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USAID helps Vietnam promote renewable energy projects

The United States Agency for International Development (USAID) announced 860,000 USD in assistance for three renewable energy projects in Vietnam during the fourth Indo-Pacific Business Forum on October 28.
USAID helps Vietnam promote renewable energy projects ảnh 1Illustrative image (Source: Getty Images)
Hanoi, October 29 (VNA) - The United States Agency for InternationalDevelopment (USAID) announced 860,000 USD in assistance for three renewable energyprojects in Vietnam during the fourth Indo-Pacific Business Forum on October28.

The newfunding supports USAID’s ongoing efforts to reduce risk and transaction costsfor project developers to encourage increased private sector investment inVietnam’s renewable energy development - a key driver of economic growth andresilience, said a media release from the US Embassy in Vietnam.

Specifically, the new funding announced today will support theTSV and Asia Renewables’ onshore wind farms (350MW) in the Central Highlandprovince of Gia Lai, the INGINE Pacific's pilot off-grid wave technology on LySon 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 USAIDinitiative that helps reduce barriers for investors to mobilise and channelprivate capital into high-impact areas.

With a growing private sector and internationalmanufacturing and export base, Vietnam has one of the most dynamic emergingeconomies in the Southeast Asia region, however current investment in energy,infrastructure, and health is insufficient to meet the country’s growth and developmentobjectives, according to the media release./.
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