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.
Climateworks is an organization created through a partnership between Monash University, the Australian government, and the Myer Foundation, while Asialink was established in 1989 as a joint initiative of the Australian government’s Commission for the Future and the Myer Foundation.
The Australia-Vietnam Green Economy Program, supported by the Australian Department of Foreign Affairs and Trade, was launched in early October to foster collaboration and development between the Australian and Vietnamese governments and businesses in the green economy.
The program includes the release of five briefing papers, along with a series of roundtable discussions and webinars over seven months to provide insights into the opportunities and challenges of realizing the shared ambition of Vietnam and Australia toward the shift to a clean energy economy.
The program is set to culminate with a summit in Ho Chi Minh City next April.
The third briefing paper, which was released this week, shows that the potential to manufacture and export decarbonization technologies from Vietnam is vast.
Therefore, Australian companies should start to look for opportunities to participate in the era of decarbonization.
Leigh Howard, CEO of Asialink Business, unit of Asialink, said that 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 toward a better future,” Howard said.
“Australia is committed to fostering green economy collaboration with Vietnam,” said Andrew Goledzinowski, Australian Ambassador to Vietnam.
The Australian government announced an AUD$105 million (US$68.9 million) aid package in June 2023 for sustainable infrastructure planning and private investment in clean energy infrastructure in Vietnam.
Vietnam 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 highlights 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 Decarbonization Technologies in Vietnam,’ says the global demand for solar, wind, energy storage, semiconductors, and hydrogen is surging, heralding a new era of investment in decarbonization 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,” says Climateworks Centre Southeast Asia lead Trang Nguyen.
The briefing paper says work on policy adjustments and regulatory measures are making regional investment into Vietnam more attractive. The $15.5 billion Just Energy Transition Plan outlines the critical role of private investment.
“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,” said Asialink CEO Martine Letts.