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Time for Australia to invest in Vietnam’s green economy opportunities

Monash University 3 mins read

A new initiative led by Asialink and Climateworks Centre is opening pathways for Australian businesses to tap into 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 Program, supported by the Australian Department of Foreign Affairs and Trade, was recently launched to foster collaboration and development between Australian and Vietnamese government and business in the green economy. 

The program included the release of five briefing papers and associated roundtable discussions and webinars over seven months, providing insights into the opportunities and challenges of realising Vietnam and Australia’s shared ambition to transition to a clean energy economy. The program culminates in a summit in Ho Chi Minh City next April.

The third briefing paper, released this week, was authored by Monash University’s Climateworks Centre. It said the potential to manufacture and export decarbonisation technologies from Vietnam is vast, and Australian business should start to look for opportunities to participate in the era of decarbonisation.

Climateworks Centre CEO Anna Skarbek said an enabling policy environment was critical to fostering the green economy partnership. 

“Our program will inform decision-making and facilitate dialogue that can accelerate the energy transition, mobilise financing, and increase partnership for skills and innovation,” said Ms Skarbek.

Asialink Business CEO Leigh Howard said the Australia-Vietnam Green Economy Program signifies its dedication to sustainable business partnerships, mutual growth, and a shared vision for a greener future. 

“This initiative embodies the spirit of collaboration, bridging two nations with a common goal of sustainability and economic prosperity. It's a testament to what can be achieved by combining our strengths and working towards a better future,” said Mr Howard.

Mr Andrew Goledzinowski, Australian Ambassador to Vietnam, said: “Australia is committed to fostering green economy collaboration with Vietnam”. The Australian Government announced a AUD105 million aid package in June 2023 for sustainable infrastructure planning and private investment in clean energy infrastructure in Vietnam.

As Vietnam seeks to stabilise its energy sector, it is becoming a more attractive destination for investment as it continues to focus on its long-term net zero target. Its 2023 National Electricity Development Plan highlighted the development of electricity sources and the expansion of transmission grids to cater to the nation's growing energy demands. 

The latest briefing paper, The supply chain of decarbonisation technologies in Vietnam, said the global demand for solar, wind, energy storage, semiconductors, and hydrogen is surging, heralding a new era of investment in decarbonisation technologies. 

“The complex supply chain is core to producing clean energy, and is of critical importance in nurturing a green economy, with Vietnam emerging as a leader in the region,” said Climateworks Centre Southeast Asia Lead Trang Nguyen.

“The geopolitical landscape underpins the need for diversification in the supply chains for decarbonisation technologies. Vietnam, with its progressive trade policies and existing manufacturing capabilities, is poised to play a significant role. 

“The potential to export decarbonisation technologies from Vietnam is vast. As Vietnam plans to attract foreign investment, Australian companies have an opportunity to partake in the era of decarbonisation.”

The briefing paper said work on policy adjustments and regulatory measures were making regional investment into Vietnam more attractive. The US$15.5 billion Just Energy Transition Plan outlined the critical role of private investment. 

“Intentional efforts from both local and international investors, such as Australia, along with the private sector's active role in expanding green investments, play an indispensable part in Vietnam's journey towards a green and resilient energy infrastructure,” said Ms Nguyen.

“Expanding cooperation with Vietnam to co-define key areas of low-carbon technology trade and FDI cooperation aligned with priorities of the Australian Government’s trade and development objectives, can set the stage for the development of strategically integrated export promotion strategies at a national level.”

Asialink CEO Martine Letts said: “Southeast Asia's journey to a sustainable future unveils significant collaborative potential for Australia and Vietnam. The Australia-Vietnam Green Economy Program showcases the importance of knowledge-sharing, cultivating relationships, and equipping Australian businesses for these emerging opportunities”.

Asialink authored the first two papers,
Navigating the Australia-Vietnam Green Economy, and Decarbonising Vietnam’s Energy Generation. The full papers can be found here.

Interviews are available:

  • Trang Nguyen, South East Asia Lead, Climateworks Centre

  • Leigh Howard, CEO, Asialink Business

For all media enquiries contact:

Charisse Ede

Climateworks Centre

Charisse.Ede@climateworks.org.au

+61 404 030 698

 

Nicola Gibbs

Asialink Business

n.gibbs@asialinkbusiness.com.au

+61 423 093 235

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