Energy sector

Speaking at the Vietnam Circular Economy Forum 2022 last week in Hanoi, Caitlin Wiesen, resident representative of the United Nations Development Programme (UNDP) in Vietnam, suggested that the country needs to further promote renewable energy production. “We know that the cost of renewable energy has dropped dramatically, by 89 per cent over the past 10 years, and solar is currently the cheapest source of electricity,” she explained. In just five years, Vietnam has scaled up its solar capacity from virtually zero to over 16,000MW by 2022, far exceeding national targets, Wiesen added. “Vietnam also has rich wind power potential, especially offshore wind, with more than 3,200km of coastline,” she said. Meanwhile, over the past decades, the energy sector has been a fundamental enabler of inclusive economic development in Vietnam. The sector is well-positioned to lead the green growth ambitions of the country, Wiesen said, and can catalyse new investments, create new jobs, and … [Read more...] about Grand energy aims require direction

Vietnam's economy is predicted to grow by 6.9% this year, according to the latest Vietnam At A Glance report by HSBC. (Photo: VNA) HCM City (VNA) – HSBC has raised its forecast for Vietnam’s economic growth this year to 6.9%, from the previous prediction of 6.6%, which is possibly the fastest pace in the region. In the Vietnam At A Glance report in July, HSBC Global Research noted that decreasing risks posed by the Omicron variant and eased restrictions have paved the way for Vietnam to return to the normality. Thanks to widespread recovery, the country recorded an impressive GDP growth rate of 7.7% in the second quarter compared to the same period last year. The service sector, which has suffered from severe economic impacts, have bounced back strongly while manufacturing has continued growing and exports hit historic highs. However, the growth forecast for 2023 was revised down to 6.3% from 6.7% due to growing risks, especially in the energy sector, according to the … [Read more...] about HSBC upgrades Vietnam’s growth forecast to 6.9%

Chairman of the British Chamber of Commerce Vietnam Kenneth Atkinson. The trade and investment relationship between Viet Nam and the UK has grown significantly a year after the UK-Viet Nam Free Trade Agreement (UKVFTA) came into effect. Viet Nam News spoke to Chairman of the British Chamber of Commerce Vietnam Kenneth Atkinson about the effectiveness of the trade deal as well as opportunities for further cooperation between the two countries. How do you assess improvements in trade and investment between Viet Nam and the UK a year after implementing the UKVFTA? The UK-Viet Nam FTA came into effect on May 1, 2021 but with retroactive benefits starting January 1, 2021. This was one of the speediest negotiations of any FTA, in large part due to the strong strategic partnership established by the Governments of Viet Nam and UK. The Strategic Partnership has been in place for 10 years and is stated as being at its strongest ever. The UK is the European country that has maintained … [Read more...] about Trade, investment between Viet Nam and UK expand steadily in all sectors