Sustainable entrepreneurship and green transition are vital for the future of our planet. This concept gained significant attention during the Partnership for Green Growth and the Global Goals 2030 (P4G) Summit in Hanoi, where experts and policymakers gathered to discuss ways to promote creative entrepreneurship, green transition, and sustainable development.

Expert opinions

The event, organised by the Vietnamese Ministry of Science and Technology, featured presentations from prominent experts in the field. Robyn McGuckin, Executive Director for P4G, highlighted the importance of supporting early-stage startups, particularly in developing countries. She stated that P4G has assisted around 20 startups in Vietnam since 2018, focusing on innovative technological solutions, especially climate-smart solutions.

1. These efforts contribute to addressing challenges related to clean electricity, smart electricity, solar power, and rooftop solar energy.
2. P4G provides technical assistance and funding to overcome barriers related to funding, policies, and human resources.
3. The organisation connects businesses with public-private partnership mechanisms to facilitate cooperation and innovation.

Danish expertise

Finn Mortensen, Executive Director of Denmark’s State of Green organisation, emphasized the need to focus on small- and medium-sized enterprises (SMEs) to enhance the ecosystem and achieve a leading position in the field of green growth. He stressed the importance of sharing experiences and public-private partnership programmes between Vietnam and Denmark.

“I am excited to share my experiences with the Vietnamese people, and I am willing to support Vietnam in its green growth journey,”

he said.

Green transition in Vietnam

Pham Hong Quat, Director of the National Agency for Technology Entrepreneurship and Commercialisation Development under the Ministry of Science and Technology, highlighted the progress made by startups in Vietnam in developing green technology solutions. However, he noted that funding remains a significant challenge, as green models typically require large initial investment and long payback periods.

1. The Vietnamese Government has implemented several policies to support businesses in green transition, but specific regulations for startups are still not clear and robust enough.
2. The country needs a workforce with deep knowledge in areas such as circular economy, carbon management, or bio-material production technologies.
3. Market awareness is also a challenge, with consumers still being price-sensitive and unwilling to adopt eco-friendly products.

Way forward

To address these challenges, Pham Hong Quat proposed conducting surveys and building a map of the green innovation startup ecosystem in Vietnam. He also suggested developing a specific framework of socioeconomic-environmental impact indicators for green tech startups and supporting universities and research institutes to collaborate with businesses in developing new green technologies.

1. Intensified campaigns promoting green consumption could also help change consumer habits and encourage the use of eco-friendly products.
2. The development of a robust regulatory framework for startups is crucial to ensure a level playing field and facilitate innovation.
3. International cooperation and knowledge sharing are essential to accelerate Vietnam’s progress towards achieving net zero by 2050.

Conclusion

The world is witnessing profound changes in socioeconomic development, where the goal of growth is no longer just about numbers, but must go hand in hand with responsibility for the environment and future generations. Sustainable entrepreneurship and green transition are vital for the future of our planet, and the P4G Summit in Hanoi has highlighted the importance of collaboration and knowledge sharing between experts and policymakers to promote creative entrepreneurship, green transition, and sustainable development.