British businesses eye Vietnam's renewable energy sector

The cluster of UK businesses centred their explorations on cooperative ventures and investment possibilities in renewable energies, particularly offshore wind power, energy transmission, and storage. Vietnam's renewable energy sector has witnessed positive shifts, making it an attractive market for these enterprises.

Denzel Eades, a representative of British Business Group Vietnam, expressed confidence in Vietnam’s offshore wind market potential and the country's policy advancements aimed at energising this sector.

"British firms, with their extensive technical expertise, are eager to contribute to this dynamic market," Eades said.

During their visit, the delegation participated in the Green Economy Forum organised by the European Chamber of Commerce and the ASEAN Wind Energy Conference.

British Ambassador to Vietnam Iain Frew reiterated the UK government's commitment to becoming a partner in Vietnam’s energy transition through bilateral and multilateral initiatives.

A case in point is the Just Energy Transition Partnership, which expected to channel $15.5 billion, mostly in loans, towards Vietnam’s green conversion process.

The United Kingdom holds the title as the world's second-largest offshore wind market. Its British Energy Security Strategy, unveiled in April 2022, aims for an offshore wind capacity of 50GW by 2030.

To date, the UK boasts an installed capacity of 13.7GW in offshore wind energy, quadrupling since 2012. Furthermore, the nation has an estimated 77GW of capacity from 80 projects at various development stages, including those under construction, approved, in development, and planned for the future.

Meanwhile, Vietnam's geographical advantages include a coastline over 3,400km long, where the World Bank estimates a potential offshore wind capacity of around 475GW. High-quality wind resources are concentrated in the central and south-central regions, with a portion extending to the northern coastal area.

Energy China eyes expansion in Vietnam with increased investment in renewable projects Energy China, a Fortune 500 energy conglomerate, has unveiled plans to expand its investments in Vietnam.

Renewable energy set to create new jobs The energy transition will cause many jobs in the traditional energy industry to be lost, but it will also create thousands of green and sustainable employment opportunities in the economy.