Private investment plays a key role in renewable energy

Ms. Alexandra Smith, British Consul General in Ho Chi Minh City, said that private investment will play an extremely important role in an industry that requires high capital and technology such as renewable energy.

Representatives of Vietnamese delegates and partners at the tourist attraction in the UK - Source: BRITISH EMBASSY

The British Embassy in Hanoi and the British Consulate General in Ho Chi Minh City recently organized a visit by the Vietnam Energy Delegation to the UK.

The delegation includes 12 officials from the Electricity Department of the Ministry of Industry and Trade, Vietnam Electricity Group EVN and Vietnam Oil and Gas Technical Services Corporation PTSC (under Petrovietnam).

This five-day programme aims to learn from experience, explore cooperation opportunities and connect with partners; promote bilateral cooperation between the UK and Vietnam in the energy sector.

During the first half of the visit, Vietnamese delegates participated in seminars, exhibitions and discussion sessions in London.

Experts from both the private and public sectors participated in presentations and made recommendations for Vietnam to improve the legal framework and develop supply chains in attracting foreign investment and implementing projects.

PTSC then visited two Humber towns, Hull and Grimsby, which are home to the Hornsea cluster of projects, one of the UK’s leading examples of offshore wind power.

Here, delegates visited representative units, including Xceco operations and maintenance company, Siemens Gamesa propeller factory, Grimbsy training center and Grimsby port.

PTSC is a company that has just completed 33 jackets for an offshore wind power project in Taiwan for investor Ørsted Taiwan Ltd (Ørsted) after two years of implementation. This is the first offshore wind power project manufactured in Vietnam and exported abroad with PTSC acting as the general contractor.

Ms. Alexandra Smith - British Consul General in Ho Chi Minh City said that renewable energy is the future not only of Vietnam but of the whole world.

The UK appreciates Vietnam's target of installing 17GW of offshore wind power by 2035 as well as its commitment to improving the legal framework and developing the supply chain.

“Private investment will be crucial in an industry that is capital- and technology-intensive. These commitments send a strong message and attract resources from around the world,” said Alexandra Smith.

She believes that cooperation between businesses of both sides, especially in the commercial sector, will help accelerate project development progress, ensuring the completion of Vietnam's ambitious goals.

The World Bank (WB) once assessed Vietnam's offshore wind power potential at about 600 GW. This energy source is expected to provide about 12% of the country's total electricity output by 2035.

However, Vietnam is facing many challenges in developing offshore wind power, in terms of huge investment capital, as well as legal regulations, marine spatial planning and national security.

According to experts' estimates, the development and construction time of an offshore wind power project usually lasts from 6 to 7 years; of which, the first 3 years are spent on preparation work such as surveying, licensing and financial arrangements, before entering the construction phase.

Meanwhile, according to Power Plan VIII, the goal is to develop 6,000 MW of offshore wind power by 2030, but to date, no project has been granted an investment decision.

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Source: https://tuoitre.vn/dau-tu-tu-nhan-giu-vai-tro-quan-trong-trong-nang-luong-tai-tao-2025062317140593.htm