Suitable policies, mechanisms needed for green hydrogen development

Vietnam is believed to hold much potential for developing green hydrogen. (Photo: VNA)

Hanoi - Vietnam needs to promptly adopt appropriate policies and mechanisms to build infrastructure and value chains related to hydrogen, experts recommended at the National Green Hydrogen Summit: Energy Transition and Development of Green Hydrogen Industry in Vietnam on October 28 at the National Innovation Centre (NIC) at the Hanoi-based Hoa Lac Hi-tech Park.

According to them, this includes the facilitation of investment attraction in clean hydrogen production projects, and the necessity of focusing R&D activities in the field and setting up technical standards and norms related to hydrogen.

Speaking at the summit, Minister of Planning and Investment Nguyen Chi Dung highlighted green hydrogen as a standout measure in the process of pursuing a “green future”, saying this is a promising solution that can enhance the value of renewable energy for developing countries, including Vietnam, and applied to various industries and in daily social life.

“The development of green hydrogen is essential in Vietnam's energy transition process,” he said.

At the event, delegates focused their discussions on major issues such as global trend in energy, and industry and investment trends, the national energy master plan for the 2021 – 2030 period, with a vision to 2050, potential and requirements on green hydrogen export in Vietnam, circular economic model from sustainable exploitation to green, smart production, and net zero and commercialisation of fast-charging battery products for electric vehicles.

Within the framework of the summit, a cooperation document signing ceremony took place in the presence of leaders from the Ministries and Planning and Investment, and Industry and Trade, representatives from the Asia Foundation, GIZ, Masan High-Tech Materials, BCG Energy, Vietnam Oil and Gas Institute, Capital Nature, Plug Power, and the Vietnam National University – Hanoi.

This move provides a platform for cooperation, research, and implementation of energy and green business models, as well as research and development in clean energy and climate change. Therefore, it will promote collaboration and innovation in the energy and business sectors, contributing to realising sustainable development goals and minimising the impact of climate change, said a leader of the Ministry of Planning and Investment.

The National Green Hydrogen Summit is part of the 2023 Vietnam International Innovation Exhibition (VIIE 2023) combined with the inauguration of the NIC Hoa Lac facility. It brought together leaders, investors, and businesses in the energy and hydrogen in particular to discuss opportunities and challenges and assess the current development of green hydrogen in Vietnam, thereby giving proposals and solutions paving the way for the future of developing green hydrogen in Vietnam.

Creating suitable models for exploitation of hydrogen Investors are ramping up the development of hydrogen to meet the rising energy demand in Vietnam.

Utilising the broad application of green hydrogen With economic growth of more than 8 per cent in 2022, Vietnam’s rapidly growing economy can be viewed with some envy for having achieved its fastest economic growth since 1997 while the global average only saw a small 3.3 per cent. This economic growth is coinciding with increases in energy demand and requires innovative solutions to ensure energy security.

Vietnam hopes to promote energy transition from green hydrogen The green hydrogen ecosystem based on renewable energy is expected to contribute $40-$45 billion to Vietnam's GDP each year, according to the National Green Hydrogen Summit on October 28.