The General Secretary suggested that the US Energy Group increased investment in Vietnam

At the leader of the American Pacifico Energy Group on the afternoon of March 14, General Secretary To Lam said that Vietnam continued to commit to achieving the net emission goal of “0” in 2050. Along with that, Vietnam needs a stable power source, especially clean electricity to achieve high growth targets in the coming period.

The General Secretary asked PE Group to expand cooperation and business investment in Vietnam, including new energy conversion projects. He also suggested that this group increased cooperation with Vietnamese businesses, technology transfer, support and share experiences for domestic partners to improve the capacity, level of wind energy development and renewable.

According to the General Secretary, the Government of Vietnam and the ministries have actively completed the legal framework so that energy corporations have the basis for investing in Vietnam. This will contribute to meeting the growth needs of Vietnam and Southeast Asia.

In response, Mr. Nate Franklin, founder and President of PE, affirmed that Vietnam has great potential to develop offshore wind power. PE pledged to continue investing in wind power and renewable energy in Vietnam. This is to contribute to promoting the rapid and sustainable economic growth of Vietnam and the development of Vietnam -US relations, according to PE President.

Mr. Nate Franklin sees the success of PE projects in Vietnam as the most specific evidence for the comprehensive strategic partnership of Vietnam – USA. “This will be the foundation to attract more American businesses to invest in Vietnam,” he said.

PE is developing renewable energy projects and fossil fuels in the US. This group operates throughout the Asia -Pacific region, including Vietnam, Japan and Korea. They are also the largest solar power developer in Japan.

In Vietnam, PE is one of the leading renewable energy investors in the market. This enterprise has a 40 MW solar power project in Binh Thuan operating in 2019. PE is developing a 30 MW wind power project in Ben Tre, expected to operate in 2025. Currently, they have a plan to survey the investment of offshore wind power project in Binh Thuan and study a number of other fields.

The World Bank (WB) has evaluated Vietnam’s offshore wind potential of about 600 GW. In terms of prospects, this energy source can provide 12% of the total national electricity production in 2035.

According to the VIII power plan, the offshore wind power is about 6,000 MW by 2030, but so far no project has decided to policy and deliver investment. But over the past time, many foreign investors in the field of renewable electricity offered to implement the offshore wind power project in Vietnam.

For example, in the meeting with General Secretary To Lam in Singapore recently, Mr. Tow Heng Tan, Chairman of Sembcorp Group proposed the two governments to consider and develop training and cooperation programs in the field of offshore wind power. Another foreign investor, CIP Group (Germany), signed a cooperation with Vietnam Energy Industry Group (PVN) to study the development of offshore wind power project in Vietnam.

Vietnam – USA established diplomatic relations since 1995, upgraded to a comprehensive strategic partner in September 2023. Over the past twenty years, the US is the largest export market in Vietnam and Vietnam to become the 7th largest trading partner of this country. Last year, the trade turnover of the two countries was nearly US $ 150 billion, of which Vietnam exported to the US 137 billion USD (up 19% over the same period of 2023).

By the end of 2024, US direct investment in Vietnam was estimated at $ 11.94 billion with over 1,400 projects, standing 11 in countries and territories with foreign investment in Vietnam. Most of the country’s large corporations have been present and invested effectively in Vietnam.

The General Secretary affirmed that the US was one of Vietnam’s leading economic partners. According to him, the comprehensive strategic partnership of Vietnam – USA is creating a new space and opportunities for American businesses to invest and do business in Vietnam.

Along with that, Vietnam aims to become a developing country, with a modern industry, high average income in 2030 and developed countries, high income in 2045. The operator also continues to create favorable conditions, including institutional reform, so that domestic and foreign investors will effectively do business in Vietnam.