Image Credits: EY
The Ministry of Planning and Investment (MPI) of Vietnam is currently inviting public feedback on a draft decision aimed at establishing a new national economic sectors system, prominently featuring a National Green Economy framework. This initiative is part of the government’s broader commitment to sustainable development and environmental protection.
The proposed economic sectors system categorizes the economy into five levels, starting with 22 primary sectors at Level 1, identified by alphabetical codes from A to V, and extending to a comprehensive 733 sectors at Level 5, defined by numerical codes. A notable aspect of this draft is its focus on integrating green economic principles into the framework.
The National Green Economy framework delineates three main categories: green sectors, transitioning sectors, and supporting sectors. Green sectors encompass economic activities that align with green growth goals and do not significantly harm other environmental objectives. In contrast, transitioning sectors, while they may pose some environmental challenges, are deemed essential to Vietnam’s economy and will be encouraged to adopt more sustainable practices.
Supporting sectors include activities that indirectly facilitate green growth by complementing green industries. The draft identifies 11 key Level 1 sectors within this framework, such as agriculture, manufacturing, electricity production and distribution, waste management, construction, transportation, telecommunications, finance, real estate, and scientific and technological services.
To qualify as a green sector, an industry must meet specific environmental objectives, including climate change mitigation, ecosystem protection, or advancing a circular economy. This structured approach aims to guide industries toward more sustainable practices, ensuring that Vietnam’s economic growth is environmentally responsible and conducive to long-term sustainability.
The draft decision is currently open for public consultation, reflecting the government’s intent to engage stakeholders in shaping this significant policy. The initiative highlights Vietnam’s dedication to harmonizing economic development with environmental stewardship, laying a solid foundation for a greener future.
This proposal comes at a time when many countries are increasingly prioritizing sustainable development. Vietnam’s proactive steps toward establishing a National Green Economy framework demonstrate its commitment to transitioning toward a more sustainable economic model, resonating with global trends in environmental policy and sustainable practices.