Countries that get a head start in developing low-carbon technologies today will be the major economies of tomorrow. The ‘green race’ is the idea that economies can strategically position themselves to take advantage of growing low-carbon markets and succeed in capturing global market share.

The discussion paper by ClimateWorks Australia and Vivid Economics suggests that Vietnam is already a specialist in components required for smart grids and energy storage with promising opportunities in other technologies such as solar photovoltaics and wind power. A low-carbon industrial strategy could help realign Vietnam’s economy towards these increasingly profitable sectors and help maintain its high economic growth.