A group of 14 British firms specializing in renewable energy technology and services arrived in Vietnam to explore cooperation opportunities, including in offshore wind power development, as reported by VOV.
The British firms are looking into opportunities for cooperation and investment in renewable energy, such as offshore wind power, power transmission, and storage.
|14 British businesses in renewable energy technology and services visited Vietnam, promoting collaboration with potential partners. Source: UK’s embassy in Vietnam/FB|
Vietnam is considered a primary destination for British businesses to expand their operations in the Asia-Pacific region, as the renewable energy industry is in its early stages and there is tremendous potential to develop this industry in the country.
Denzel Eades, a representative of the British Business Group in Vietnam, said there is significant room to develop the offshore wind power market in Vietnam, thanks to its favorable geographical position and incentive policies.
British businesses with extensive expertise are eager to contribute to this dynamic market, said Eades.
During their visit, the British businesses attended the Green Economy Forum 2023 hosted by the European Chamber of Commerce in Vietnam (EuroCham) and held direct discussions with project developers, along with the ASEAN Wind Energy Conference and Exhibition 2023, which saw the participation of nearly 30 companies and thousands of attendees over two days.
The UK is the world’s second-largest offshore wind market. Under the British Energy Security Strategy (BESS) unveiled in April 2022, the UK aims to achieve offshore wind capacity of up to 50 gigawatts by 2030.
Meanwhile, Vietnam boasts a coastline of over 3,400 km. The World Bank estimates that Vietnam has a potential wind power capacity of about 475 gigawatts.
Under the National Power Development Plan VIII, Vietnam is accelerating the development of renewables with the goal of renewable energy accounting for 30.9 – 39.3% of total electricity output by 2030 and up to 71.5% by 2050.