Opportunities and Challenges in Energy Transition for Vietnamese Firms
Key Ideas
- Vietnam is transitioning from coal to renewable energy, aiming for 31% and 62% of total energy supply to be renewable by 2030 and 2050 respectively.
- There are opportunities for Vietnamese firms to participate in renewable energy supply chain, emphasizing the need for strong policies and technology transfer.
- The energy transition also includes a focus on decentralisation, decarbonisation, and digitalisation, with potential for Vietnam to become a hub for renewable energy in ASEAN.
- Hydrogen production presents a significant opportunity, with targets set for 2030 and 2050, aligning with global trends towards low-emission hydrogen production.
Vietnam is undergoing an energy transition, with a shift towards renewable energy from coal as part of its sustainable development goals. The country aims to have renewable energy account for a significant percentage of its total energy supply by 2030 and 2050. This transition presents opportunities for Vietnamese firms to get more involved in the renewable energy supply chain, especially in sectors like solar power and wind power. There is a call for strong policies to support local participation and technology transfer to enhance domestic capabilities.
The Deputy Director of Vietnam Electricity highlights the global trends of energy transition, including decentralisation and digitalisation, urging Vietnam not to be left behind. It is emphasized that energy autonomy and technological advancements are crucial for Vietnam to establish itself as a renewable energy hub in ASEAN.
Moreover, the potential in hydrogen production is highlighted, with targets set for the country to produce low-emission hydrogen using renewable energy sources. This aligns with global trends towards sustainable hydrogen production methods. The article also touches upon the importance of private investment, infrastructure improvement, and international cooperation in achieving a successful energy transition in Vietnam.
Topics
Production
Renewable Energy
Supply Chain
Technology Transfer
Private Investment
Energy Autonomy
Global Shift
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