Private Sector Development Coupled with the Promotion of Environmental Enterprises in Vietnam in the Context of Green Growth

Abstract

This article analyzes the relationship between private sector development and the promotion of environmental enterprises in Vietnam in the context of green growth. On the basis of synthesized macroeconomic data for the 2015-2024 period, policy documents on green growth, environmental protection, the circular economy, extended producer responsibility, and the carbon market, the study shows that the private economic sector is not only a driver of growth but also a force capable of transforming environmental pressures into new business opportunities. However, environmental enterprises in Vietnam are still developing below their potential because the environmental services market remains fragmented, technical standards are insufficiently harmonized, compliance costs are high, access to green credit is limited, measurement-reporting-verification data remain inadequate, and the informal sector persists in collection and recycling. The article proposes a framework of solutions, including improving market institutions for environmental services, developing market demand through public procurement and EPR, upgrading green finance, standardizing data, supporting technological innovation, forming environmental enterprise clusters, and promoting linkages between private enterprises and the public sector in waste treatment, wastewater treatment, recycling, energy efficiency, and carbon services projects.