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USAID helps Vietnam promote renewable energy projects

by VNA29 October 2021 Last updated at 17:23 PM

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VTV.vn - The United States Agency for International Development (USAID) announced US$860,000 in assistance for three renewable energy projects in Vietnam during the fourth Indo-Pacific Business Forum on October 28.

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, said a media release from the US Embassy in Vietnam.

Specifically, the new funding announced today will support the TSV and Asia Renewables’ onshore wind farms (350MW) in the Central Highland province of Gia Lai, the INGINE Pacific's pilot off-grid wave technology on Ly Son island, central Quang Ngai province, and the Bamboo Capital Group's (BCG) offshore wind farms in southern Ca Mau (300MW) and Tra Vinh (200MW) provinces.

The funding is being provided through USAID INVEST, a global USAID initiative that helps reduce barriers for investors to mobilise 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, according to the media release.

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