Viet Nam is poised to tackle the challenges of transitioning to a greener and more resilient development model, as outlined in a recent report. The document explores three key areas: adapting to climate change, fostering growth-friendly emissions reduction, and unlocking the potential of the marine economy.
Viet Nam ranks 13th globally for climate risk according to Germanwatch, making adaptation measures crucial. Without these measures, national output could decline by 9.1 percent by 2030 and 12.5 percent by 2050 due to climate impacts. "Macroeconomic models suggest that climate impacts could reduce national output," the report states. Investing in adaptive strategies could cut projected losses significantly and yield co-benefits like increased productivity and social resilience.
The country's carbon intensity surpasses the middle-income average by 45.6 percent, with GHG emissions growing at an annual rate of 6.2 percent over the past decade. Viet Nam has pledged to reduce carbon emissions through policies focused on energy transition and green transport among others. However, "these measures alone are insufficient" for achieving net zero targets by 2050.
The marine economy presents another avenue for sustainable development with its vast ocean resources supporting half of Viet Nam's population. The government aims for marine sectors to contribute significantly to GDP by 2030 but faces threats from overfishing and pollution. "The marine economy’s vulnerability...makes adaptation urgent," emphasizes the report.
To mitigate risks while maximizing benefits from the marine sector, Viet Nam should establish protected areas and enforce sustainable practices alongside community engagement initiatives.