Forum discusses energy transition in Vietnam
A "Made in Vietnam Energy Forum" was held online by the Vietnam Business Forum (VBF)’s Power & Energy Working Group on November 21, focusing on analysing issues related to the electricity and energy sector in Vietnam in the context of global energy transition.
As the 2nd event of this kind in 2023, the forum also discussed strategies to attract investment for the ongoing energy transition process in the country.
In his opening remarks, Nitin Kapoor, Co-Chair of the VBF, said that Vietnam has been actively implementing various policies regarding energy transition, including prioritising renewable energy sources in electricity production, and researching new technologies in the field of electricity and energy.
On the threshold of the upcoming 28th UN Climate Change Conference of the Parties (COP28) in Dubai, the United Arab Emirates, the forum promoted dialogue between the private sector both at home and abroad and state management agencies on important issues of the energy sector, including the upcoming establishment of a national steering committee for key energy projects, he said.
Issues discussed at the event will support the Vietnamese Government’s efforts to achieve international commitments to net zero emissions, Kapoor added.
Luong Quang Huy, Head of GHG Mitigation and Ozone Layer Protection Division under the Deapartment of Climate Change at the Ministry of Natural Resources and Environment (MONRE), briefed participants on energy transition strategies and policies, and updated information on Vietnam's international commitments and energy policy.
Representatives from financial institutions, funding organisations, and power companies also discussed how the public and private sectors can work together to promote renewable energy development, and leverage decarbonization efforts to advance development goals, thus achieving the net zero emission target and promoting the country's GDP growth.
Kojima Masao, Country Head of the Bank of Tokyo Mitsubishi UFJ Ltd (MUFG) in Vietnam, mentioned main issues related to power purchase agreement (PPA) between producers and customers, and risk mitigation measures.
On the occasion, the third edition of the Made in Vietnam Energy Plan Report (MVEP 3.0) was introduced.
The report provides an overview of Vietnam's electricity industry, explains the energy transition process in Vietnam, and existing strategies and policies to promote this process. Vietnam’s successes in promoting renewable energy development, and challenges to achieve the country’s goals are also mentioned in the report.
The report also features experience from economies in the region and around the world in building an effective legal framework to promote the energy transition process as well as ways to arrange capital for renewable energy projects, determine an electricity price roadmap, and ensure national energy security.
