Vietnam wants to promote transfer of energy transition technologies

The Deputy PM hailed the UK’s support for Vietnam in the process of joining the Just Energy Transition Partnership (JETP), and stressed that Vietnam’s participation in JETP could be seen as a model of cooperation between developing and developed countries.  

Noting the importance of mechanisms to realise ideas and commitments made under the JETP, Ha said Vietnam is very much in need of the UK’s assistance in technology transfer, technical consultation, financial mechanisms, and investor selection for specific projects in renewable energy (particularly offshore wind energy), forest plantation, carbon capture, green hydrogen production and research of new technology.

He said specific mechanisms and “formulas” are needed to attract investment into renewable energy while ensuring affordable costs with the engagement of governments, financial organisations and corporations with experience and know-how.

The Deputy PM was of the view that similarly to the vaccine sharing mechanism during the COVID-19 pandemic, developing countries can only carry out just energy transition and realise net zero emission when developed countries actively transfer related technologies at reasonable costs.  

Ambassador Frew said the UK wishes to discuss further with Vietnam’s relevant agencies possibilities in assistance to Vietnam in renewable energy, net zero emissions, and climate change response, thus contributing to further promoting bilateral cooperation on the occasion of the 50th anniversary of the two countries’ diplomatic relationship.  

*Earlier the same day, Deputy PM Ha held a reception for the President for Regions and Corporate Affairs of Bechtel Corporation, Stuart E. Jones.

Ha stressed the need for global cooperation on energy and shared with the guest Vietnam’s orientation in developing offshore wind power centres and building smart grids for renewable energy. He said Vietnam has the potential to become a production, storage and transport hub for renewable energy, green hydrogen and green ammonia, provided that there are feasible technological solutions.

In addition, Vietnam also has a need for investment in modern land and railway transport networks, underground transport works, multi-purpose infrastructure and energy transition, he said, asking Bechtel to share its experience in creating opportunities and seeking capital sources and investors in those fields.   

E Jones said the corporation is willing to transfer technologies in green hydrogen and carbon capture, as well as to promote inter-regional cooperation in energy transition and transmission of renewable energy in the time ahead.