Demand for energy, especially electricity in Vietnam has sharply increased. The government has paid more attention to clean and renewable energy for sustainable supply as well as boosted co-operation with other countries in this sector.
As part of EU-Vietnam Business Network’s activities, 6 enterprises from Finland, Germany, Portugal, Spain, and the UK had a chance to explore Vietnam’s renewable energy market and find partners.
According to experts, energy demand in Vietnam has risen by 10% a year over the last decade and will increase 400% in the next 20 years.
"Vietnam is a very attractive market right now. Wind energy has a lot of potential. We intend to open an office here, maybe next year." - Ana Silva, Communication Manager, CJR Renewables, Portugal.
Vietnam has issued policies to encourage investment in energy sector following Clean Development Mechanism such as Law on Environmental Protection and the Energy Saving Law. In addition, the country also has several advantages to attracting investors including those from European countries.
"Today in Europe, technology is focused on developing the green energy sector. It’s quite normal in Europe. It’s obvious that the need in Vietnam is high as well. Vietnam has fantastic economic growth in the past 20 years, has achieved poverty reduction, and has been industrialising and organizing. So it puts a lot of stress on the environment in Vietnam." - Bruno Angelet, Head, EU Delegation to Vietnam.
"Renewable energy is 100% possible from existing Vietnamese resources. The sun and the wind are free and once installed and maintained properly, then for 20 to 30 years, you don’t have to import anything, and you don’t have to dependent on rainfall every year." - Christoph Schill, Vice Chairman, Green Growth Sector Committee, Eurocham.
Wind and solar power are regarded as obviously available resources. However, experts suggest that European enterprises should invest in hydro power and biomass. The reason is that costs for wind and solar power plant construction are high, leading to higher prices. Therefore, they may lose their competitive advantage in the Vietnamese market.
