The Ho Chi Minh City Business Association (HUBA) has suggested that the central government and the municipal administration assist HUBA members in their shift toward a sustainable future via green transition.

HUBA business members need capital, technology, and legal support, HUBA vice-president Nguyen Phuoc Hung said at a meeting on Wednesday.

They also proposed that the central government launch a greenhouse gas emission reduction program with a specific roadmap, develop a set of green indices, establish a carbon credit exchange, and introduce policies on rooftop solar power development so as to help businesses enhance their competitiveness and engage in the global supply chain.

The southern metropolis should facilitate public investment and create optimal conditions for enterprises to join public investment projects and borrow loans from stimulus package providers, HUBA suggested.

According to HUBA, the city also needs to adopt measures to embrace an inflow of foreign direct investment, transform industrial parks and export processing zones with land lease terms about to expire, and work out industrial land lease prices to support investors in completing legal procedures and launching business operations.

As for the real estate market, HUBA highlighted the need for the city to adopt various policies on low-budget and mid-end apartment projects to offer incentives to both housing project developers and homebuyers.

Addressing the meeting, Vo Van Hoan, vice-chairman of the municipal People’s Committee, said the city will devise a set of criteria to measure emissions from businesses and households.

The quantification of emissions would enable companies to seek ways to reduce emissions yet maintain their sales growth, the official added.

For 2024, the city tasked businesses with achieving green growth and carrying out digital transformation.

Failing to incorporate green factors into their business operations, companies could find it hard to compete against their rivals in the marketplace, according to the municipal vice-chairman, who also announced that the city will set up a digital transformation support center this year.

Commenting on Ho Chi Minh City's economic outlook in 2024, the official anticipated that the economic slowdown may continue, but the city has recently witnessed several signs of a positive shift, including a new inflow of investment in the fields of technology, semiconductor circuitry, and AI development.

The southern Vietnamese hub boasts a sufficient volume of resources such as real estate and industrial parks to satisfy investors’ need to do business there, he said.

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