Sector experts have recently highlighted how, in the field of clean energy, Vietnam’s current situation resembles the one the United Kingdom in the first decade of the 21st century, opening up opportunities for collaboration among the two countries.
Experts highlighted that Vietnam has the biggest potential in Asia for offshore wind power, already attracting several multinational power businesses from the UK and throughout the world. Vietnam could further benefit from collaborating with the UK in relation to the establishment a system of industries and supporting industries for the renewable energy sector, as well as preparing for the upcoming energy transition. Crucially, as large-scale wind and solar power farms are built in Vietnam, the country is in need of modernizing its power transmission networks and installing additional energy storage systems.
With the UK being a leader in renewable energy, Vietnam can benefit from its experience, and it has been indicated as of particular interest the fact that the UK has used the Contract-for-Difference (CfD) mechanism to assist firms in developing wind generation projects over in the last ten years.
Moreover, Vietnam can collaborate with the UK on personnel training as the UK has world-class universities in the field of clean energy. The European country is also an excellent partner to assist Vietnam in supplementing and progressively shifting available human resources in the power and oil and gas industries to offshore wind power.