Developing eco-industrial parks (EIP) is crucial for Vietnam's green and sustainable growth. A research team from the VNU University of Economics and Business (UEB), in their study "Financial Incentives in Eco-Industrial Park Development: Lessons from South Korea, ASEAN, and Implications for Vietnam," analyzed financial policies supporting EIPs in various countries, offering valuable insights for Vietnam's sustainable development. This research was presented at the scientific seminar "Policies to Promote the Carbon Credit Market and Sustainable Development in Vietnam," also organized by UEB.

The study highlighted the achievements of Vietnam's pilot EIPs—Khánh Phú, Gián Khẩu, Hòa Khánh, and Trà Nóc 1&2—in meeting the criteria outlined in Decree 35/2022/NĐ-CP. These parks demonstrate strong compliance with investment, construction, environmental, and labor regulations, laying a solid foundation for sustainable development. Many cleaner production solutions (RECP) have been effectively implemented, with high participation rates among businesses. Notably, over 40% of businesses in Trà Nóc 1&2 have adopted RECP, resulting in significant energy and resource savings and reduced emissions. Industrial symbiosis is another key strength, exemplified by initiatives like waste heat recovery from glass furnaces in Khánh Phú and wastewater reuse in Trà Nóc 1&2. These solutions not only meet ecological criteria but also optimize operational costs and enhance economic efficiency. Furthermore, some parks, such as Amata and Đình Vũ, regularly publish environmental information, demonstrating social responsibility and transparency.

However, the development of EIPs in Vietnam faces challenges. Green space in current parks is around 10%, below the requirements of Decree 35, due to inconsistencies in legislation. The input and output monitoring mechanisms in industrial parks, particularly those managed by state-owned enterprises like Khánh Phú and Gián Khẩu, remain inefficient. Financial constraints, especially for small and medium-sized enterprises (SMEs), hinder investment in green initiatives.

Despite these challenges, Vietnam has established a legal framework to encourage EIP development through Decree 35/2022/NĐ-CP, Decision 491/QĐ-TTg, and the 2020 Environmental Protection Law. This framework facilitates financial support from various sources, including government budgets, preferential loans, private investment, and public-private partnerships. These policies encourage investment in environmentally friendly technologies and contribute to Vietnam's green growth goals. However, implementation faces challenges due to inconsistencies across policy stages, highlighting the need for stronger coordination to optimize resource allocation and maximize effectiveness.

To identify solutions, Dr. Trần Thị Mai Thành and her colleagues studied the experiences of other Asian and Southeast Asian countries. South Korea's success is attributed to its clear strategic goals, a specific development roadmap, government funding and incentives for green projects, and strong collaboration with research institutions and businesses. However, challenges remain, including reliance on government funding and a lack of mechanisms to attract international private capital, as well as complex approval and disbursement processes.

In ASEAN, countries like Singapore and Malaysia have implemented green financial initiatives, such as green bonds, to support EIP projects and collaborate with international organizations like the World Bank to attract investment in environmentally friendly projects. However, inconsistencies in ASEAN policies and a lack of stable financial mechanisms pose significant challenges. Countries like Laos and Myanmar face difficulties due to limited experience, infrastructure, and complex legal procedures.

Based on these lessons, the researchers recommend a more coordinated and flexible policy framework for Vietnam to promote sustainable EIP development:

• Government Leadership: The government should establish a clear legal framework and promote EIPs through strong policy messaging.
• Long-Term Strategy: EIP development is a long-term process requiring a phased approach prioritizing suitable parks. Data collection and knowledge sharing should foster collaboration in production, recycling, and energy efficiency.
• Two-Way Engagement: Business participation should be fostered through both top-down and bottom-up approaches.
• Strategic Partnerships: Identifying potential partnerships and collaborations, assessing feasibility, and commercializing opportunities are key.
• Government Support: Government support in assessing feasibility and economic benefits, reducing risks, generating new revenue from recycled products, and fostering innovation in environmental technologies.
• Comprehensive Monitoring: Establish mechanisms for monitoring EIP inputs and outputs, including energy, water, materials, and hazardous chemicals, along with annual environmental protection and social responsibility reporting.
• Clear Authority: Clearly define the responsible authority for managing EIPs to ensure effective coordination between central and local agencies.

The UEB research team's recommendations aim to inform policymakers and government agencies in developing a long-term strategy for EIP development in Vietnam, enhancing the country's competitiveness while protecting the environment and fostering sustainable growth.