17:00 05/06/2023

Australia & Vietnam powering on together with clean energy transition

Phuong Hoa

The Future of Electricity - Vietnam (FE-V) initiative was officially launched on May 5.

The launch of the new initiative.
The launch of the new initiative.

The Future of Electricity - Vietnam (FE-V) initiative was officially launched by the Australian Government with support from the Party Central Committee's Economic Commission on May 5.

FE-V will deepen links between both countries’ energy and climate institutions and focus on enhancing knowledge and efficiency in electricity generation, fuels, grids, markets, and consumption. The launch follows a successful visit to Vietnam by Australian Prime Minister Anthony Albanese, in which Australia and Vietnam’s energy transition featured prominently.

The brightest energy transition brains in Australia and Vietnam are putting their heads together under a new knowledge sharing partnership to enhance green energy production, secure energy supplies, and meet net-zero emissions by 2050.

FE-V is a bridging step for Australia to build a longer term and trusted collaboration in the energy sector in the coming years. During his visit from June 3-4, Prime Minister Albanese announced a package of A$105 million ($69.2 million) to support Vietnam’s sustainable economic growth, in which energy transition is a key area.

Opening the inaugural FE-V policy dialogue, Australian Ambassador to Vietnam, H.E. Andrew Goledzinowski, welcomed the cooperation. “Australia and Vietnam share challenges and aspirations for sustainable, secure, and fair electricity services as a foundation for prosperity and economic growth,” the Ambassador said.

“We are both hungry to accelerate energy transition. Australia aims to have more than 80 per cent of its power through renewables by 2030 and we are investing heavily to upgrade our grids and better coordinate market reforms across our jurisdictions. Meanwhile, Vietnam has greenified its Power Development Plan 8 (PDP8) in line with its COP26 commitments and is making it easier for the international community to support its transition.”

Like Australia, Vietnam has ambitious plans to reduce its reliance on coal, with PDP8 aiming to phase out coal-fired electricity generation by 2050 and turn to wind and solar energy.

Ambassador Goledzinowski said Australia is on the same journey and has much to share with Vietnam.

“In the fourth quarter of 2022, renewables reached a record high share of Australia’s total electricity generation, providing more than 40 per cent of the electricity in the nation’s main grid,” he said. “Vietnam’s PDP8 is aiming for 75 per cent renewables and storage by 2050, and Australia stands ready to help Vietnam rapidly unlock its vast wind and solar potential.”