Vietnam's Visionary Green Transition: Paving the Way for Sustainable Innovation and Environmental Responsibility

HO CHI MINH CITY, Vietnam, Oct. 24, 2023 /PRNewswire/ -- In a world where technology and sustainability are becoming increasingly interconnected, corporations announce their ambitious new strategy: a commitment to digital transformation that aligns with green growth principles. This initiative underscores the company's dedication to pioneering solutions that benefit the economy and the environment.

A study from the World Economic Forum in 2022 showed that sustainable business operations, encouraged by digital transformation, could unlock economic opportunities of up to $12 trillion and create up to 380 million jobs by 2030. The United Nations Global Compact reported that as of 2021, more than 12,000 companies from 160 countries have committed to sustainable business practices, highlighting a global trend of corporate responsibility.

While Vietnam has long been celebrated for its rich cultural heritage and stunning landscapes, it is now actively advancing its efforts in environmental stewardship and technological innovation. Recognizing the crucial role of digitalization in modernizing its economy and safeguarding its natural wonders, Vietnam is swiftly embracing the digital era to reinforce its dedication to sustainability.

This section elucidates the rationale behind Vietnam's pursuit of green growth and sustainable development, anchored by its commitment to achieving net-zero emissions at COP26. It becomes evident that conservation represents merely one facet of the broader tapestry of COP26 commitments. Therefore, it is clear that embracing the trend of green transformation is not optional but rather an imperative that Vietnam must follow if it is to honor and fulfill its commitment effectively.

Vietnam's green transformation revolves around four core principles: Green growth, economic sustainability, digital innovation, and scientific advancement. To make this transformation a reality, it calls for changes in how we consume, invest, produce, and conduct business, all supported by policies that encourage sustainable practices. In essence, Vietnam is embracing a comprehensive approach to a greener future.

However, achieving this green transition necessitates behavioral changes in consumption, investment, production, and business practices. Individuals, industries, and institutions all adapt to more sustainable patterns of behavior and decision-making. To facilitate this shift, Vietnam encourages open innovation, supports science and technology, and pursues sustainable development, which are integrally linked to its efforts to guide behavioral shifts toward a more sustainable future.

Green Transition Investment from Enterprises and Funds

Enterprises are increasingly recognizing the value of startups in their pursuit of sustainability and green transition initiatives. Startups often bring fresh perspectives and innovative solutions to the table, which can help established enterprises achieve their environmental goals. By fostering partnerships with startups, corporations not only attract fresh talent but also gain access to cutting-edge technologies and sustainable business practices. This collaboration serves as a win-win, promoting innovation and sustainability in the corporate world.

Investment funds are playing a pivotal role in driving green finance. These funds are redirecting their capital towards green investments, prioritizing ventures that have a positive impact on the environment and promote sustainability. For instance, the Asian Development Bank (ADB) is actively involved in various green projects across Asia and the Pacific. Some notable ADB initiatives toward Vietnam include support for renewable energy projects, investments in sustainable transportation systems, and the promotion of climate-resilient agriculture practices.

Mr. Wayne Soh, Vice President of Investment Asia Pacific and Singapore Regional Director of Plug and Play Tech Center, Plug and Play Silicon Valley-based Corporate Innovation Facilitator, shared that innovation hubs are important as a central unit to interact with external innovators such as research institutes and startups. They act as a conduit to then take in external innovation, identify which business units and departments to work and also project manage initial Proof-of-concept trials or pilot projects.

Vietnam Forge Ahead with Collaborative Green and Open Innovation

Enterprise's ambitious journey is not one it undertakes alone. The company's commitment to a green digital transformation is more than an internal organizational goal; it's a resonant call to action that aligns with larger, more comprehensive national initiatives.

Vietnam's strategic location within Southeast Asia also positions it as a gateway to a rapidly growing regional market. This presents exciting opportunities for Big Corporation to expand sustainable business practices across borders and contribute to the broader adoption of green growth principles in the region.

The green transition initiative represents a bold step forward in commitment to sustainability, and Vietnam stands out as an attractive destination for endeavors. By embracing sustainable practices, renewable energy, and digital transformation in Vietnam, we aim to not only advance corporate responsibility but also contribute to the country's and the region's economic and environmental well-being.

"Over the years, my enterprises have witnessed various forms of innovation activities. Although not identical, I believe that Vietnam can draw valuable insights from the experiences of other Asian countries", Mr. Wayne Soh said.

This innovative approach serves as a vital bridge to Vietnam's overarching technological and environmental goals, making a direct and pioneering contribution to the implementation of the open innovation model within Vietnam. The inaugural Open Innovation Day in 2023 marks the initial stride taken by Vietnam in adopting this model.

In a collaborative effort that underscores the importance of unity in innovation, Open Innovation Day 2023 is set, which is organized by the National Agency for Technology Entrepreneurship and Commercialization Development (NATEC), under the Ministry of Science and Technology Vietnam in coordination with Open Innovation Technopreneur Institute. The program is a clarion call to industry leaders, innovators, and policymakers to witness and participate in a transformative experience that marries technology with sustainability. It is also an opportunity to engage with groundbreaking ideas, forge new partnerships, and collectively navigate through the complexities of today's challenges toward a sustainable tomorrow.

Through this pioneering initiative, corporations reaffirm their position as leaders committed to driving systemic change, fostering a culture of responsibility, and shaping a future where technology and nature coexist harmoniously. The company's strategy is a testament to the power of collaborative effort, "Open Innovation Day" and the Open Innovation Challenge is the next step in making this vision a tangible reality.

Mr. Pham Hong Quat, Director General of the National Agency for Technology Entrepreneurship & Commercialization (NATEC), under the Ministry of Science and Technology  calls for corporations and businesses to cooperate, invest, and partner with innovative startups in Vietnam, bringing their practical needs together, the pioneering Vietnamese corporations accompanying NATEC are Saigontel and Agribank, TNTech, etc. For innovative start-up businesses, institutes, and schools, keep thinking and solving practical problems, turning difficulties and challenges into opportunities and markets.

This call to action extends to the entire innovative startup community, urging a united front to propel open innovation, share opportunities, and cultivate a shared spirit of development. It's a journey of harnessing collective resources to forge new values for a thriving ecosystem. Through these endeavors, the corporation reaffirms its leadership in fostering systemic change, nurturing a responsible culture, and sculpting a future where technology and nature coexist in harmony.