Vietnam is a Southeast Asian country with a population of nearly 100 million people. The Vietnamese economy is one of the fastest growing and most open economies in Asia. The average annual GDP growth rate is about 6.5%. But with economic growth also comes challenges.
Vietnam is one of the developing countries most heavily affected by the impacts of climate change. With more than 3,200 km of coastline, many low-lying cities and river deltas, Vietnam ranks sixth among the world’s most vulnerable to climate change. Initial calculations show that Vietnam lost $10 billion by 2020, or 3.2% of GDP, due to the effects of climate change.
Therefore Vietnam is aiming for a greener, more inclusive economic growth and development committing to reducing methane emissions by 30% and stopping deforestation by 2030. Furthermore the Prime Minister of Vietnam Pham Minh Chinh pledged at COP26 that Vietnam will achieve net zero carbon emissions by 2050.
In order to implement the roadmap for climate-adaptive development and net zero emissions, it is expected that Vietnam will need to invest about 6.8% more of its GDP, the equivalent to 368 billion USD, from now till 2040.
Representing nearly 39% of it gross domestic product (GDP), Vietnamese public procurement represents a significant share of activity and is a major source of wealth for the country.
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