The partnership will enable Australian firms to strengthen business links and identify trade and investment opportunities in the energy sector in Vietnam.
Australian experts have discussed the energy transition between Vietnam and Australia and introduced new energy technologies and solutions to its Vietnamese partners.
|Australian energy delegation and Vietnamese partners. Photos: Australian Embassy in Hanoi|
The discussion, which aims to promote cooperation on renewable energy, is included in a series of activities in Hanoi and Ho Chi Minh City this week launched by the Australian Energy Trade Mission to Vietnam, part of celebrations of the 50th anniversary of bilateral relations.
The Energy Transformation Forum was held under the partnership between the Australian Government Trade and Investment Commission (Austrade) and Vietnam's Ministry of Industry and Trade, and Vietnam Electricity Group (EVN).
Like Vietnam, the Australian government has made a commitment to climate action, with a target of reducing greenhouse gas emissions by 43% by 2030 and to zero by 2050.
Addressing the event held in Hanoi on March 28, Australia's Ambassador to Vietnam Andrew Goledzinowski said: "Australia has long been one of Vietnam's strongest energy partners, having supported the first ever 500KV transmission line connecting northern power sources to the central and southern regions back in the early 1990s."
He noted that the green economy represents the next big opportunity in economic partnership. The rapid expansion and transition of Vietnam's energy sector provide a real opportunity to evolve our trade and investment relationship into the future.
|Australia's Ambassador to Vietnam Andrew Goledzinowski speaks at the event in Hanoi on Mar 28.|
In addition to exploring commercial opportunities from the decarbonization agenda, the trade mission will also explore opportunities such as grid operation in the context of rapidly increasing integration of renewable energy; opportunities to apply energy storage solutions; solutions to optimize smart grid operation, virtual power plant, energy efficiency, and enterprise digitization applications in energy transformation; and green certification system, decarbonization technology.
According to the Australian Department of Climate Change, Energy, Environment and Water, Australia has seen a dramatic energy transition from coal to renewables over the past 10 years. Specifically, small-scale solar energy production has seen an average growth rate of 28% per year and wind power production has increased by 15%.
Recently, large-scale solar farms in Australia have begun to expand rapidly with large-scale solar production having grown from negligible levels before 2016 to 4% of Australia's total electricity production in 2021.
Renewable energy production reached a record-high share of Australia's total electricity generation capacity in the last three months of 2022, providing an average of more than 40% of the electricity in the nation's main grid.
Vietnam is experiencing remarkable economic growth and is rising to become one of the fastest-growing energy markets in Asia. In response to this economic development, Vietnam's energy demand is expected to grow by nearly 8%-10% per year, leading to the need for a reliable energy supply. In addition, Vietnam's renewable energy market is increasingly attractive to foreign investors.
|Overview of the meeting.|
Austrade Senior Trade and Investment Commissioner Rebecca Ball said this trade mission will help Australian and Vietnamese businesses to strengthen business links, identify trade and investment opportunities in the energy sector and contribute to our bilateral economic engagement.
"Australian capabilities in clean energy supply chains and the services that accompany them can also help Vietnam manage the huge transition it has in front of it. This will lay the foundations for economic ties in the decades to come," she added.
The Australian Energy Delegation to Vietnam will be an opportunity for Australian and Vietnamese businesses to discuss opportunities for cooperation in the field of renewable energy development and efforts to reduce carbon emissions and develop supply chains. energy exchange between the two countries.
Companies in the Australian energy businesses coming to Vietnam include Ardexa which provides a digital control platform, a cloud-integrated solution for managing a large number of machines in various industries; Entura, an energy and hydropower consulting firm with over 100 years of experience; Gentrack provides innovative clean technology solutions to service providers worldwide; Magellan Power manufactures industrial grade backup power systems.
Other firms include Powerledger, a technology and software company with the goal of making renewable energy systems more stable; Reclaim Energy – a supplier of CO2 heat pumps for the supply of hot water in commercial and household applications; Ultra Power System develops and licenses the intellectual property of energy storage technology for commercial use; Village Energy helps integrate and manage home appliances, increases renewable energy on the grid, and provides consumers with control, transparency and cost savings; the State of Western Australia, and the South Australia State.
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