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PIC Market update – 15 May 2023

PIC tracks the latest developments in Vietnam's power sector providing insight and analysis on the market and policy.

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Vietnam's green economy attracts USD9bn in Investment

Investment in Vietnam's green economy has reached approximately USD 9 billion, accounting for 2 percent of the nation's GDP. This positive trend shows a 10 to 13 percent increase in investment inflows for green growth over the past two years. This significant investment reflects the proactive efforts of domestic and foreign businesses, including FDI enterprises, in driving sustainable production and consumption patterns to achieve green growth goals. Source

AMI AC Renewables and Honeywell partner to develop BESS pilot project in Vietnam

AMI AC Renewables, through its subsidiary AMI Khanh Hoa, and Honeywell signed a memorandum of understanding (MOU) on 9 may 2023 to develop a pilot project for a battery energy storage system in Vietnam. The project entails the installation of a Honeywell Battery Energy Storage System (BESS) at the 50MWp AMI Khanh Hoa solar power plant located in Khanh Hoa province. Supported by a USD 3 million grant from the U.S. Mission, this initiative aims to demonstrate the role of energy storage systems in facilitating the integration of renewable energy into Vietnam's national energy grid, while also advancing climate change mitigation goals. Source Source

BYD to establish electric vehicle production base in Vietnam

Chinese electric vehicle manufacturer BYD plans to establish a production base for electric cars and parts in Phu Tho Province, Vietnam, to serve the domestic and Southeast Asian markets. Chairman Wang Chuanfu expressed BYD's commitment to investing in manufacturing and assembly using advanced technologies during a meeting with Vietnamese Deputy Prime Minister Tran Hong Ha. BYD aims to create an ecosystem for electric car production and has requested favorable conditions from the Vietnamese government to accelerate the investment process. Source

Vietnam aims for green growth and economic balance

Vietnam aims to achieve a balance between economic growth and greenhouse gas emission reduction through its green growth strategy. The goal is for the green economy to contribute USD 300 billion to Vietnam's GDP by 2050. Vietnam’s Minister of Planning and Investment Mr. Nguyen Chi Dung emphasized the growing importance of green growth in addressing global challenges. Green growth is seen as an opportunity to achieve economic prosperity, environmental sustainability, social justice, and fulfill the commitment of achieving net-zero emissions by 2050. Source

Vietnam and Luxembourg partner for green finance and investment

Vietnam and Luxembourg have established a strategic partnership framework for green finance, focusing on training, capacity building, technology transfer, and financial support for agriculture, climate change, and sustainable development. Vietnamese Prime Minister Mr. Pham Minh Chinh has encouraged Luxembourg enterprises to invest in finance, banking, logistics, and energy transition sectors in Vietnam, while also requesting continued official development assistance from Luxembourg. Source

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