Investment & Finance

Viet Nam seeks US investment in renewable energy

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Energy is among potential fields for investment cooperation between Vietnamese and US firms, with Prime Minister Pham Minh Chinh announcing that Viet Nam gives high priority to sustainable energy development, according to the Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Pham Tan Cong.

A renewable energy project in the southern province of Binh Thuan. Viet Nam has set a target that renewable electricity will account for 45 per cent of the national power generation capacity by 2030. — Photo nangluongsachvietnam.vn

A renewable energy project in the southern province of Binh Thuan. Viet Nam has set a target that renewable electricity will account for 45 per cent of the national power generation capacity by 2030. — Photo nangluongsachvietnam.vn

At a recent Viet Nam-US Business Summit in Ha Noi, Cong said the VCCI had introduced its Green Index initiative with support from the US Agency for International Development (USAID), aiming to promote environmental, institutional reform and sustainable investment activities.

He believes that Vietnamese and US enterprises have good chances for successful cooperation in liquefied natural gas and clean and renewable energy in contribution to the countries’ trade growth and energy security.

Director of the Ministry of Industry and Trade’s Department of Electricity and Renewable Energy Hoang Tien Dung noted Viet Nam had set a target that renewable electricity would account for 45 per cent of the national power generation capacity by 2030.

The power source and grid development programme would cost an estimated US$14 billion, so Viet Nam needed the participation of businesses, especially those from the US, in resources and technology sharing.

Ken Haig, Head of Energy and Environment Policy for Asia-Pacific & Japan at Amazon Web Services, suggested boosting investment attraction in the sector as Viet Nam needed a long-term strategy.

He also expressed his support for increasing solar and offshore wind power use. He hoped the US’s investment in renewable energy in Viet Nam would contribute to the nation’s sustainable development.

Kris Karafa, Chief Operating Officer at Gen X Energy, said the firm was willing and ready to pour capital into wind power projects, particularly offshore ones.

Gen X Energy has partnered with Binh Thuan Province in several renewable energy projects.

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