- U.S partners with Vietnam to build urban energy security
- Vietnam, India boost cooperation in energy security
- ASEAN states pledge intensified cooperation in energy security
The event was co-organized by the Viet Nam Chamber of Commerce and Industry and the American Chamber of Commerce (AmCham Viet Nam) on the occasion of the 25th founding anniversary of the Viet Nam-U.S. diplomatic ties.
The Forum offered an opportunity for exchanging measures to promote investment and business, contributing to boosting bilateral trade and investment ties amid complicated and prolonged evolution of the COVID-19 pandemic.
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| The Indo-Pacific Business Forum being held in Hanoi on October 28. |
Deputy Prime Minister, Foreign Minister Pham Binh Minh made the above statement, highlighted that the Asia-Pacific region is home to more than half of the world’s 20 largest economies and is forecast to account for 70% of the global GDP by 2050.
The region is also the driver for global economic growth and linkages, and home to several sea lanes critical for trade and communication. Cooperation between the US and the region takes place across numerous areas, including digital economy, technology, energy and infrastructure are extremely promising and they are also the topics of our discussion today.
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| Deputy Prime Minister, Foreign Minister Pham Binh Minh. |
In pursuit of extensive and comprehensive international integration, Viet Nam has been an active player at international and regional forums for the shared stability and prosperity of the region and the world, said Deputy PM Minh.
Regarding Viet Nam-U.S. relations, Viet Nam attaches importance to the role of the U.S. in the regional economic development, Deputy PM Minh said, suggesting the U.S. continue promoting cooperation and investment with the region as well as actively participating in ASEAN cooperation and connectivity initiatives, heading to build an integrated and high-competitive economic community.
Meanwhile, the United States Agency for International Development (USAID) Vietnam Mission Director Ann Marie Yastishock announced the launch of the Vietnam Low Emission Energy Program II (V-LEEP II).
This five-year, $36 million program will accelerate Vietnam’s transition to a clean, secure, and market-driven energy system.
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| USAID facilitates private sector investment in solar energy in Vietnam. (Photo: USAID) |
For the past four years, the USAID Vietnam Low Emission Energy Program (V-LEEP) has worked with the Government of Vietnam to develop a Direct Power Purchase Agreement pilot program which will allow businesses to purchase clean power directly from solar and wind generators. It has also supported the Ministry of Industry and Trade to develop Vietnam’s Power Development Plan #8, which is expected to incorporate advanced energy solutions, more diversified sources of renewable energy, and a higher grid penetration to deliver this clean energy.
In addition, V-LEEP has worked with government regulators, banks, investors, and private sector developers to facilitate solar investments, resulting in solar energy now making up more than 10 percent of the country’s total generation capacity.
“As USAID V-LEEP comes to a close early next year, USAID/Vietnam remains committed to strengthening partnerships and developing innovative solutions for a clean, affordable energy future for Vietnam, by continuing our support through V-LEEP II,” said Mission Director Yastishock.
USAID V-LEEP II will focus on improving government energy planning practices; increasing competition and private sector involvement in energy service provision; deployment of advanced, clean energy systems; and improving grid planning to incorporate clean energy transmission. It will also help Vietnam attract qualified investors for advanced energy projects and advise private firms to develop high quality and bankable projects.
