Hanoi (VNA) – Vietnam’s target of raising renewableelectricity to 45 percent of the national power generation capacity by 2030 andthe need for investment worth up to 14 billion USD towards this goal have createdsubstantial opportunities for both domestic and foreign firms.

The Ministry of Industry and Trade (MoIT) hasestimated that the annual domestic power consumption would grow at 9 percent tokeep up with the rapid economic development.

Over the past time, Vietnam had imported coal andwill have to buy liquefied natural gas (LNG) in the time ahead to meet the rapid rise in demand, the ministrysaid.

Hoang Tien Dung, head of the Electricity andRenewable Energy Authority under the MoIT, noted that it is a hard task toensure energy security and achieve the target of net zero emissions by 2050 asVietnam committed at the 26th United Nations Climate Change Conference (COP26).

Speaking at a recent Vietnam-US Business Summit inHanoi, Dung said Vietnam has set a target that by 2030, renewable electricitywill account for 45 percent of the national power generation capacity,reflecting its orientation towards renewable energy.

The implementation of the power source and griddevelopment programme will cost an estimated 14 billion USD, so Vietnam needsthe participation of businesses, especially those from the US, in resources andtechnology sharing.

Chairman of the Vietnam Chamber of Commerce andIndustry (VCCI) Pham Tan Cong, said Vietnam gives high priority to sustainableenergy development to maintain national energy security and reduce greenhousegas emissions.

The VCCI has introduced its Green Index initiativewith support from the United States Agency for International Development(USAID), aiming to promote environmental institutional reform and environmentally-friendlyinvestment activities.

Cong said he believes that Vietnamese and USenterprises have good chances for successful cooperation in liquefied naturalgas, and clean and renewable energy in contribution to the countries’ tradegrowth and energy security.

Ken Haig, Head of Energy and Environment Policy forAsia-Pacific & Japan at Amazon Web Services (AWS), said to boost investmentattraction in the sector, Vietnam needs a long-term strategy.

He also expressed his support for increasing the useof solar and offshore wind power and hoped the US’s investment in renewableenergy in Vietnam will contribute to the nation’s sustainable development inthe time to come.

At the recent Vietnam Business Forum,representatives from many domestic and foreign business associations operatingin Vietnam suggested the government continue to develop renewable energy,improve energy efficiency, and promote battery and hydrogen-based energystorage.

Foreign investors held that Vietnam should considerrenewable energy trends and opportunities to complete its Power DevelopmentPlan VIII and other power planning schemes, as well as implementationmechanisms.

Regarding wind power, many foreign businessassociations suggested the country set out clear regulations for wind farmsthat are under construction and fail to meet the deadline due to the COVID-19pandemic, helping them benefit from the  FITprice mechanism./.