Sembcorp energy storage system

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

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

Cuong said that the potential for cooperation between Vietnam and the U.K., the first country in the world to institutionalize the net-zero emission target, is huge, as like the U.K., Vietnam has a long coastline and great solar power potential, especially in the Southern and South central regions as well as in the territorial waters in the South of the East Sea. Vietnam can learn from the experience of the U.K., the world leading country in clean energy, in many aspects, including policy. The U.K. has applied the Contract-for-Difference (CfD) mechanism to support businesses to develop wind power projects, which has been effective in the past 10 years. Vietnam can also partner with the U.K. in personnel training as the U.K. has leading universities in the field of clean energy. Meanwhile, Vietnam can learn from the U.K.'s measures to attract investment from world giants and build a system of industries and supporting industries for the renewable energy sector, thus become ready for … [Read more...] about Vietnam, U.K. see huge cooperation potential in clean energy development

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

Vietnam - Singapore Industrial Park J.V. Co. (VSIP) on Saturday signed memoranda of understanding (MOU) with nine Vietnamese provinces to develop smart and sustainable industrial parks (IPs). VSIP is a joint venture between Becamex IDC Corporation, under the People’s Committee of Binh Duong, just outside Ho Chi Minh City, and Sembcorp Development Ltd., a wholly-owned subsidiary of Singapore’s Sembcorp Industries, a leading energy and urban solution provider. The signing ceremony was part of the 'Binh Duong: Initiation - Connection - New Development' program, attended by Deputy Prime Minister Le Minh Khai, leaders of ministries, agencies and localities, and hundreds of investors. It was also an expansion of a broader MOU between Becamex and Sembcorp Development inked during Vietnamese Prime Minister Pham Minh Chinh’s state visit to Singapore early last month. Smart and sustainable IPs will be considered in nine provinces, including Binh Phuoc, Tay Ninh, Binh Thuan, Khanh Hoa, … [Read more...] about VSIP joins hands with 9 Vietnamese provinces to develop smart IPs

The design of Lego factory in Binh Duong (Photo: VNA) Binh Duong (VNA) – The southern industrial hub of Binh Duong has seen a positive change in foreign direct investment (FDI) inflows with higher number of projects meeting the locality’s criteria of high technology, high economic values, environmentally friendlỉness, and less labour-intensiveness, according to the provincial Department of Planning and Investment. Outstanding FDI projects satisfying Binh Duong’s green economic development criteria include an over-1-billion-USD factory of Lego Group , which is scheduled to become operational in 2024. Preben Elef, Vice President of Lego Group, said that the factory is Lego's first carbon-neutral project developed towards green, sustainable and environmentally friendly direction. The factory has no carbon emissions, using electricity from renewable sources provided from the solar farm next to the facility, he said, adding that it is built to Leed Gold standard - a globally … [Read more...] about Binh Duong sees increasing green FDI inflows

The death toll from a fire at an Indonesian fuel storage depot run by state energy firm Pertamina has risen to 33 with nearly a dozen more in critical condition, health authorities said Friday. Top officials called for an audit of Indonesia's energy facilities after the March 3 blaze ripped through a nearby residential area, gutting houses and burning cars next to the depot in capital Jakarta. "As of today, 33 people in total have died and 11 are still being treated. They are in the ICU and their condition is serious," Jakarta health agency spokesman Luigi, who like many Indonesians has one name, told AFP Friday. Authorities previously gave a death toll of 18 the day after the explosion. Thousands of people were forced to evacuate when the fire broke out but the local disaster mitigation agency said all evacuees have since left shelters. Witnesses likened the fire to a bomb blast after an initial explosion sent panicked locals screaming and fleeing through narrow roads … [Read more...] about Indonesia fuel depot fire death toll rises to 33

Many companies still store and manage data on-premises servers to ensure the fast access speed and meet the essential compliance regulations for data storage systems. — Photo courtesy of Schneider Electric Digital transformation forces many businesses to take advantage of the strength of cloud computing, moving infrastructure to the platforms of service providers. According to the Annual report on business transformation in 2022 published by the Department of Business Development under the Ministry of Planning and Investment and the US Agency for International Development (USAID) in February 2023, only 36.7 per cent of businesses have a budget to cover their digital transformation expenses, while 43.3 per cent of businesses have a budget for investments but are unable to cover the costs. Many companies still store and manage data on-premises servers to ensure the fast access speed and meet the essential compliance regulations for data storage systems. Moreover, there are many … [Read more...] about Schneider Electric releases new White Paper

Working groups of the Vietnam Business Forum touched on a variety of topics and recommendations for greater progress Photo: Dung Minh During Sunday’s Vietnam Business Forum (VBF) in Hanoi, everything from the foreign labour situation and digital tax to combating climate change was discussed by the various participants, which included heads of influential international organisations. Arguably the most vital near-term issue according to those involved is power shortages being felt in some areas of the country. The Japan Chamber of Commerce and Industry (JCCI) said that northern industrial zones are being particularly affected, and it wants to see the nation’s Power Development Plan VIII to officially come on board as soon as possible. “In recent years, Japanese corporations have expanded their footprint in Vietnam to capture the great demand for renewable energy. But it is challenging for domestic businesses and financial institutions to independently execute large-scale power … [Read more...] about Business community leads call to action for authorities

The nation is facing a plethora of huge challenges as it aims to ensure a rapid, smart, and green digital transformation, according to insiders. As outlined during the seventh edition of the e-Conomy SEA report by Google, Temasek, and Bain, the Vietnamese digital economy hit US$23 billion in 2022 and is on track to reach US$49 billion by 2025, making it the fastest in Southeast Asia. Data compiled by the Ministry of Information and Communications indicates that the revenue of the Vietnamese information and communications technology (ICT) industry reached US$148 billion last year, accounting for 14.26% of the country’s gross domestic product (GDP). As a means of achieving the goal of the digital economy making up 20% of Vietnamese GDP, it can be viewed as essential for the country to maintain an annual digital economic growth of approximately 20%, more than three times higher than the projected GDP growth. Lessons learned from developed countries will prove to be valuable … [Read more...] about Vietnam facing great challenges in speeding up digital transformation