Vietnam interested in US investment in renewable energy

Energy is among potential fields for investment cooperation between Vietnamese and US firms, with Prime Minister Pham Minh Chinh announcing that Vietnam gives high priority to sustainable energy development to maintain national energy security and reduce greenhouse gas emissions, according to chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong.

At a recent Vietnam-US Business Summit in Hanoi, the VCCI leader said the chamber has introduced its Green Index initiative with support from the US Agency for International Development (USAID), aiming to promote environmental institutional reform and sustainable investment activities.

Cong said he believes that Vietnamese and US enterprises have good chances for successful cooperation in liquefied natural gas, and clean and renewable energy and contribute to the countries’ trade growth and energy security, a news agency reported.

Vietnam has set a target of making renewable electricity account for 45 per cent of the national power generation capacity by 2030, reflecting its orientation towards renewable energy.

The implementation of the power source and grid development programme will cost an estimated $14 billion, and therefore, Vietnam needs the participation of businesses, especially those from the United States, in resources and technology sharing.