McKinsey and Company on August 3 released the report “Can Vietnamese banks seize the green bond opportunity?”, which analyses the preconditions leading to the growth of green-bond markets and urges Vietnamese banks to take timely action to reap the rewards from this segment. New solutions in green finance are crucial because the climate transition is accelerating, Photo: Shutterstock The report indicates that the demand for financing of projects with environmental benefits in Vietnam has grown year by year, totalling more than $10 billion annually from 2018 to 2020 and $21 billion in 2021. This increase is forecasted to continue, based on market momentum, Vietnam’s latest draft of Power Development Plan VIII, and the country’s net-zero commitments. Finance-wise, McKinsey estimates that issuing bonds for environmental, social, and governance (ESG) projects may bring Vietnam’s financial institutions roughly $1.7 billion in revenue by 2025, with $1.5 billion coming from … [Read more...] about New finance instruments in play for climate future
Transition green screen
Hanoi - The Ministry of Industry and Trade (MoIT) has asked the Prime Minister about the mechanism for ongoing solar power and transitional wind power projects to enjoy the incentive price. Dong Hai wind farm in Tra Vinh province. (Photo courtesy of Trungnam Group) In a recent document sent to the PM, the MoIT suggested investors of those projects negotiate electricity prices and power purchase and sale contracts with Vietnam Electricity (EVN). Of the total of 78,121 MW of installed capacity of electricity sources nationwide, there was 16,545 MW of solar power, including 8,904 MW of concentrated solar power and 7,660 MW of rooftop solar power and 4,126 MW of wind power that have been put into operation and have enjoyed the FIT (preferential purchase price) according to the Prime Minister’s decision. However, the MoIT announced there were still many projects or parts of wind and solar power projects that had been implemented in practice but not been able to enjoy the … [Read more...] about MoIT recommends unfinished wind, solar farms negotiate energy prices
“Vuot,” the band’s first track, is about challenges facing Vietnamese, particularly young ones, in pursuit of success in Japan. Through the song, KURROCK aims to motivate the young Vietnamese living in Japan to try harder to overcome these obstacles. The MV is a production of two teams in Vietnam and Japan. Directed by Watanabe Tomonori, it was shot in Japan using a green-screen background as COVID-19 restrictions remained in place in the country. Post-production was done in Vietnam. The MV is set on the roof of Mode Gakuen Spiral Towers, recreating an aerial view of Shinjuku, a buzzing district of Tokyo, at dawn to signal a new day will come again. According to the bank’s leader Manh Khoi, KURROCk plans to represent their debut album, featuring bilingual songs, aiming to use music to connect the two countries and their fans. Source: VNA … [Read more...] about First Vietnamese rock band in Japan releases debut MV
Seizing the opportunity laid out by its clean energy resources and phasing out coal could be key for Vietnam’s green growth path. Vietnam’s Prime Minister Pham Minh Chinh has set a deadline for sectors to build plans for their sustainable development within the first quarter (Q1) of this year as part of efforts to materialize the country’s sustainable development. Vietnam’s Prime Minister Pham Minh Chinh speaks at COP26 in Glasgow, the UK in November 2021. Photo: VNA The PM demanded in Q2 a comprehensive program to implement Vietnam’s net-zero target that he pledged at the 2021 United Nations Climate Change Conference in Glasgow (COP26) in November 2021. Accordingly, authorized agencies are tasked with eight issues, namely energy transition, reducing greenhouse gas emissions; lowering methane emissions; developing electric cars; planting forests to absorb carbon dioxide; building construction materials and urban development suitable for green and sustainable … [Read more...] about [Net-zero strategy] Which way is possible for Vietnam’s net zero journey?
The PM commended the ambassador’s active contributions to promoting the Vietnam-U.K. strategic partnership in all fields, diplomatic channels and people-to-people exchange. Mentioning the U.K.-Vietnam Free Trade Agreement (UKFTA), Chinh said the deal has played a role in forging the bilateral economic and trade ties, with two-way trade standing at nearly 6.6 billion USD last year, up 17.2% year-on-year. Vietnam always attaches importance to its relations with the U.K., he affirmed, suggesting the two sides step up the exchange of delegations at all levels, particularly the high level, and organize diverse activities to mark the 50th anniversary of the bilateral diplomatic ties in 2023. The two sides should closely coordinate to optimise commitments of the UKFTA in order to enhance the economic, trade and investment relations, he continued. The leader also suggested the British side increase the import of Vietnamese agricultural products, including seasonal fruit, and called on … [Read more...] about PM receives outgoing British ambassador
The strong message sent by Vietnam’s Prime Minister at COP26 has significantly improved the country’s image in the eyes of international investors. Many UK investment funds are ready to come to Vietnam following Prime Minister Pham Minh Chinh’s commitments at COP26 for net zero carbon emission by 2050. Prime Minister Pham Minh Chinh and UK Ambassador to Vietnam Gareth Ward. Source: VGP UK outgoing Ambassador to Vietnam Gareth Ward gave the remarks during a farewell meeting with Prime Minister Pham Minh Chinh on August 2. According to Ward, the strong message sent by Chinh at COP26 has significantly improved Vietnam’s image in the eyes of international investors. The UK, in this regard, would continue to accompany Vietnam in sustainable development, especially in fighting climate change and pursuing green growth, Ward said. Prime Minister Chinh highly regarded Ward’s contribution during his term, which contributed to the progress of the Vietnam-UK … [Read more...] about Vietnam’s COP26 commitments drive attention from UK investment funds