDC) 2022, and the National Power Development Plan 8 (PDP8), the CPF aims to mobilize investments and support the implementation of transformative policies to advance Viet Nam’s green growth agenda.

GGGI Country Representative to Viet Nam, Juhern Kim emphasized, “As a trusted advisor, GGGI is privileged to support Viet Nam by accelerating green investment mobilization, providing enhanced technical policy advisory, and supporting the green innovation ecosystem to empower climate tech startups and SMEs operating in Viet Nam.”

Juhern Kim, GGGI country representative to Vietnam, discussing focused areas of the new framework. Photo: GGGI

Since becoming a founding member of GGGI in 2012, Viet Nam has worked closely with the Ministry of Planning and Investment (MPI) as a main counterpart, while collaborating with other ministries such as the Ministry of Finance, Ministry of Natural Resources and Environment, Ministry of Agriculture and Rural Development, and Ministry of Construction, as well as provincial governments. This long-standing partnership has delivered impactful policy advisories, including the development of the MPI’s Investment Guidelines for Green Growth, the Urban Green Growth Indicator, and the Viet Nam Urban Green Growth Development Plan up to 2030. In terms of investment mobilization, GGGI has facilitated the mobilization of approximately $410 million* in green investments for projects such as waste-to-energy and pioneering green bond issuances by financial and corporate entities.

However, the transition to a low-carbon economy requires significant financial resources, technical assistance, and a robust innovation ecosystem. According to the World Bank, Viet Nam will need additional investments equivalent to 6.8% of GDP annually—about $368 billion by 2040—to achieve its climate and development goals. The Viet Nam-GGGI Country Planning Framework 2024-2028 is designed to help address this financing gap by fostering an enabling environment for green investments, preparing bankable projects in key sectors, and providing policy advisories.

*Estimation by December 2024

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