Lessons for Vietnam in Building a Circular and Green Digital Economy
Vietnam is on the path to a circular and green digital economy, and there are valuable lessons to learn along the way. One key aspect is fostering innovation through international partnerships. Since 2024, Australia has been working closely with Vietnam, sharing knowledge and practical solutions to promote sustainability and digital growth.
The Aus4Innovation programme exemplifies this collaboration. It connects Australia’s national science agency, CSIRO, with Vietnam’s Ministry of Science and Technology. This partnership encourages technology transfer and innovative practices. For instance, using satellite data and AI in rice farming has cut down chemical use while boosting yields. Similarly, employing vacuum-drying technology has turned catfish by-products into high-quality fishmeal, reducing waste and enhancing productivity.
Reducing CO2 emissions is also crucial. Initiatives like the Business Partnership Platform have successfully cut over 193,000 tonnes of CO2 and created thousands of jobs, particularly benefiting women and underserved communities.
Key Sectors for Investment and Growth
For Vietnam to thrive, it must position itself as a hub for green production. Strong legal frameworks and effective governance are essential. Australia and Vietnam are focusing on energy, digital transformation, and regulatory reform to stimulate investment. This includes the Australia-Vietnam Strategic Technologies Centre, which fosters collaboration in emerging technologies like AI and 5G.
Education and Skills Development
Education plays a vital role in this transition. With over 7,500 Vietnamese scholars trained in Australia since 1973, many now lead in various sectors back home. Programs like Aus4Skills are aligning Vietnam’s workforce with the future demands of a high-income economy. Initiatives in agriculture, forestry, and fisheries also focus on sustainable practices and meeting international standards. For instance, knowledge sharing on low-emission farming is increasingly important.
Support for Net-Zero Targets
Australia is committed to helping Vietnam achieve its net-zero emissions target by 2050. This support includes aligning economic strategies and fostering trade. Recent data shows that cooperation in green energy and digital economies can significantly enhance regional stability and growth.
The Role of Climate Finance
Climate finance is critical for addressing global climate goals, especially in vulnerable nations like Vietnam. Australia has pledged AUD 3 billion to climate finance from 2020 to 2025, focusing on practical and inclusive solutions. Initiatives like the Green Investments Partnership Fund are aiming to facilitate clean energy transitions in Southeast Asia.
Through partnerships with organizations like the Asian Development Bank, Australia is advancing climate resilience and sustainable livelihoods in Vietnam. For instance, a recent lending facility of $75 million was provided to support sustainable infrastructure projects. This illustrates the commitment to fostering a robust climate finance system.
As Vietnam continues its journey towards a sustainable future, the lessons and support from Australia can serve as a guiding framework for success. By prioritizing innovation, education, and effective governance, Vietnam can create a thriving circular and green digital economy.
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