Attending the meeting on the Vietnamese side were leaders from: the Department of Foreign Market Development, the Department of Multilateral Trade Policy; the Department of Oil, Gas and Coal; the Electricity Department, and the Department of Innovation, Green Transformation and Industrial Promotion. On the Norwegian side, participants included the Norwegian Ambassador to Vietnam, Ms. Hilde Solbakken, representatives from the International Development sector of the Norwegian Ministry of Foreign Affairs , and the Norfund investment fund.
Acting Minister of Industry and Trade Le Manh Hung received Mr. Åsmund Aukrust, Minister of International Development of Norway.
During the meeting, Acting Minister Le Manh Hung emphasized that the trade potential between Vietnam and Norway in particular, and the EFTA bloc in general, is still very large; however, the current scale is not commensurate with the needs of both sides. Regarding the Free Trade Agreement between Vietnam and the EFTA bloc (comprising Switzerland, Norway, Iceland, and Liechtenstein), the Minister stated that the negotiation process has lasted more than 14 years with 18 working sessions. The Minister suggested that both sides need to actively cooperate to complete this process as soon as possible.
Sharing this view, Åsmund Aukrust stated that significant progress had been made after the 18th round of negotiations, and both sides agreed on the goal of completing the talks soon.
In addition to bilateral cooperation, the two ministers also spent time discussing in-depth issues related to multilateral trade. Both sides affirmed the crucial importance of maintaining a rules-based trading system within the framework of the World Trade Organization (WTO), especially in the context of rising protectionism. They agreed to strengthen coordination to promote the WTO reform process, focusing on restoring the functionality of the dispute settlement mechanism and negotiating new rules that are consistent with modern practices; and committed to continuing to support each other in multilateral forums.
Regarding energy cooperation, Acting Minister Le Manh Hung stated that Vietnam has a great need for capital and technology to implement the National Power Development Plan for the period 2021-2030, with a vision to 2050. The projected electricity demand growth is 10-12% per year, requiring an expansion of capacity to over 150 GW by 2030, with an investment capital requirement of approximately US$136 billion. Highly appreciating the experience and capabilities of Norway – a country where over 98% of electricity comes from clean energy – the Acting Minister of Industry and Trade called on Norwegian businesses and investment funds (such as Norfund) to invest in Vietnam in the following areas:
- Renewable energy: Particularly offshore wind and solar power. According to the Power Development Plan VIII, Vietnam aims for 6,000 MW of offshore wind power by 2030 and 17,000 MW by 2035.
- Energy infrastructure and solutions: Investing in battery storage systems (BESS), smart grids, and energy-saving solutions.
- Green Hydrogen: Collaborative production of green hydrogen for heavy industries and export, as well as development of carbon capture and storage (CCUS) technology.
In addition, Acting Minister Le Manh Hung suggested that Norway play a larger role within the JETP framework to mobilize financial resources and encourage EU partners to fulfill their commitments to support Vietnam in achieving carbon neutrality by 2050.
Acting Minister Le Manh Hung presents a commemorative gift to Minister Åsmund Aukrust
Responding to proposals from the Vietnamese side, Minister Åsmund Aukrust acknowledged the significant investment opportunities in Vietnam. Norway, through the Norfund and major corporations such as Equinor, is interested in participating in project development or providing funding for joint ventures in offshore wind power, rooftop solar power for industrial parks, and green hydrogen production projects.
The meeting concluded in a friendly and open atmosphere, promising to open up many new opportunities for cooperation between the business communities of both Norway and Vietnam to develop bilateral trade and, in particular, cooperation in the clean energy sector.
Source: https://moit.gov.vn/tin-tuc/quyen-bo-truong-bo-cong-thuong-lam-viec-voi-bo-truong-phat-trien-quoc-te-na-uy.html
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