World Bank states recommendations and affirms the companion to the green growth strategy

This is one of the comments of Mrs. Carolyn Turk, World Bank Country Director for Vietnam, at the recent Prime Minister's meeting with FDI enterprises and Annual Vietnam Business Forum.

The World Bank Country Director for Vietnam agreed with the Government leaders on the carbon credit market. This is a dynamic and growing market. Deputy Minister of Natural Resources and Environment mentioned the World Bank project to buy carbon credits from forest conservation activities in 6 North Central Coast provinces. The project succeeded in generating more carbon credits than expected.

Besides environmental issues, World Bank's representatives recommended some content for sustainable development.

Accordingly, Vietnam needs to streamline the process further. It is necessary to actively process digitally through online portals, using electronic applications and electronic signatures. Digitalization can bring transparency and speed up the approval process, benefiting all parties and strengthening the connection between FDI and domestic enterprises.

The World Bank representative also recommended improving the skill level of the workforce in Vietnam. Mrs. Carolyn Turk also emphasized the importance of capital access for private-sector projects. Private-sector projects are more able to mobilize capital if led by public investment.

In response to some recommendations from international partners, Vietnamese Government agencies had a frank dialogue to find common solutions to promote cooperation and development.

Mr. Tran Quy Kien, Deputy Minister of Natural Resources and Environment (NRE), said: The Ministry of Natural Resources and Environment has submitted to the Prime Minister for approval the project to develop the credit carbon market in Vietnam. The World Bank's payment of USD 51.5 million to buy carbon credits is a good sign in encouraging forest protection and development to increase coverage. With over 100 enterprises being granted this certificate, Vietnam has become one of five countries creating Carbon credits worldwide.

Regarding administrative procedure reform, leaders of the Ministry of Natural Resources and Environment affirmed that they would closely follow the Prime Minister's instructions, drastically remove difficulties for the business community, and cut down on procedures.

Mr. Kien said that in February 2024, the Government issued Decree 12, amending Decree 44 on land price framework regulations... The Ministry of Natural Resources and Environment has completed the legal framework and is expected to issue Decree in March. A decree on sea reclamation is an important Decree that creates legal conditions for many projects, including FDI enterprises using sea surface and coastal land.

In April, the Ministry of Natural Resources and Environment also revised and submitted draft Decree 08 on guiding the 2020 Law on Environmental Protection to simplify administrative procedures, decentralizing 50% of the Ministry's procedures to localities.