In Vietnam, this pressure arises as the government committed at COP26 to achieve net-zero emissions by 2050. This immediately creates new demands for the construction and building materials sector: green standards, low carbon footprints, transparent supply chains, and ESG governance are no longer optional but prerequisites for entering the international market.
In other words, Vietnamese construction companies are in a five-year “sprint.” If they fail to greenify, they will be excluded from the global supply chain right from the application stage.
$6.2 Trillion in Green Capital: A Massive Opportunity Vietnam Has Yet to Access
According to Climate Bonds Initiative (2025), the global green, social, and sustainable bond market reached nearly $6.9 trillion by the end of 2024, with cheaper, long-term capital prioritizing sustainable construction and infrastructure. However, very few Vietnamese companies have accessed this capital, not due to lack of demand but because they fail to meet the standards.
The major bottlenecks include:
- Non-compliant ESG reports: Current reports are formalities, lacking quantitative metrics and independent audits.
- No Life Cycle Assessment (LCA) or Environmental Product Declarations (EPD): Vietnamese products cannot prove low carbon emissions for exports.
- Lack of transparent carbon data: Insufficient evidence of genuine emission reduction commitments.
- Incomplete green credit portfolios in domestic banks: Companies struggle to finance green technologies.
- No guarantee funds for Vietnamese contractors in international projects: Unable to meet financial requirements for global tenders.
In essence, capital is abundant, but Vietnamese businesses lack the “green passport” to unlock it.
Green Standards: The New Global Technical Barrier
In recent years, ESG has become a mandatory criterion for contractor classification, supplier evaluation, and international credit. The world enforces stringent green requirements, while Vietnam is still in its early stages.
The current disparities are stark:
| Green Requirement | Global | Vietnam |
| LCA – EPD for building materials | Mandatory | Not yet widespread |
| ESG reporting | Mandatory for large enterprises | Early implementation, non-compliant |
| Low-carbon supply chains | Key evaluation criterion | Not yet established |
| Carbon market | Stable operation | Pilot phase |
This standards gap means Vietnamese firms, despite strong execution capabilities, may still be disqualified due to non-compliance with emission requirements.
To Overcome Barriers, Vietnam Needs a National Green Transformation
To capitalize on the 30-year green investment cycle, Vietnam requires a systemic transformation program. First, establish national green standards aligned with international norms. Clear standards will guide businesses on what to achieve, where to invest, and how transparent to be. Standardizing green projects, mandating LCA-EPD certifications for materials, and ensuring carbon transparency in public investments are critical foundations.
Next, build an effective green financial ecosystem. This includes establishing a Green Credit Guarantee Fund for contractors and building material companies, expanding green bonds, developing green credit portfolios in commercial banks, and launching an internationally connected carbon market. Unlocking green capital will empower businesses to invest in low-carbon technologies, new production lines, and market expansion.
A green system cannot exist without independent data and verification. Vietnam must establish a national carbon data center and mechanisms for independent ESG reporting, life cycle assessments, and EPD certifications. Standardized data will build international investor confidence.
In terms of human resources, green transformation requires Vietnamese engineers to master BIM, new materials, emission analysis, and energy efficiency. Business leaders must understand sustainable business models, and government officials must grasp international regulations. Without skilled personnel, standards and policies remain on paper.
Finally, Vietnam needs showcase projects to demonstrate its transformation capabilities. Net-zero industrial parks, national green buildings, low-carbon material plants, and ODA projects executed by Vietnamese contractors will serve as a “national business card” in the international market.
International Case Studies: What Leading Companies Are Doing
Case Study 1 – Skanska (Sweden)
Applying LCA with recycled materials reduced project emissions by 50%.
ESG transparency secured access to low-cost green capital.
Case Study 2 – Heidelberg Materials (Germany)
First cement company to launch carbon-neutral concrete.
Transparent EPDs facilitated EU exports despite strict CBAM regulations.
Lessons for Vietnam: Standards, data, and certifications are decisive factors in enhancing international competitiveness.
The Opportunity Window is Only 10–15 Years
The world is investing trillions to restructure infrastructure for Net Zero. This will be the largest investment cycle in three decades. If Vietnam aligns in time, it can develop a green building materials sector capable of exporting and integrating Vietnamese contractors into global projects.
However, if delayed, the opportunity will close as green barriers solidify. Vietnamese companies will not only lose foreign markets but also face defeat at home as international investors favor higher-standard partners.
Conclusion
Green finance and sustainable business models are no longer moral choices but survival strategies for Vietnamese companies to enter a $40 trillion market. To succeed, companies must possess a “green passport”: standards, data, technology, human resources, and finance.
This is not just a corporate challenge but a national strategic imperative.
In the Net Zero 2050 era, only companies that move fast and commit genuinely will prevail.
Note: Terminology & Acronyms
LCA (Life Cycle Assessment) – Evaluates product emissions and environmental impact from production to disposal.
EPD (Environmental Product Declaration) – Documents emission data based on LCA.
ESG (Environmental – Social – Governance) – Standards assessing corporate sustainability and transparency.
BIM (Building Information Modeling) – 3D-5D models optimizing design, schedules, materials, and emissions.
Net Zero – Net-zero emissions after offsets.
EU (European Union) – Enforcing stringent carbon standards.
Author: Dr. Nguyễn Kinh Luân, Board Member, Deputy CEO of Investment and International Market Development, Hòa Bình Construction Group.
High-Speed Expressway Connecting Can Tho and Ca Mau Set to Open on December 19th
The Can Tho – Ca Mau Expressway, a highly anticipated project, is set to open for technical inspection on December 19th, fulfilling the aspirations of millions in the Southwest region of Vietnam.
Market Pulse 12/16: Spectacular Comeback as VN-Index Surges Over 30 Points
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CBAM, often perceived as the European Union’s novel “carbon tax,” ostensibly increases costs for imported goods. However, this perspective merely scratches the surface of its broader implications.
EVN Launches and Inaugurates 18 Projects in Commemoration of December 19th
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How Will Rising Interest Rates Impact the Real Estate Market?
At the Vietnam Real Estate Conference 2025 (VRES 2025), Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, shared insights, stating that the current slight increase in deposit interest rates is merely a technical adjustment to restore the capital base following the significant decline in 2024. Home loan interest rates remain within a supportive range for transactions.
