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International Cooperation

Firms back investment in renewable energy

26/10/2011

Vietnamese enterprises support the Government’s move to invest in renewable and alternative energy and they accept high energy costs in the short-term to lessen the nation’s dependence on mineral oil and its aim to have a long-term stable price.

Vietnamese enterprises support the Government’s move to invest in renewable and alternative energy and they accept high energy costs in the short-term to lessen the nation’s dependence on mineral oil and its aim to have a long-term stable price.

The findings were announced by audit company Grant Thornton in the latest international business report after conducting a survey in May in which enterprises were asked two questions on how they will support the Government in investing in renewable energy and finding an alternative source of energy; and if they would accept short-term energy cost increases for more stable prices in the long term.

For the first question, 50% of a total of 154 Vietnamese companies backed the Government, which is higher than the average rate of 44% of global enterprises.

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Those participating countries from the Association of Southeast Asian Nations (ASEAN) such as Malaysia, Thailand, Singapore and the Philippines as well as other countries in the Asia-Pacific region also shared the same viewpoint with respective rates of 61% and 52%.

Similarly, for the second question, 68 out of 100 Vietnamese firms accepted high energy costs for a more stable price level, which accounted for a rate of 68% and put Vietnam second after the Philippines with 82%.

Meanwhile, 60% of enterprises in North America and 53% in the G7 group of developed nations said yes to both questions compared to just 35% in the group of emerging countries such as Brazil, Russia, India and China (BRIC).

“At this time, when the global recovery still remains faint, it is encouraging that enterprises support investment in renewable energy projects. The findings were considered as a reminder to governments and international organizations that the economic dependence on mineral oil should be taken into consideration,” said Ken Atkinson, Chief Executive Officer of Grant Thornton Vietnam.

The international business reports are Grant Thornton’s regular surveys with the aim of revealing the global enterprises’ stance and wishes for the business environment.
The renewable energy source survey was participated by 2,697 enterprises operating in the fields of production, retail, service and construction and belonging to 39 economies in Asia-Pacific, North America, Latin America and European Union.

By LM

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