Singaporean Consul General in Ho Chi Minh City Roy Kho has urged Vietnamese businesses to invest in Singapore’s solar energy sector as the city-state will start boosting its solar power capacity in 2020.

Singapore wants to raise its solar power capacity to 1GW, Consul General Kho said at a ceremony marking the upcoming 54th Singaporean National Day (August 9) in Ho Chi Minh City on Friday.

According to the diplomat, Singapore is the first Southeast Asian nation to put a tax on carbon emissions in 2019, thus the country is seeking ways to enrich its clean energy resources.

The city-state currently has 10 power plants fueled by natural oil and gas, and four garbage-fueled factories.

In late 2018, the country began installing floating solar panels in the Straits of Johor, which are capable of supplying electricity to 1,250 four-bedroom apartments.

Such an initiative helps save the country’s land fund and utilizes what its geographical features have to offer.

Singapore is now planning to establish the world’s largest floating solar panel system, Consul General Kho underscored, adding that the effort will start in 2020.

The Singaporean government will spend SG$1 billion (US$726 million) from taxes collected over the next five years supporting projects that help reduce the volume of emissions released into the environment.

This is perfect time for Vietnamese businesses to consider investing in Singapore, especially the country’s solar power sector, Kho said at the ceremony.

During his speech at the event, Le Thanh Liem, vice-chairman of the Ho Chi Minh City People’s Committee, believed that the relationship between the Vietnamese metropolis and Singapore will flourish in the future, thanks to the efforts of Consul General Kho.

As of June, Singapore was the third-largest foreign investor in Vietnam with nearly 2,300 projects in 48 Vietnamese provinces and cities, of which more than 1,100 are located in Ho Chi Minh City, Liem stated.

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