Prime Minister Pham Minh Chinh at the welcoming ceremony for heads of delegations attending the Green Economic and Finance Forum on June 8 - Photo: VGP
Prime Minister Pham Minh Chinh attended the Green Economy and Finance Forum in Monaco on June 8, as part of his working trip to France and the 3rd United Nations Ocean Conference.
This is an important opportunity for Vietnam to highlight its commitments and strategies for sustainable marine development and attract investment from the international community for the marine economy.
Green finance trends
Just a few years ago, examples of non-public resources being mobilized for ocean protection were hard to find. By 2025, examples had proliferated, with Southeast Asia being a bright spot.
According to the World Economic Forum website, February saw a strong push for marine protection with the issuance of the Small-Scale Fisheries Impact Bond (SFF Bond) in Jakarta, Indonesia.
While other NGOs and multilateral organizations focus on establishing and maintaining marine protected areas, organizations like Rare have shifted their focus to scaling up sustainable fisheries, thereby helping restore ecosystems and communities.
SFF bonds operate as a form of performance-based contracting. In this model, investors provide initial capital for conservation activities. They are repaid with interest when Rare achieves its stated conservation outcomes, unlocking philanthropic and public funding. In addition to SFFs, the World Bank has recently proposed issuing an Indonesian Coral Bond – another example of green finance innovation.
Why is Southeast Asia the place to start these ideas? First of all, the current context is that the United Nations Sustainable Development Goal (SDG 14) related to oceans remains the least funded of all the SDGs.
Second, Southeast Asia’s seas are vulnerable and the region is heavily dependent on the ocean for survival, livelihoods and resilience to climate change.
According to WEF, fishing rates in the South China Sea have dropped by 75% and nearly 60% of sharks and rays in the region are now at risk of extinction.
Despite the 30x30 Initiative goals agreed by more than 190 countries in 2022 to protect 30% of land, freshwater and ocean by 2030, less than 3% of Southeast Asia’s national waters are formally protected through marine protected areas.
Opportunities for Vietnam from marine economy
According to the Organization for Economic Cooperation and Development (OECD), the economic value of the ocean is expected to exceed $3 trillion by 2030. The organization also estimates that at least $175 billion per year is needed to invest in the ocean economy for sustainable and inclusive development through cooperation between governments, intergovernmental organizations and the private sector.
As a developing country in Southeast Asia, Vietnam relies heavily on the ocean for trade, fishing, tourism and energy. This dependence also highlights the urgency of ensuring the sustainable development of the marine economy.
Green finance is classified as a group of ocean-related sustainable finance, which can be an important tool to help Vietnam achieve its goals of environmental conservation and economic growth.
Since 2018, Vietnam has proposed the Strategy for sustainable development of Vietnam's marine economy to 2030, with a vision to 2045.
The strategy outlines ambitious goals including achieving sustainability in fisheries, developing marine technology and renewable energy sources such as offshore wind power.
Importantly, the strategy also emphasizes international cooperation and the importance of adhering to global standards.
Prime Minister Pham Minh Chinh’s participation in the Green Finance and Economic Forum will help convey a message to convince international investors to pay more attention to green finance in Vietnam. Not only related to marine conservation, many efforts are being made by Vietnam to take advantage of its vast sea area and long coastline for sustainable development in the future.
The Monaco Forum is an opportunity for Vietnam to reaffirm its efforts in protecting the ocean. The event has four main objectives: mobilizing investment resources for healthy and resilient oceans; ensuring sustainable development of the ocean economy in the future; building green ports and transporting green goods; and ensuring more sustainable governance and resource allocation for the ocean.
Challenges and potential of marine economy
On 7-8 June, the Green Economy and Finance Forum in Monaco brought together policymakers and investors from around the world for discussions on protecting, developing and benefiting from a healthy ocean.
The word “green” in the forum’s name refers to the color blue, implying that this is an event about the ocean. This is not only an academic forum but also a place to connect financial resources with specific projects to develop a sustainable global ocean economy.
DUY LINH
Source: https://tuoitre.vn/cam-ket-phat-trien-kinh-te-bien-ben-vung-20250609000705946.htm
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