Market News

Vietnam has committed to a 9% reduction in total greenhouse gas emissions

On the afternoon of 7 September, Vuong Dinh Hue, Chairman of the National Assembly, delivered an address at the Conference of Presidents of the World Parliament in Austria. Whereby, Vietnam pledges to decreasing its overall greenhouse gas emissions by 9 percent using local resources and raising it to 27 percent with international assistance by 2030.

Overview of the Discussion session

The meeting also saw the attendance of leaders of the Austrian National Assembly, Indonesia, Guyna, Italy, Japan, Vietnam, Zimbabwe and Uzbekistan. The President of the National Assembly, Vuong Dinh Hue, delivered a lecture on "Treating the economy to adapt to climate change and supporting sustainable development."

According to the World Bank, Vietnam is one of the ten nations most affected by climate change and sea level rise, according to the Chairwoman of the National Assembly. Extreme weather, particularly around 2020, has resulted in a loss of over 1% of GDP, wiping away decades of progress in poverty reduction in many places. Vietnam has adopted a number of comprehensive response measures, including decreasing the use of fossil fuels and raising the amount of renewable energy to 20% of total primary supply by 2030. Beginning in April 2021, a program to plant one billion trees by 2025 will be implemented, which will help absorb 2-3 percent more emissions by 2030.

During his speech, President of the National Assembly Vuong Dinh Hue stated, "The United Nations has shortly been sent by Vietnam into a 'Voluntary National Engagement' and NDC has been incorporated in the law by the National Assembly of Vietnam. Accordingly, Vietnam pledges to decreasing its overall greenhouse gas emissions by 9 percent using local resources and raising it to 27 percent with international assistance by 2030. Vietnam attended the United Nations Climate Change Summit, COP-21 in Paris (2015), and will attend COP-26 in the United Kingdom (11/2021).

Vuong Dinh Hue, President of the National Assembly, talks at the meeting

The President of the National Assembly underlined the importance of the parliamentary term: "As the deputies of the National Assembly, we have to assist, follow and oversee the government and to urge it to be strong." The National Assembly President shared several contents:

First, parliaments and parliamentarians must strengthen review and enhance the legislative framework, support and oversee the Government both to avoid the COVID-19 disease and to monitor it, while executing and changing the COP-21 promises. The high public debt ratio will be difficult to cope with in the direction of green recovery, circular economy and sustainable development (due to the large debt of governments during the pandemic).In this process, public-private partnerships must be promoted and efforts and innovation, support and activities of the employees emphasized.

Secondly, increase international collaboration, and parliamentary cooperation to exchange experiences in prevention of the COVID-19 pandemic, support the supply of vaccines, collaborate in manufacture of vaccines, and improve public health capacity. The richest industrialized nations have to take the lead in executing greenhouse gas emission reduction pledges, giving technical and financial help to poorer countries and improving technological capability.

Thirdly, to increase the spirit of solidarity, collaboration, responsibility and to preserve the environment in peace and stability, because this is a precondition for sustainable growth.