Page 83 - Ebook HTKH 2024

is concerned with the limits of the environment, not just ecological balance, furthermore,
it also focuses on social justice and human happiness. Thus, green growth is a necessary

condition to move towards a green economy.
“Sustainable development” is a term that covers both “green growth” and “green
economy”. Previously, sustainable development goals were only specified in 3 major
areas (economy, environment, society), but later policy researchers have identified 17
sustainable development goals ( UN, 2015). When comparing with the goals of
sustainable development, it is found that “green growth” and “green economy” do not
contradict “sustainable development”, but are a condition for moving towards
sustainable development. Furthermore, the sustainable development goals are not

replaced by the green economy. Thus, to move towards a sustainable development path,
it is necessary to balance all three pillars: economy, society, and environment. In
particular, for the economy to move in the right direction of sustainable development, it
is necessary to connect individuals and communities and ensure inclusive growth,
paying more attention to the ecosystem. All fruits of growth need to be brought to all
members of society in the common prosperity of the nation.

Thus, green growth contributes to the formation of a green economy, and a green
economy is a prerequisite for sustainable development. This relationship is also
confirmed in research by UNEP and the WB: “in the context of world economic changes
and finance for sustainable development The impacts of climate change are increasingly
complex, the implementation of green growth, then green economy is the path that must
be taken to move towards sustainable development” ( UNEP, 2011; World Bank, 2012).
3. Research methods

The article is conducted on the basis of qualitative research methods, analysis
combined with descriptive statistics through secondary data from publications, reports,
legal documents of the Government, Prime Minister, Ministries, branches, domestic and
international scientific research projects related to green finance and green economic
growth. At the same time, analyze the current situation as well as present opportunities
and challenges affecting the implementation of green finance in Vietnam. From there,

propose solutions and recommendations to improve the legal framework on green
finance, aiming for sustainable development and green economic growth in Vietnam in
the coming time.
4. Current situation about green finance in Vietnam
The legal framework for green finance began to be built when the Prime Minister
approved the National Action Plan on Green Growth for the period 2014-2020 in 2014,
by October 1, 2021, the Government issued Decision No. 1658/QD-TTg approving the
National Strategy on Green Growth for the period 2021-2030, vision 2050 with the

overall goal of green growth contributing to promoting economic restructuring
associated with growth model innovation, achieving economic prosperity,
environmental sustainability and social justice, moving towards a green, carbon-
neutral economy and contributing to the goal of limiting global temperature

75