Prime Minister's message during trip to Europe


Vietnam needs financial resources to develop and fulfill its commitments on green development.

"A developing country with a per capita income of 4,000 USD but performs like a developed country with per capita income of 50,000 - 60,000 USD needs certain incentives to be able to do it. That’s equality, justice". That was the message conveyed by Prime Minister Pham Minh Chinh at meetings during his trip to Europe. Why did the Prime Minister deliver this message ?

COP26 commitment

More than a year ago, at the COP26, the Prime Minister made a very strong commitment for Vietnam to reduce net emissions to zero by 2050.

He stated that climate change has become the biggest challenge of humanity. This is a global issue so a global approach is required. This is an issue that affects all people, so it is necessary to have a people-wide approach, upholding multilateralism, and Vietnam is not an exception to this process.

Therefore, all countries need to commit more strongly to reducing greenhouse gas emissions on the principle of common but differentiated responsibility, in accordance with the conditions, circumstances and capacity of each country.

It was also at this conference that the Vietnamese leader called for "fairness and justice on climate change".

To do this, Vietnam is developing and implementing strong greenhouse gas emission reduction measures with its own resources, along with the cooperation and support of the international community, especially developed countries, for both finance and technology transfer, including the implementation of mechanisms under the "Paris Agreement".

After the conference, the Prime Minister decided to establish the National Steering Committee to implement Vietnam's commitments at COP26, and Vietnam has made efforts to fulfill its commitments by a series of actions.

The Vietnamese PM has constantly called for the support of the international community, especially developed countries, in both finance and technology transfer for Vietnam to fulfill its commitments. This was also one of the important purposes of his trip to Europe.

During his talks with Luxembourg Prime Minister Xavier Bettel, the two leaders agreed to promote the establishment of a Strategic Partnership on Green Finance in order to take advantage of Luxembourg's strengths in investment capital, especially green finance. In particular, Luxembourg will support Vietnam in implementing its national strategy on green growth and efforts to respond to climate change, including the implementation of commitments made at COP26.

During his meeting with the Grand Duke of Luxembourg Henri, the Vietnamese leader also suggested that the two sides soon establish a strategic partnership in green finance to take advantage of Luxembourg's strengths and to support Vietnam in implementing its green growth strategy in the 2021-2030 period with a vision to 2050, and commitments on climate change at COP26. The Grand Duke committed to support Vietnam in realizing its green growth goals.

“Vietnam needs financial resources to develop and fulfill its commitments on green development. Vietnam needs the support of friends and international partners in mobilizing resources," the Prime Minister said at the Vietnam - Luxembourg Business Forum.

In order to realize green development goals as well as commitments at COP26, the Vietnamese leader did not hesitate to ask the European Investment Bank (EIB) to give more preferential loans with more favorable conditions. 

“In terms of a country like ours, where per capita income is only about $4,000 a year, it is not possible as in a country with a per capita income of $50,000 to $60,000. So the input price of energy for us must be lower. To do so, it is necessary to immediately reduce the bank loan interest rate," the Prime Minister said, adding that "fairness and justice" is the point.

His arguments convinced the leaders of the EIB and EU partners who said "we will help Vietnam fulfill its commitments".

In the Netherlands, the Prime Minister continued to convey this message. The two Prime Ministers agreed to step up and deepen cooperation between the two countries within the framework of the strategic partnership on climate change adaptation and the strategic partnership on sustainable agriculture. The Netherlands is ready to share experience, knowledge, technology and preferential loans to help Vietnam develop sustainable agriculture and a green transition.

Heineken Global General Director Dolf van den Brink (in the Netherlands) also responded to Vietnam's strong commitments with the desire to make a positive contribution in this field by promoting the mechanism of direct power purchase (solar power).

In Belgium, Belgian Prime Minister Alexander De Croo also expressed his willingness to support Vietnam in finance and technology to fulfill its international commitments on climate, especially in the development of renewable energy technology and supporting industries.

Vietnam on right track

In five messages delivered to the ASEAN-EU Business Summit, the Vietnamese Government leader stated: “Developed countries must help developing countries in terms of finance, human resources, technology, governance and institutions. In addition, it is necessary to ensure fairness and justice with poor countries and developing countries who shoulder the responsibility like developed countries in responding to climate change.”

At the ASEAN - EU Summit, one of the important issues raised by the Vietnamese Prime Minister was the message of "fairness and justice" to poor countries and developing countries in the process of green transition.