Vietnam seeks US investment in renewable energy

The Bac Lieu Wind Power Plant has 62 power turbines with a total estimated capacity of 99MW. (Photo: VNA)

​Hanoi – Energy is among potential fields for investment cooperation between Vietnamese and US firms, with Prime Minister Pham Minh Chinh announcing that Vietnam gives high priority to sustainable energy development to maintain national energy security and reduce greenhouse gas emissions, according to Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong.

At a recent Vietnam-US Business Summit in Hanoi, the VCCI leader said following the orientation, the Vietnam Chamber of Commerce and Industry (VCCI) has introduced its Green Index initiative with support from the United States Agency for International Development (USAID), aiming to promote environmental institutional reform and sustainable investment activities.

Cong said 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 Vietnam has set a target that by 2030, renewable electricity will account for 45 percent of the national power generation capacity, reflecting its orientation towards renewable energy.

The implementation of the power source and grid development programme will cost an estimated 14 billion USD, so Vietnam needs 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 (AWS), suggested to boost investment attraction in the sector, Vietnam needs a long-term strategy.

He also expressed his support for increasing the use of solar and offshore wind power and hoped the US’s investment in renewable energy in Vietnam will contribute to the nation’s sustainable development in the time to come.

Kris Karafa, Chief Operating Officer at Gen X Energy, said the firm is willing and ready to pour capital into wind power projects, particularly offshore ones. Gen X Energy has partnered with Binh Thuan province in many renewable energy projects.