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Vietnam and Australia on April 16 vowed to strengthen climate and energy cooperation to achieve emissions reduction targets and promote sustainability in the region at the Australia-Vietnam Green Economy Summit.

Panelists at the Australia-Vietnam Green Economy Summit on April 16 in HCM City

Speaking at the meeting in Ho Chi Minh City, Vo Van Hoan, Vice Chairman of the municipal People’s Committee, said Vietnam was willing to cooperate with Australia, particularly in the southern metropolis, to work towards a sustainable and prosperous future.

The collaboration will involve creating business opportunities, sharing knowledge, connecting businesses from both countries, and facilitating bilateral trade and investment.

With its strong infrastructure, transportation networks, skilled workforce, and top universities, HCM City, offers favourable conditions for collaboration with Australia, he added.

Vietnam’s largest economic hub has focused on a green economic development strategy, which includes a robust policy framework that aligns with Australia’s green economic policy.

Jenny McAllister, Australia’s Assistant Minister for Climate Change and Energy, who is on a visit to Vietnam, said Australia was also willing to support Vietnam and Southeast Asia throughout their clean energy transformations.

“Cooperation is the key to unlocking economic opportunities for Australia and Vietnam as our countries and international partners undergo a clean energy transformation,” she said.

Australia, as a global leader in clean energy technology and sustainable finance, can assist Vietnam in its transition by providing expertise in these areas, according to McAllister.

Australia and Vietnam last month elevated their relationship to a Comprehensive Strategic Partnership, the first of its kind with a standalone climate and clean energy pillar.

Australian Ambassador for Climate Change Kristin Tilley, who is also on a visit to Vietnam, said the summit provided an opportunity for both nations to discuss how to tackle climate change through ambitious climate actions.

Vietnam an attractive investment destination

Anna Skarbek, Climateworks Centre CEO, said as Vietnam seeks to achieve its long-term net zero targets, it has become a more attractive destination for investment in green economy.

It is poised to play a significant role in the region’s decarbonisation, she said. An enabling policy environment is needed to accelerate the green economy, she added.

The country is emerging as one of the fastest-growing energy markets in Asia, with energy demand projected to grow by 8-10% annually.

In June last year, the Australian Government announced an 105 million USD (67.5 million USD) aid package for sustainable infrastructure planning and private investment in clean energy infrastructure in Vietnam.

Organised by Asialink and Climateworks Centre with support from the Australian Government, this week’s summit attracted over 150 business leaders and experts from both countries.

The event was held as part of the Australia-Vietnam Green Economy Programme launched last year to foster collaboration between two governments and businesses in green economy./.

VNA