Business News in Vietnam on April 27, 2024

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State capital and private resources both play an important role in meeting financial needs for development causes and the implementation of sustainable development goals (SDGs), Minister Counsellor Nguyen Hoang Nguyen said at the 2024 ECOSOC Financing for Development (FfD) Forum in New York.

Minister Nguyen emphasized the significance of collaboration between developed and developing countries, as well as trilateral and quadrilateral cooperation models, to share experience, technology, and capital for Southern countries to implement the Agenda 2030 on sustainable development.

He called on developed countries to fulfill their commitments to spend 0.7% of their Gross National Income (GNI) on ODA capital and contribute $100 billion each year to help developing countries cope with climate change.

Attendees at the forum agreed that 2024 is a crucial time to implement measures towards achieving the SDGs by 2030. They approved a document affirming their commitment to mobilize financial resources for development, encourage private sector participation, strengthen international ties in tax and debt management, and leverage scientific, technological, and innovation achievements for sustainable development.

Vietnam recently announced the Voluntary National Review (VNR) in 2023 and is implementing its National Strategy on Climate Change by 2030, demonstrating its efforts and determination to mobilize and manage financing for sustainable development.

The country is set to host the fourth Partnering for Green Growth and the Global Goals 2030 (P4G) Summit next year to enhance global efforts on green transformation and sustainable development.

In other news, the Cam Lam – Vinh Hao Expressway, a key infrastructure project in Vietnam, officially opened to traffic on April 26. This expressway, part of the North – South Expressway project, is expected to catalyze economic development in the south-central region by improving transportation connectivity and facilitating investment and tourism growth.

Additionally, Vietnam’s rice exports are on track to exceed the target set for 2024, with positive results recorded in the first half of the year. The country is leveraging opportunities in the global rice market to meet demand and ensure food security while promoting exports.

Overall, Vietnam is making strides in sustainable development, infrastructure development, and economic growth, positioning itself as a key player in the region’s development landscape.