Businesses benefit from RoK-funded energy efficiency project

The EE&GG project, funded by the RoK Government via the Korea International Cooperation Agency (KOICA), is part of the cooperation between the two governments to help Vietnam achieve sustainable development.

Implemented from 2021 to 2025 at a total cost of US$6.4 million, it focuses on promoting the development of an energy efficient investment market for the industrial sector to seek potential projects and financial sources. The project also provides technical guidance on green growth for some sectors and areas, according to the Ministry of Industry and Trade (MoIT).

Trinh Quoc Vu, deputy director of the MoIT’s Energy Efficiency and Sustainable Development Department, said that in 2023, the project chose 10 energy-intensive businesses to conduct audits on and proposed energy saving solutions for them.

Many of them have benefited from this project, including Duyen Hai Thermal Power Company, Vietnam - Italy Steel Joint Stock Company, Viet Tri Paper Joint Stock Company, Huong Sen Yarn Co. Ltd, and Ton Dong A Corporation, he added.

Director of KOICA Vietnam Office Lee Byung Hwa said if the intensity of electricity and energy use is not reduced, it will be hard for the country to reach the target of net zero emissions by 2050. Though the national targets and policies on energy efficiency have been issued, energy consumption in key sectors is still high, so there remains much room for promoting energy saving practices.

In the coming time, KOICA will continue supporting and cooperating with Vietnam in various areas, including this project, to assist local firms to cut energy use, he went on.

At the seminar, experts held that on the path to a green economy, the attraction of resources is of critical importance as it will affect implementation methods. Therefore, it is necessary to secure coordination among central and local agencies, all economic elements, between state agencies and stakeholders in society, and especially assistance from the international community and financial institutions.

Le Viet Anh, Director of the Department of Science, Education, Natural Resources and Environment under the Ministry of Planning and Investment, noted Vietnam has recorded progress in the mobilisation of financial resources for green growth. Resources from state-owned and private businesses are making up an increasing proportion in green investment, particularly in the fields of energy and environment.

However, Anh admitted, despite strong growth and encouraging strides, the green economy of Vietnam is still at the initial stage, and numerous difficulties and challenges remain. Given this, stronger cooperation and efforts by the political system, especially localities, are needed to promote the implementation of the green growth strategy.