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Promoting the Energy-Efficient Investment Market in the Industrial Sector of Vietnam

26/10/2023

On the morning of October 26, 2023, in Hanoi, the Ministry of Industry and Trade (MOIT), in collaboration with the Korean International Cooperation Agency (KOICA), organized a seminar on Promoting the Energy-Efficient Investment Market in the Industrial Sector of Vietnam.

The seminar was attended by Mr. Trinh Quoc Vu, Deputy Director of the Department of Energy Efficiency and Sustainable Development (MOIT), Ms. Yang Seo Hyeon, Deputy Director of KOICA Office in Vietnam, representatives from various Korean agencies and organizations, representatives from the Departments of Industry and Trade and Energy Efficiency Centers of provinces and cities, representatives from industrial enterprises, energy audit organizations, energy-related entities and organizations, commercial banks, as well as numerous press and media agencies covering the event.
The seminar aimed to disseminate the activities, energy audit results, and energy-saving solutions of the project to the industrial business community and society as a whole, with the goal of promoting an efficient energy investment market.
The project "Promoting energy efficiency investment market in the industrial sector and supporting the National Green Growth Action Plan of Vietnam" is funded by the South Korean government through the Korean International Cooperation Agency (KOICA). Under this project, the Ministry of Industry and Trade is responsible for managing and implementing activities related to the efficient and effective use of energy.
The general objective of the project is to contribute to the national goal of reducing energy intensity by improving energy efficiency in the industrial sector of Vietnam. This aims to ensure energy security for economic and social development while also reducing greenhouse gas emissions to address climate change.
In his opening remarks at the seminar, Mr. Trinh Quoc Vu, Deputy Director of the Department of Energy Efficiency and Sustainable Development - the Ministry of Industry and Trade, stated: On March 13, 2019, the Prime Minister issued a Decision approving the National Energy Efficiency Program Phase 3 (VNEEP3) for the period 2019-2030. The program targets to achieve energy savings of 5.0 to 7.0% of the total national energy consumption from 2019 to 2025 and 8 to 10% from 2019 to 2030.
"To achieve these goals, in addition to the efforts of the government, domestic organizations, and individuals, the Vietnamese government has also received support from numerous countries and non-governmental organizations. The project ‘Promoting energy efficiency investment market in the industrial sector and supporting the National Green Growth Action Plan of Vietnam’ is part of the collaboration between the Vietnamese government and the South Korean government, contributing to the objectives of VNEEP3 for the industrial sector and Vietnam's commitment to achieving net-zero emissions by 2050," emphasized Mr. Trinh Quoc Vu.
"In 2023, the project has provided support for energy audits to 10 industrial enterprises operating in energy-intensive sectors such as steel production, paper manufacturing, and electricity production, etc," said Mr. Trinh Quoc Vu, Deputy Director of the Department of Energy Efficiency and Sustainable Development at the Ministry of Industry and Trade.
Ms. Yang Seo Hyeon, Deputy Director of the KOICA Office in Vietnam, stated that KOICA is collaborating with various specialized organizations in South Korea to assist Vietnam in improving its economic, and social development, and quality of life. She mentioned, "We hope that through this seminar, in-depth discussions will take place among various stakeholders, including experts, policy agencies, and industries from both South Korea and Vietnam, with the aim of enhancing energy efficiency in Vietnam's industrial sector."
"KOICA is collaborating with various specialized organizations in South Korea to assist Vietnam in improving its economic, social development, and quality of life" - Ms. Yang Seo Hyeon, Deputy Director of the KOICA Office in Vietnam.
As part of the project in 2023, 10 energy-intensive enterprises were selected to undergo energy audits under the supervision of South Korean energy experts. These enterprises operate in various sectors, including paper manufacturing, steel production, fiber production, and electricity generation. The results of these audits have led to the proposal of dozens of energy-saving solutions for each enterprise. According to calculations, if these recommended energy-saving solutions are implemented, the businesses could potentially save costs amounting to billions of Vietnamese dong annually.
The seminar comprises 6 presentations, focusing on various topics, including an overview of the project, sharing the results of energy audits in industrial enterprises, introducing the Risk Sharing Facility (Vietnam Scaling up Energy Efficiency - VSUEE Project) coordinated by the Saigon - Hanoi Commercial Joint Stock Bank (SHB), presenting various financial resources accessible for energy-saving project investments. Businesses will have an easier time accessing funding sources to effectively implement energy-saving projects.
Delegates taking a commemorative photo at the seminar
At the seminar, delegates also had the opportunity to listen to insights on energy efficiency practices in South Korea as well as financial support resources from South Korean experts.
Thien Duc
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