TTO – On June 24, British Ambassador in Vietnam, Mr. Gareth Ward, said Vietnam is poised to be a leader of the sustainable energy transition in South East Asia without compromising economic growth.
Since 1990, the UK has reduced emissions by 42% while expanding the economy by 72%. It’s a stellar example that there need not be a trade-off between economic growth and sustainable energy use. I’m pleased to see that Vietnam has come to a similar conclusion and grown its renewable energy sector significantly since 2019.
Responding to Tuoi Tre Online on the potential of cooperation between the UK and Vietnam in the field of clean energy, Mr. Ward assured that the British side still works closely with Vietnam in the process of developing the industry development plan.
“In the last 2-3 years, we have started to work more closely with Vietnam in this area as Vietnam has provided a favorable condition for the development of solar energy and then wind energy.
Therefore, the British Government will maintain firm cooperation [with Vietnam] at state level to focus on issues such as efficiency, new investments, and promotion of renewable energy,” said the British ambassador during his visit to a solar project in Long An.
“Rooftop solar power is the perfect model for Vietnam and its booming manufacturing industry. It allows businesses to grow and expand production scale while still saving costs of energy consumption, improving the environment, and reducing air pollution,” said Borries Plass, chief executive officer (COO) at Shire Oak International Energy Company.
According to Shire Oak, those producing solar energy can sell it to Vietnam’s largest power company, Việt Nam Electricity (EVN), or others who do not use the grid. This means power sellers and buyers can negotiate prices and ways to use the energy generated by solar systems themselves, making the solar energy industry in Vietnam a lot more appealing to investors.
A recent report from the World Bank showed that the expansion in solar generation capacity in Vietnam could generate as many as 25,000 new jobs every year to 2030, and another 20,000 jobs in manufacturing of solar equipment for the global market.
The World Bank also adds that the deployment of new solar generation will also be a critical factor for the Government of Vietnam to meet its Nationally Determined Contribution (NDC) climate change target and reduce its need for new coal generation.
In April this year, Vietnam’s Deputy Prime Minister Trinh Dinh Dung underlined this ambition, announcing a new feed-in tariff for suppliers of renewable energy in Vietnam.
The new rooftop solar tariff now stands at VNĐ 1,940 ($0.0838) for each kWh generated. This is a 10% discount compared to previous tariff prices and will support the development of renewable energy throughout Vietnam.