Green energy transition

The Japanese government has launched the Asia Energy Transition Initiative (AETI), which includes knowledge sharing, technology development, and deployment of decarbonisation and $10 billion in financial assistance to push forward green energy transition. Japanese Prime Minister Fumio Kishida also proposed the Asia Zero Emissions Community (AZEC) initiative during his visit to Vietnam last April. The initiative's goal is to achieve both sustainable growth and carbon neutrality amid growing energy demand in Asian countries. The Japanese government is willing to cooperate with ASEAN countries to achieve a pragmatic energy transition by providing financial and technical support for the demonstration and introduction of decarbonisation technologies. As one example, the Ministry of Industry and Trade of Vietnam, the Japanese Embassy to Vietnam, and the JCCI jointly organised a workshop on cooperation between the two countries for the development of power and energy fields focussing on … [Read more...] about JCCI proposes solutions to promote investment in green energy

The energy transition in Vietnam is tied to the rapid growth of the economy, urbanisation, and industrialisation. We have seen the strong aspiration of the government to speed up the energy transition while meeting the requirements of economic development and the goal of becoming a high-income country by 2045. Energy transition is more seen as a potential engine for employment, and this trend will likely grow, helping to build support for renewables. John Rockhold, head of the Power and Energy Working Group under the Vietnam Business Forum Fossil energy sources are gradually being replaced by green and clean energy sources, reducing greenhouse gas emissions and combating climate change, while Vietnam is one of the first countries to renew its nationally determined contribution to the United Nations Framework Convention on Climate Change in 2020. The roadmap for the country’s transition process towards green and sustainable development will not only need to ensure … [Read more...] about Displaying readiness for the energy transition in Vietnam

A wind power mill in Bac Lieu (Photo: VNA) New Delhi - Vietnam is undergoing clean energy transition at an accelerating rate and is considered the leader of clean energy transition in Southeast Asia, Shubham Rai, a research intern in the Southeast Asia and Oceania Centre at Manohar Parrikar Institute for Defence Studies and Analyses (MP-IDSA), India, wrote in an article. According to the author, the Vietnamese Government implemented various plans and policies to exacerbate the process of clean energy transitions. Among the most notable policy incentives include the National Development Strategy, Feed-in Tariff (FiT) scheme and the National Development Power Plans. By VNA … [Read more...] about Indian research intern: Vietnam’s clean energy transition accelerates

Deputy Prime Minister Tran Hong Ha (R) receives Tien Quoc Hao, CEO of TMC and President of TMAP (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Hong Ha hosted a reception in Hanoi on March 16 for Tien Quoc Hao, Chief Executive Officer of Asia Region of Japan ’s Toyota Motor Corporation (TMC) and President of Toyota Motor Asia Pacific (TMAP), during which he asked for Toyota’s technical support to help Vietnam catch up with and even lead the digital transformation and sustainable energy transition process, and realise the goal of net-zero emissions . Lauding TMC’s contributions to Vietnam's socio-economic development over the years, Ha said he hoped the firm will continue to help deepen the cooperation and the intensive strategic partnership between Vietnam and Japan. He suggested that Toyota should continue to increase the localisation rate of its automobiles produced in Vietnam, using new, green and clean technologies, contributing to implementing Vietnam’s … [Read more...] about Deputy PM asks for Toyota’s support in digital transformation, energy transition

Vu Chi Mai, an expert from the German Agency for International Cooperation (GIZ), said that with its incentive mechanisms, Vietnam has rapidly developed solar and wind power sources, bringing the proportion of renewable energy to nearly one-third of the installed capacity of the national power system. However, bringing those energies to the national grid faces limitations because the transmission system is often at full capacity. In addition, to promote the available capacity of these clean power sources, Vietnam must invest in more stable and flexible power sources such as pumped hydropower storage or storage systems for solar power plants. Another big challenge is that during the energy transition, the replacement of traditional fuels from gasoline, coal, and gas to electricity is huge. On the positive side, it will help reduce emissions to the environment, but this puts great pressure on the electricity industry, both in operation management and in the concerted development of … [Read more...] about Vietnam’s energy transition facing challenges

Fishermen in Giao Thuy District, Nam Dinh Province. The business community played an important role in fostering green growth. — VNA/VNS Photo Huy Hung It is critical to promote the role of the business community in partnership with the Government of Viet Nam in fostering green growth, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said at the technical session of the Vietnam Business Forum (VBF) on Friday. Green growth and sustainable development have been identified as one of the focuses in the development policies of many countries around the world in recent years, Ngoc said, adding that Viet Nam was one among the pioneering countries in the region to approach the green growth model. The Government’s national green growth strategy and the national action plan about green growth in the 2021-30 period set the goals of restructuring the economy in line with renovating the growth model to achieve economic prosperity, environmental sustainability and social … [Read more...] about Firms play an important role in fostering green growth

Vietnam's foreign partners, such as AmCham and EuroCham, expect to further penetrate the domestic clean energy industry. Vietnam’s renewable energy sector remains attractive to international businesses, officials said on March 19 as they urged the Government to finalize the regulatory system soon. A wind power farm in the southern central province of Binh Thuan. Photo: The Hanoi Times According to Gregory Testerman, Chairman of the Board of Governors of the American Chamber of Commerce in Vietnam, US companies are looking for solutions in renewable development, especially gas-fired power, and offshore wind projects. Gregory said that Vietnam needs to prioritize sustainable energy sources at reasonable prices, adding that the nation will need technical and financial assistance to transition energy. AmCham Vietnam hopes to reach an agreement with the Vietnamese Government on power trade to cut carbon emissions and bring the economy into a state of … [Read more...] about International partners keen on Vietnam’s renewable energy sector

Prime Minister Pham Minh Chinh (front row, fourth from right) with delegates from international organisations and business associations at the event. — VNA/VNS Photo Duong Giang The Vietnamese Government is committed to creating favourable conditions for businesses to develop, Prime Minister Pham Minh Chinh said at the Annual Viet Nam Business Forum held in Ha Noi on Sunday. It would continue to perfect mechanisms and policies to create a favourable and equal business environment, improve national competitiveness, remove difficulties for enterprises and increase transparency and equality in access to resources. Top priority would also be given to cutting costs for businesses and synchronously and effectively deploying policies to support firms in capital, technology transfer, training and human resource development. Viet Nam would also develop all kinds of markets, including goods and services, finance-currency, securities, real estate, science- technology, labour and public … [Read more...] about Viet Nam vows to faciliate businesses towards green growth, says PM

A group of solar power ventures that did not make the 2021 feed-in tariff deadline remain idle and developers want fresh solutions Nearly 40 renewable power investors last week asked the prime minister to consider addressing pricing-related inadequacies in renewables development. The joint letter said that the impact of the pandemic and expiry of the country’s previous feed-in tariffs (FiTs) has resulted in 84 renewable power projects, with total capacity of some 4,600MW, falling behind schedule and failing to achieve commercial operation. Among these, 28 wind farms and six solar farms with the combined capacity of more than 2,000MW, which have cost an estimated $3.6 billion are eligible to connect to the national power grid, are still waiting for a suitable pricing mechanism. Six solar power ventures have been waiting for such a mechanism for over two years. The developers last week expressed concerns that they may go bankrupt as the government’s latest pricing band fix are … [Read more...] about Pricing structure not enough to clinch nation’s energy goals

Customers make transactions at a BIDV office. To promote green credit, it is necessary to have an effective coordination policy to help projects obtain green certifications. (Photo: VNA) Hanoi (VNS/VNA) - Green credit growth in Vietnam has remained limited due to the lack of a clear legal framework, according to industry insiders. Data from the State Bank of Vietnam (SBV)’s Credit Department for Economic Sectors showed as of December 31, 2022, the outstanding loans for green projects increased by 12.96% against the end of 2021 to more than 500 trillion VND, accounting for more than 4.2% of the total outstanding loans of the whole economy. The loans mainly focused on green agriculture , renewable energy, and clean energy. Nguyen Thi Phuong, Deputy General Director of Agribank, said though Agribank has set aside a large amount of capital for green credit, it is not easy to disburse. In many areas around the country, it is easy to find out a clean agricultural model … [Read more...] about Inadequate regulations hinder green credit growth