Policies For Green Economic Development In Vietnam

Abstract

The adoption of a green economic model, such as the circular economy, has garnered significant attention from numerous countries, particularly amidst the dual pressures of climate change and the transformative effects of the fourth industrial revolution (IR 4.0) on economies worldwide. This revolution has catalyzed substantial advancements, profoundly influencing the industrialization and modernization processes of nations. Vietnam, in its pursuit of transitioning towards sustainable development through green economic practices, is also embracing this paradigm shift. The emergence of the green economy marks a pivotal moment in global economic recovery and development, representing an essential trajectory for fostering sustainability across nations. Confronted with this trajectory, Vietnam has initiated a strategy for green economic development aimed at restructuring the economy to optimize natural resource utilization, mitigate greenhouse gas emissions, address climate change, and ensure sustained economic growth. Despite some notable achievements, the journey towards green economic development in Vietnam faces significant hurdles, including incongruities within the legal framework, heavy reliance on natural resources and fossil fuels for economic growth, and limitations in human capital and technology. Thus, this article draws upon a comprehensive analysis of legal and practical frameworks, as well as economic growth and green development initiatives in Vietnam, to propose solutions for enhancing the country's green economy amidst the backdrop of the fourth industrial revolution.