Australia urged to invest in Vietnam’s green economy

A new initiative led by AsiaLink and the ClimateWorks Center opens pathways to harness green economy investment and trade opportunities in Vietnam, including renewable energy resources and sustainable development to support net-zero emissions. The Australia-Vietnam Green Economy Project, supported by the Australian Department of Foreign Affairs and Trade, was recently launched to foster cooperation and development between Australian and Vietnamese government and business in the green economy. It published five briefing papers and related roundtable discussions and webinars over seven months, providing insights into the opportunities and challenges for Vietnam and Australia to realize their shared ambition to transition to a clean energy economy. The program culminates in a summit in Ho Chi Minh City next April. A third briefing paper published this week was written by Monash University’s Center for Climate Studies. It said the potential to manufacture and export decarbonisation technologies from Vietnam is huge and Australian business should start looking for opportunities to participate in the decarbonisation era. ClimateWorks Center CEO Anna Skarbek says the policy environment is critical to fostering green economy partnerships. „Our program will inform decision-making and facilitate dialogue that can accelerate the energy transition, mobilize funding and increase partnerships for skills and innovation,” said Ms Skarbek. Asialink Business CEO Leigh Howard said the Australia-Vietnam Green Economy Initiative represents a commitment to sustainable business partnership, mutual growth and a shared vision for a greener future. „This initiative embodies a spirit of cooperation, connecting both countries with a common goal of sustainability and economic prosperity. It is a testament to what we can achieve when we combine our strengths and work towards a better future,” said Mr Howard. Australian Ambassador to Vietnam Mr Andrew Kolecinski said: „Australia is committed to developing green economy cooperation with Vietnam”. The Australian government has announced an AUD105 million aid package in June 2023 for sustainable infrastructure planning and private investment in clean energy infrastructure in Vietnam. As Vietnam seeks to stabilize its energy sector, it is becoming a more attractive destination for investment as it continues to focus on its long-term net zero goal. Its 2023 National Electricity Development Plan highlighted development of electricity sources and expansion of transmission grids to meet the country’s growing energy needs. A recent explanatory article, Supply Chain of Decarbonization Technologies in Vietnam, global demand for solar, wind, energy storage, semiconductors, and hydrogen is increasing, signaling a new era of investment in decarbonization technologies. „The complex supply chain is critical to producing clean energy, and is critical to developing a green economy, with Vietnam leading the way in the region,” said Trần Nguyen, ClimateWorks Center for Southeast Asia Lead. „The geopolitical landscape underscores the need for diversification in supply chains for decarbonization technologies. Vietnam, with its progressive trade policies and existing manufacturing capabilities, is poised to play a significant role. As Vietnam plans to attract foreign investment, Australian companies have an opportunity to participate in the decarbonization era.” Work on policy adjustments and regulatory measures makes regional investment in Vietnam more attractive. The US$15.5 billion Just Energy Transition Plan outlined the key role of private investment. „The proactive efforts of local and international investors such as Australia, along with the active role of the private sector in expanding green investments, play an essential role in Vietnam’s journey towards a green and resilient energy infrastructure.” Ms Nguyen said. „Expanding cooperation with Vietnam to co-define key areas of low-carbon technology trade and FDI cooperation aligned with the priorities of the Australian government’s trade and development objectives can set the stage for developing strategically integrated export promotion strategies at a national level.” Asialink CEO Martine Letts said: „The journey to Southeast Asia’s sustainable future demonstrates significant joint potential for Australia and Vietnam. The Australia-Vietnam Green Economy Project demonstrates the importance of knowledge-sharing, building relationships and equipping Australian businesses for these emerging opportunities”. Asialink wrote the first two articles, The Australia-Vietnam Green Economy, and Decarbonizing Vietnam’s Energy Production. View full documentation Here. Interviews are available at:

• Trang Nguyen, Southeast Asia Front, Center for Climate Research

• Leigh Howard, CEO, Asialink Business

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