HCM CITY — There are plenty of opportunities for Việt Nam and South Korea to collaborate in the power sector, including renewables, a forum heard in HCM City yesterday.

Võ Tân Thành, director of the Việt Nam Chamber of Commerce and Industry’s HCM City branch, said: “In the context of fossil energy sources like coal and oil and gas increasingly depleting, Việt Nam is focused on developing renewable energy sources.”

It has also “put in place policies to encourage investment in clean energy,” he told the Korea-Việt Nam Power and Renewable Energy Forum.

Việt Nam has great potential in renewables, but investment in them remains modest, he said.

Kim Seoung Su, Korea Energy Agency’s department manager, said many countries have increased production of renewable energy to reduce carbon emissions.

South Korea has implemented programmes for the development of renewable energy, he said, adding that green energy accounted for more than 7 per cent of the country’s electricity output in 2016.

The Việt Nam Energy Association (VEA) said energy demand in Việt Nam had been surging year after year.

Hydropower and thermal power remain the main options, accounting for 33.6 per cent and 59.7 per cent of the country’s total electricity output in 2015, while renewable energy accounted for 5.1 per cent.

Nguyễn Văn Vy, VEA deputy chairman, said Việt Nam’s Renewable Energy Development Strategy expects renewables (including hydropower) to account for 32 per cent of total power generation in 2030 and 43 per cent in 2050, when carbon emissions would be cut by 45 per cent.

He also spoke about incentives offered to encourage investment in renewables (wind, solar, and biomass) and renewable energy projects included in the Government’s zoning plans.

The power sector will continue to upgrade electricity networks to ease the overload and adopt smart grid technologies to serve consumers better.

South Korea was one of the pioneers in developing smart grids that help cut energy losses among others.

With its technological prowess South Korea could help Việt Nam develop its electricity sector, according to the Korea Electric Power Corporation.

In recent years many Korean firms have entered Việt Nam’s electricity market in many forms, including by investing in power plants and producing and supplying electrical equipment.

Enhancing international co-operation for developing renewables is one of the important measures for helping Việt Nam achieve its renewable energy development targets, delegates said.

South Korean Minister of Trade, Industry and Energy Paik Ungyu said that on the same day he met his Vietnamese counterpart, Trần Tuấn Anh, to discuss co-operation based on mutual benefit.

“We will enhance co-operation in the energy sector, renewable energy and smart grid.

“In addition, to help develop Việt Nam’s electricity industry, we will promote human resource training programmes and step up technology transfer.”

The forum enabled businesses from the two countries to exchange information and seek closer co-operation, he said.

Việt Nam is South Korea’s fourth largest trade partner while South Korea is Việt Nam’s largest foreign investor and second largest trade partner. — VNS