UK firms look to tap Vietnam energy transition opportunities

A UK Energy Mission of 14 firms arrived in Vietnam Friday, seeking cooperation opportunities arising from the country’s energy transition process.

The British Embassy said in statement that the renewable energy industry in Vietnam has been undergoing many positive developments, creating considerable potential for international trade cooperation.

To tap this potential, the UK Energy Mission, comprising technology solutions and service providers with practical experience and extensive professional knowledge, has chosen Vietnam as a priority destination to expand operations in the Asia-Pacific region.

The mission, focused on renewable energy areas including offshore wind power, transmission and storage, attended the ASEAN Wind Energy Conference held in Hanoi Friday. The two-day event has gathered nearly 30 participating companies and thousands of attendees.

At the conference, the British Ambassador to Vietnam, Iain Frew, emphasized his government's commitment to becoming Vietnam's energy transition partner through bilateral and multilateral initiatives. He noted that the Just Energy Transition Partnership Program (JETP) was expected to coordinate $15.5 billion to realize the green transition process in Vietnam.

Ambassador Frew also mentioned the UK's success in the renewable energy sector, with installed offshore wind energy capacity reaching 13.7 GW. Therefore, he said, he was confident the visiting mission can make effective contributions to the development of renewable energy in Vietnam.

The mission also attended the Green Economy Forum organized by EuroCham and held direct discussions with project developers on opportunities and challenges.

Denzel Eades, representative of the British Business Association in Vietnam, said that the UK believed in the potential of the offshore wind power market in Vietnam and recent policies to promote its development. The UK businesses, with extensive expertise, look forward to contributing to this vibrant market, he added.

Trade between Vietnam and the UK reached $6.8 billion in 2022, up 3.3% year-on-year, according to a report by Vietnam's Ministry of Industry and Trade.