News

United States starts a $36-million sustainable energy project in Vietnam

Trường Lăng

July 1, 2022

News

United States starts a $36-million sustainable energy project in Vietnam

Trường Lăng

July 1, 2022

solar panels on reservoir

In order to increase private sector involvement in Vietnam’s development of renewable energy, a project supported by a U.S. aid organization has been started in Hanoi.

The U.S. Agency for International Development will pay the $36.25 million cost of the Vietnam Low Emission Energy Program II (V-LEEP II) project, which was announced by Vice President Kamala Harris during her visit to Vietnam in August (USAID).

It is based on the findings of the V-LEEP I, which took place from 2015 to 2020. USAID will collaborate with the Ministry of Industry and Trade (MoIT) on the creation of the Direct Power Purchase Agreement (DPPA) pilot program and the ministry’s eighth national power development plan.

Through the DPPA, businesses in Vietnam can buy electricity directly from private companies that are engaged in the production of renewable energy. V-LEEP Additionally, I collaborated with the private sector to raise more than $311 million for the construction of 300 MW of wind and solar projects.

Through the mobilization of private sector investment, support for project design for developers, and technical assistance for lenders, V-LEEP II will continue to collaborate with the ministry to boost the deployment of clean energy. Through the involvement of the private sector, the new project seeks to enable the commissioning of 2,000 MW of renewable energy between 2020 and 2025.

Through the project, USAID and the government of Vietnam continue their collaboration to better energy planning and operations to improve the performance of the energy sector.

According to a statement from the U.S. Ambassador Marc Knapper, “The V-LEEP II program will be a cornerstone of U.S. support to Vietnam in reaching its climate change goals.”

Vietnam made a commitment to transition to a net-zero emissions economy by 2050 at the COP26 U.N. Climate Change Conference in 2021.

Major declarations and activities on the preservation of forests, the switch to renewable energy sources, community adaption, and methane reduction will also receive support from the nation.

“Statistics from the Ministry of Planning and Investment showed that as of February 20, US investors registered $10.33 billion in Vietnam for nearly 1,150 valid projects. 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 the Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong. Besides, Vietnam is a destination that has been growing in popularity amongst American travelers in recent years and now 2 Vietnamese Airlines have launched new non-Stop flights between U.S. and Vietnam.”

Source: VnExpress

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