Vietnam can attract 10 billion USD/year from green investors

In an interview with VietNamNet, Professor Ha Duong Minh, a French-Vietnamese scientist specializing in environmental and development research, expressed his views on important strategies, policies and initiatives that Vietnam priority should be given to achieving sustainable development while maintaining social welfare and promoting international cooperation.

How do you evaluate Vietnam's role in the global context towards sustainable development?

In my opinion, Vietnam can be considered a model country in terms of socio-economic development and we also qualify to become a typical example in the world of sustainable development.

With its strategic location, vibrant economy and commitment to green growth, Vietnam can be a successful example of both rapid economic development and transition to a low-carbon economy. .

By harnessing abundant renewable energy resources and collaborating with international partners, Vietnam can inspire other developing countries and demonstrate that a green economy is not only possible but also brings prosperity.

With knowledge and experience in sustainable economic development, what strategies do you think are necessary for Vietnam to develop in a rapidly changing context? How can Vietnam take advantage of green finance (investments with a positive impact on the environment – ​​PV) from international investors to develop a green economy and create sustainability?

I think there are 3 main strategies for Vietnam to build a prosperous green economy:

One is to simplify regulations/processes to encourage investment in natural energy sources.

Second is to train human resources with the necessary skills for work in environmentally friendly industries.

Third is to cooperate with other countries to obtain funding, experience and technology for environmental projects.

By creating an attractive environment for green investments, Vietnam can attract much-needed capital – more than $10 billion per year – for clean energy and sustainable infrastructure projects. People often say "Don't wait for opportunities, create them yourself".

What policies and initiatives should Vietnam prioritize to achieve sustainable development without affecting social welfare?

Proper planning to switch to cleaner energy will ensure everyone benefits. There is a saying in Vietnam: "One tree cannot make a mountain, three trees gathered together can make a high mountain." Vietnam should prioritize comprehensive policies that promote both environmental sustainability and equity for relevant communities and industries during the transition process.

For communities in remote areas, connection to the national grid is still an important factor for socio-economic development. However, local clean energy production activities such as small hydropower or solar power are also increasingly cost-effective.

Workers in carbon-intensive industries around the world are proposing programs to support the transition to low-emission industries. The offshore oil and gas industry has a viable development direction in offshore wind power. For the coal power industry, we need more time to convert because the power plants are still quite new.

The social security system needs to be maintained and improved, especially in terms of ability to pay energy costs for poor households.

What specific actions do you recommend for Vietnam to achieve breakthrough success?

Just as Doi Moi reforms helped unleash Vietnam's economic potential, a bold and innovative approach to the energy transition can drive groundbreaking growth. .

In my opinion, Vietnam should focus on implementing energy development planning, quickly deploying projects using renewable energy that have been proven to be feasible such as solar and wind energy, with the goal of installing solar PV systems on more than half of rooftops by 2030. Piloting innovative solutions such as high-capacity battery storage plants and smart grids is critical. Encouraging the development of an ecosystem for cleantech startups and innovation is also essential.

As an expert on energy transition, in your opinion, should Vietnam expect a breakthrough in attracting investment in power source conversion? What does Vietnam need to do to attract investors into the field of renewable power sources?

With reasonable policies, Vietnam has great potential to attract investment in renewable energy. We have abundant solar and offshore wind resources and promising clean energy development goals. Now is the time to "not only speak well but also do well".

The key to attracting investment is minimizing risk, as this directly leads to a lower cost of capital. This should be realized by implementing specific and stable policies. Once the first projects are effective, a series of bankable projects will follow. By demonstrating clear commitment and creating a favorable investment environment, Vietnam can tap into the wave of green capital.

What opportunities do you see for promoting scientific and technical cooperation between Vietnam and France/Europe in the energy sector?

Promising Vietnam-France/Europe clean energy cooperation opportunities include joint research and development (R&D) programs on smart grids, green hydrogen, floating solar power and rooftop solar power in agricultural production. It is also important for organizations such as AFD (French Development Agency) to provide technical support and capacity building to Vietnam's energy sector, through projects and corporate sponsorship.

The Vietnam Energy Partnership Group, which includes European partners, makes a major contribution and is always looking for interesting proposals and qualified experts for sustainable energy transition projects in Vietnam. . Investment cooperation in large-scale renewable energy projects, such as the cooperation between EDF (French Electricity Group) and EVN (Vietnam Electricity Group) in the field of thermal power and renewable energy created in Vietnam, can also accelerate the energy transition. As French poet Victor Hugo said: "Where a great idea meets a great will, nothing is impossible."

In your opinion, how to create favorable conditions for businesses and scientific communities of the two countries to cooperate and share knowledge in the energy field?

I think that to promote Vietnamese-French/European business and scientific cooperation in the energy industry, we need: One is to support human resource exchange and joint innovation centers. Second, unify standards and limit technology transfer barriers. Third is to set incentives for cross-border energy partnerships.

Proactive efforts to connect innovation ecosystems can accelerate knowledge sharing for mutual benefit. We Vietnamese people have a saying: "Vietnamese intelligence can compete with the great powers of the five continents".

How can we inspire Vietnamese and French youth to get involved in the energy sector and drive new breakthroughs?

Young people should be educated enough to promote the breakthroughs needed for a sustainable energy system of the future. Inspiring young people to participate in the energy transition requires increased awareness of the importance of and interest in clean energy careers. The Student Forum on Sustainable Energy in Hanoi in January 1 is an example of this inspiration.

Investing in STEM education and reskilling programs that align with the needs of the clean energy industry is essential because collective enthusiasm has the ability to overcome many challenges and inertia. Creating a forum for young innovators to develop and replicate new ideas, like the New Energy Nexus Vietnam Program in Ho Chi Minh City, is also important.

According to him, how can Vietnam cooperate with international partners to solve the problem of climate change on a global scale and achieve climate goals, helping Vietnam become more than just a "people"? participation" but also a "game changer" in solving the problem of climate change?

Vietnam can be a game changer in climate action by demonstrating the socio-economic benefits of a rapid clean energy transition for developing economies; advocate for more ambitious climate policies and support for vulnerable countries in international forums as well as forge alliances with other global climate leaders to invest together in solutions to adapt and mitigate climate change.

The fact that Vietnam is the third largest solar energy market in the world in 3 is something to celebrate, but also makes us think. By punching above its weight, Vietnam can drive bold global climate action.

Professor, what is your opinion on supporting and training high-quality human resources in the energy industry in Vietnam to meet the country's development needs?

Building a workforce in Vietnam's clean energy sectors is critical to meeting development needs. We need to update curricula and expand energy programs at universities and vocational schools; establish advanced national centers for energy research and innovation, such as starting with offshore wind technology and solar energy storage technology; Developing partnerships in the energy and vocational training sectors to deliver hands-on training courses.

A comprehensive approach to human resource development will ensure Vietnam has enough high-quality workforce to advance its energy ambitions. President Ho Chi Minh once said: “Study to work. Learn to serve the Fatherland, serve the people, make the people rich and the country strong. With that spirit, I personally always look for opportunities for academic collaboration. Please contact me if you need a professor of engineering and economics, an expert on clean energy and sustainable development.