Norwegian-Vietnamese business cooperation is an important direction

On September 13, in Ho Chi Minh City, the Norwegian Embassy in Vietnam, the Embassy's Trade Office Innovation Norway, the Norwegian Energy Association (NORWEP), in coordination with the Department of Oil, Gas and Coal, Ministry of Industry and Trade, organized the Seminar "Energy Transition: Norwegian-Vietnamese Business Cooperation".

Chuyển đổi năng lượng: Hợp tác Doanh nghiệp Na Uy - Việt Nam

Seminar “Energy Transition: Norwegian-Vietnamese Business Cooperation” in Ho Chi Minh City. (Photo: KT)

The event was attended by Deputy Ambassador of Norway, Ms. Mette Møglestue; Director of LNG, Hydrogen & CCUS of NORWEP, Mr. Eirik Melaaen; Deputy Director of the Department of Oil, Gas and Coal, Ministry of Industry and Trade, Ms. Ngo Thuy Quynh, along with more than 70 representatives from domestic and foreign energy companies, and other key units in the energy sector in Southern Vietnam.

The seminar is a forum for stakeholders in the energy sector to update on Vietnam's energy transition roadmap according to the Power Development Plan 8 (PDP8) recently approved by Prime Minister Pham Minh Chinh.

The participation and cooperation of the private sector is crucial to implement PDP8 and realize Vietnam’s goals of transitioning from fossil fuels to clean and renewable energy sources. The event is also an opportunity for Norwegian energy companies to showcase their expertise and competitive advantages, especially technology, in various areas such as offshore wind power, clean hydrogen, carbon capture and storage and liquefied natural gas (LNG).

In her opening remarks, Norwegian Deputy Ambassador Mette Møglestue said: “Despite the differences in history and current socio-economic situations, Norway and Vietnam share the same determination to become low-emission countries by 2050. In 2020, Norway was one of the first countries to submit enhanced emission reduction targets under the Paris Agreement.”

Norway has raised its ambition even higher by setting a new target of reducing emissions by at least 55% by 2030, according to Mette Møglestue. The energy transition is inevitable and we must now work towards it. Building new industries on top of existing ones, such as offshore wind, CCS, hydrogen, aquaculture and seabed mining, will certainly provide both countries with new ways to achieve the above-mentioned goals. This is also an opportunity for businesses from both countries to cooperate and contribute to the joint efforts.

Vietnam recently adopted the Power Development Plan 8 or PDP8 and the National Energy Master Plan (NEMP) for the period 2021-2030. These ambitious plans set out a roadmap for the development of the country’s energy infrastructure and aim to mobilize international support resources to help Vietnam achieve its goal of net zero emissions by 2050.

Now, the people and especially investors in the energy sector, international businesses operating in Vietnam, as well as Vietnam's development partners are closely following the implementation of these plans.

“The private sector has played, and will continue to play, a key role in the country’s energy transition efforts, with its innovation, planning and investment plans. We are inspired and encouraged by the private sector’s strong interest in finding more sustainable business models,” said Møglestue.

Norway is not only a pioneer in offshore wind power with the world's largest floating offshore wind farm at Hywind Tampen. As a resource-rich country, Norway is also at the forefront of developing many clean energy technologies.

With limited energy resources, Norway needs to ensure that these resources are used wisely and managed sustainably. Last April, the Norwegian government announced a supplementary strategy for energy policy.

“The Norwegian government wants to lay the foundations for an energy policy that can ensure clean and affordable energy sources, continue stable oil and gas production, and support the development of new and green industries such as offshore wind, hydrogen and carbon capture and storage,” said Norwegian Minister of Petroleum and Energy Terje Aasland.

Many Norwegian companies are leading the way with innovations in new technologies to decarbonize industries and promote energy efficiency, including LNG and hydrogen solutions, or carbon capture, utilization and storage (CCUS).

This roundtable was attended by 15 Norwegian companies, including Equinor, DNV, Kongsberg Maritime, Fearnley LNG, Econnect Energy, SINTEF Energy/SINTEF Community – Infrastructure, NOV, Sperton, Øglænd, Slåttland, VARD, Carbon Circle, Eagle Technology, Mainstream and Scatec.

While some companies have been operating in Vietnam for many years, such as Equinor, Mainstream, VARD and Scatec, others have just made the long journey from Norway to Vietnam to meet and discuss cooperation opportunities with local partners in their future projects.

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