Vietnam wishes to promote cooperation with Austria in the field of energy, especially renewable energy and sustainable development.

Vietnam has shown the world its capability to accelerate clean energy solutions, with the highest installed capacity of solar power in Southeast Asia and the government’s commitment to boosting energy supply and strong public demand for improved air quality.

VOV.VN - Prime Minister Pham Minh Chinh welcomed US Secretary of Defence Lloyd Austin in Hanoi on July 29, believing that Austin’s visit will boost bilateral defense ties and contribute to developing the Vietnam-US Comprehensive Partnership.

VOV.VN - While receiving outgoing Finnish ambassador to Vietnam Kari Kahiluoto on July 15, Deputy Prime Minister Pham Binh Minh suggested that Finland soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA) to benefit both sides.

The International Finance Corporation (IFC) has provided a US$100 million long-term loan for the Orient Commercial Joint Stock Bank (OCB) to increase the private sector’s contributions to green and sustainable growth in Vietnam.

Vietnam is making rapid strides in shifting from fossil fuels to clean energy in the post-COVID-19 world, according to a recent article published by the website asiatimes.com.

The Ministry of Industry and Trade (MoIT) needs to study and direct Vietnam Electricity (EVN) to issue regulations on the transmission and distribution system to ensure the stable operation of the power system amid abundant wind and solar power sources.

It is likely that Vietnam will have to reduce renewable energy sources in the next five years, as booming development in recent years was weighing on the power system, according to a recent report by the Institute of Energy.

Electricity of Vietnam (EVN) plans to mobilise 32 billion kWh of renewable energy, including 26.3 billion kWh of solar power, meaning the output of coal-fuelled and hydro-power plants will be reduced.

Hitachi SE's renewable energy business expanded its market to Vietnam by signing a strategic cooperation agreement with Trung Nam Wind Power Joint Stock Company of Trung Nam Group (TNG) in Ho Chi Minh City on May 14.