VOV.VN - The United States Agency for International Development (USAID) on October 28 announced US$860,000 in assistance for three renewable energy projects in Vietnam.
The new funding supports USAID’s ongoing efforts to reduce risk and transaction costs for project developers to encourage increased private sector investment in Vietnam’s renewable energy development - a key driver of economic growth and resilience.
Aid recipients are the TSV and Asia Renewables’ onshore wind farms (350MW) in Gia Lai province, the INGINE Pacific's pilot off-grid wave technology project on Ly Son Island, Quang Ngai province, and the Bamboo Capital Group's (BCG) offshore wind farms in Ca Mau (300MW) and Tra Vinh (200MW) provinces.
According to a media release by the US Embassy in Hanoi, the funding is being provided through USAID INVEST, a global USAID initiative that helps reduce barriers for investors to mobilize and channel private capital into high-impact areas.
With a growing private sector and international manufacturing and export base, Vietnam has one of the most dynamic emerging economies in the Southeast Asia region. However, current investment in energy, infrastructure, and health is insufficient to meet the country’s growth and development objectives.
Through USAID INVEST, USAID seeks to stimulate increased international investment in Vietnam and to strengthen the capacity of the public and private sectors to work together to finance the country’s development priorities, including mitigating the impact of climate change by supporting the country’s transition to clean energy systems.
By engaging in multiple sectors, USAID INVEST activities will result in improved access to health services, greater financial inclusion, increased sustainability of energy, and stronger public-private partnerships.