WB-funded project helps VN renewable energy development

01:05 | 24/06/2018

The Renewable Energy Development Project (REDP) worth US$204 million has helped Vietnamese enterprises develop renewable energy projects and state agencies improve policies and overcome difficulties in mobilizing funds for renewable energy development.

wb funded project helps vn renewable energy development
WB-funded project helps VN renewable energy development

The assessment was made at a conference to review the implementation of the project during 2009-2018 held by the Ministry of Industry and Trade (MoIT) in Hanoi on Thursday.

Marcel Raymond from the Swiss Embassy in Vietnam said that Vietnam holds great potential in renewable energy. With technical assistance and low costs from the REDP, the country can compete well in renewable energy development.

REDP has helped businesses to successfully invest in 19 small hydropower projects with total capacity of 320MW and combined electricity output of nearly 1.3 billion kWh annually, thus contributing to ensuring power supply during peak hours and for far-flung areas, he added.

Deputy Head of the MoIT’s Electricity and Renewable Energy Agency Nguyen Van Thanh said with its large population, current economic scale and an annual growth of around 7%, Vietnam has huge demand for energy and electricity. From an energy exporter, Vietnam has become an energy importer and more reliant on coal and liquidified gas imports. Therefore, developing renewable energy in Viet Nam is essential to diversify supplies and protect the environment. The project is significant for the community and has provided all-round assistance for the Vietnamese government in policy-making and investment attraction.

A report summarising the implementation of the project showed that the project has helped several State agencies complete policies and institutions on renewable energy development and on how to use foreign aid in conformity with Vietnam’s situation.

In addition, it has contributed to building a database on wind measuring and wind power development.

With its current economic scale and annual economic growth of around 7%, Vietnam has huge demand for energy and electricity.

Therefore, developing renewable energy in Vietnam is essential to diversify primary energy supplies and protect the environment.

REDP is sponsored by the WB and the Swiss State Secretariat for Economic Affairs with official development assistance (ODA) worth US$204 million.

It aims to develop renewal energies to connect with the national grid in order to serve sustainable development.

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