Page 89 - Ebook HTKH 2024

not been fully formed. The legal system is not synchronized, the tax system has not been
thoroughly implemented, and standards systems for green products and energy use

standards in each industry have not been issued.
5. Solutions and recommendations
Green finance and green economic growth are considered an inevitable trend on
the path towards sustainable development of countries around the world. In Vietnam,
the Green Growth Strategy implemented recently has achieved certain results. In the
context of recovering from the Covid-19 epidemic and being proactive with climate
change, green growth brings many opportunities and challenges for Vietnam. Looking
at the current green finance system in Vietnam, we can see that, in addition to green

financial intermediaries, other channels are still quite faint and weak, therefore,
developing a policy framework and tools is necessary, green financial products and
markets are necessary for capital flows to be poured properly and sufficiently. To
complete the goals of the green growth strategy towards sustainable development, the
following solutions need to be implemented and applied in a synchronous manner.
(1) Complete the legal framework to develop green finance needs to be carefully

researched and consulted with a broad and far-sighted vision of the level of development
of Vietnam's green finance market, demonstrate a firm commitment to implementing
sustainable development, developing green financial markets, to ensure stability,
thereby creating peace of mind for economic sectors and peace of mind to invest in
"green" production and business industries that take a lot of time, investment costs as
well as long payback period.
(2) Develop and soon issue a green classification list associated with screening

criteria, thresholds and specific environmental indicators for credit institutions and
foreign bank branches in Vietnam, organizations and individuals issuing bonds, green
stocks and related parties to effectively manage, operate and implement green credit
granting, issuance of green bonds and green stocks.
(3) Develop and gradually improve the legal framework for green insurance. With
knowledge about green insurance, consulting the experiences of developed countries

and other emerging countries, Vietnam needs to build a legal framework for sustainable
development, environmental protection, green energy use and green financial
development, at the same time, there is also a need for detailed instructions on green
insurance products, thereby creating a safe legal corridor for insurance businesses to
confidently bring green insurance products to the market, as well as insurance buyers to
feel secure when accessing these new insurance products. For example, in China, green
insurance mainly targets environmental pollution liability insurance, such as the
insurance business responsible for compensating for damages caused by third parties

due to pollution accidents. This was specified by the Chinese government in the 2014
Environmental Protection Law to encourage the implementation of environmental
pollution insurance liability.
(4) Promulgate policies and mechanisms to encourage economic sectors to invest
in manufacturing and trading of environmentally friendly products; At the same time,

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