South Korean companies step into renewable energy market

Sung Chang Telecom is one of the South Korean companies attending ENTECH 2016. Today they’ve brought one of their new products: an automatic solar tracking system. Vietnam’s renewable energy potential is one of the reasons they chose the country to expand business.

"We came here looking for new opportunities in the Vietnamese market. Vietnam is a rapidly developing country. It also has a lot of sunlight as well as very little rain in winter. This makes the country a good place to develop solar power", Lee Jae Jin - President of Sung Chang Telecom Co.,LTD., South Korea - said.

Many other South Korean companies like Hyundai and Dongkuk are also presenting their renewable energy products to the fair. Renewable energy has received a lot of focus from the South Korean government. Business Korea reported that this year, the government would invest 850 million USD in it and South Korean companies are expected to help Vietnam further develop renewable energy.


"South Korea has many companies with advanced technology in this field. Vietnam also has the right conditions to develop solar and wind power. This is a good sign. Co-operation will help both countries’ governments and companies in the future", Yoo Sunah - Deputy Director of Korea Trade-Investment Promotion Agency - said.

Last year, the Vietnamese prime minister approved the Vietnam Renewable Energy Development Strategy to 2030, with a vision to 2050. The strategy offered many incentives to attract foreign investment in renewable energy. To make use of this opportunity, South Korea is also boosting co-operation between both sides in this field.

"Korea Trade-Investment Promotion Agency (KOTRA)
 will continue organising fairs and events about energy and environment both in South Korea and Vietnam to boost trade and investment. I hope Vietnamese companies will join these events in Korea to advertise their products to the world, Yoo Sunah added.

Vietnam’s Institute of Strategy and Policy on Natural Resources and Environment predicted that by 2030, the country’s current energy supply will no longer be sufficient. Co-operation in renewable energy with South Korea will benefit both sides. Companies can expand their market, the environment will be protected, and the people will have access to renewable and cheaper sources of energy.