French Ambassador to Vietnam Jean Noel made the commitment at a conference in Hanoi on May 20, stressing that renewable energy is one of France’s priority cooperation areas for Vietnam.
“Energy cooperation is a key pillar in the Vietnam-France strategic partnership, and this area is expected to make great strides this year,” said the diplomat.
Vietnamese Deputy Minister of Industry and Trade Le Duong Quang said that although the country has potential for renewable energy development, the investment in the sector is still not commensurate with its strength.
He cited the low efficiency of renewable energy resources, alongside policy and technology application barriers, as the main reasons for limited investment.
According to Quang, Vietnam’s energy demand has increased by an average of 15% per year over the last decade.
However, in the context of dwindling domestic fossil fuels, Vietnam depends more on world energy prices. It is forecast that the country will have to import coal to feed thermal power plants by 2015.
The exploitation of renewable energy sources including solar and wind is essential, contributing to ensuring national energy security and boosting sustainable development.