Accelerating low-carbon circular economy through cleantech innovation towards sustainable development in Viet Nam To accelerate the application of innovative cleantech solutions for low carbon and circular economy towards realizing sustainable and inclusive development in priority sectors in Viet Nam integrating renewable energy, energy efficiency, and waste management. Note: Disbursement data provided is cumulative and covers disbursement made by the project Agency. 210. The project will act as a catalyst for increased innovations in clean energy technologies, as well as more Cleantech enterprises being established, in particular the SMEs, thus creating more jobs and generating more income at local and national levels. The clean technologies deployed will contribute to Viet Nam’s newly envisioned low carbon and circular economy to the improvement of resource efficiency, resulting in environmental improvements, and the reduction of health-related risks (in particular for women and children). In line with Viet Nam’s local Green Growth implementation plans, the project may improve energy access for people living in remote areas, by focusing the annual competitions on the promotion of clean innovation technologies in rural regions, including renewable technologies such as solar energy, biomass-based energy, and micro and mini hydropower. 211. The project is expected to result in more cleantech start-ups and SMEs being identified and supported, thus acting as a catalyst for entrepreneurship development and cleantech investment in Viet Nam. The project, as a dedicated national platform for promoting and supporting cleantech innovation, will result in an enhancement of human capital, thereby leading to job creation and poverty reduction as well as to an increased women participation in the entire value chain of technology development. New job opportunities in the country will equally contribute to further increasing the current brain drain of Viet Nam, which according to the brain drain index, in 2021 ranks 98 out of 173 countries[1]. Local development and production of cleantech will very likely result in lower costs benefitting both the technology developers and end-users. Finally, the increased use of cleantech innovations supported by the project will also result in GHG emission reductions.212. The project will further assist the strong support from the national level for cleantech innovations and start-ups/SMEs. In particular, it will provide added value by bridging the gap between cleantech innovators and investors, thereby paving the way for the creation of new businesses opportunities resulting in a value added for the domestic economy. At the same time, through engaging all relevant stakeholders in the national CIEE, and encouraging their cooperation, as well as through linking different CIEEs across countries, the project will provide opportunities for international business scale-up and exchange of knowledge. 213. It is expected that special attention will be given to address gender issues as described above; therefore, the project will contribute to the promotion of women entrepreneurial development and job creation for women in Viet Nam. 214. In summary, the project yields the following socioeconomic benefits as a result of supporting and introducing new cleaner technologies into the market, strengthening national institutional capabilities, enhancing the availability of financial instruments, and encouraging inclusivity in the entrepreneurial and job markets. Specifically, these interventions lead to: 1) Enhancement of human capital Entrepreneurial, environmental and technological skills development and awareness raising have the effect of a larger number of cleantech products being commercialized and entering the market. Better decisions are made by entrepreneurs regarding the sustainability and life cycle approach to the products and businesses. 2) Local product development and production with job creation, generating more income Fostering new local technologies lowers costs benefiting both the technology developer and end-user and encourages consumers to buy more efficient products and have a great benefits from this technological change. 3) An enriched innovation ecosystem The high-quality institutions attract the build confidence in local and foreign investors as well as the small business community in an economy due to low volume of transactions costs that result in the advancement of environment friendly technologies. 4) Improved energy access for people living in rural areas Investing in energy access, electrification and renewables are well known to contribute to the decarbonization of the economy. Also, the move away from traditional cooking and heating methods reduces health risks. 5) Promotion of women and youth entrepreneurial development and job creation The promotion of gender and youth inclusion and mainstreaming in a country tends to be productive, innovative and creative for problem solution so it is an advantage to obtain environmental targets. Mainstreaming diversity will encourage the cooperation and cohesion of people in advocating for environmentally beneficial practices and products.                                                   [1] The Global Economy (2021) Human flight and brain drain index – Country Rankings 2021, available at   https://www.theglobaleconomy.com/rankings/human_flight_brain_drain_index/