Singapore's enterprise support model for green economic development and its implications for Vietnam

Abstract

The “Keep Singapore Clean” campaign was initiated by Prime Minister Lee Kuan Yew shortly after Singapore gained independence. Since then, environmental protection has remained a central component of the nation’s socio-economic development strategies. In response to the global challenge of climate change, Singapore introduced the Carbon Tax Act on January 1, 2019, applying to all industrial facilities emitting 25,000 tons or more of greenhouse gases annually. The policy aims to encourage businesses to adopt cleaner and more sustainable technologies while minimizing carbon emissions into the environment. To achieve this goal, the government, together with political and social organizations, has actively supported enterprises in developing effective green growth strategies. The success of these initiatives has made Singapore a model of inspiration for other nations grappling with climate change, including Vietnam. Given its own economic characteristics, Vietnam can draw valuable lessons from Singapore’s experience in promoting green transformation, particularly in the development of policies related to the emerging “carbon market”.