After 25 years since the Doi Moi (Renovation) period, Vietnam's economic development has created a negative impact on natural resources and environment. Therefore, a shift to a green economy is a suitable option, however we need to be conscious of the opportunities and challenges to go in the right direction.

Opportunities…

Ass. Prof, Dr Nguyen The Chinh said climate change is now one of the world's major concerns. Thus, Vietnam is likely to receive supports from other countries and international organizations in minimizing and adapting to climate change on its way towards a green economy.

Located in the Southeast Asia's tropical monsoon region, Vietnam has a big opportunity to join in the millennium development goals programs heading towards a green economy and successfully implement the Green Growth Strategy.

Environment pollution and decline in natural resources following Vietnam's continuous economic growth over the past years have awaken the State leaders and Vietnamese people are supporting a green economy. In addition, Vietnam will promote "Economic restructuring associated with growth model innovation" and regard it as a major task of the socioeconomic development plan in the 2011-2015 period. The potentials of Vietnamese people are also highly appreciated by the world, helping create more opportunities for the country to approach a green economy and green growth.

Followed by challenges

However, Chinh said before approaching a new green economy Vietnam needs to overcome many challenges. First of all, Vietnam needs to raise awareness about "a green economy" among leaders, scientists, policy makers, enterprises and people to create unanimity in the society. In addition, development of a green economy must be associated with poverty alleviation and social security as over 70 percent of the population live in rural areas and agricultural production is their primary mean of subsistence.

Another difficulty in targeting a new green economy is capital mobilization as Vietnam's production technology is old-fashioned and energy-intensive and it needs supports from the world's high-tech countries to shift to more advanced technologies.

Chinh also said Vietnam has yet adopted no policies for a green economy, thus reviews and amendments on related policies that match the new growth model is not an easy task. He affirmed that Vietnam needs to make reference to other countries that already developed a green economy to figure out suitable steps to follow. In the short term, Vietnam needs to complete and release "Vietnam's green growth strategy in the 2011-2020 period with vision to 2050" which is a basis towards a green economy./.