Vietnam and Australia have agreed to collaborate on climate and energy development to boost sustainability in both nations.
At the Australia-Vietnam Green Economy Summit in Ho Chi Min City, Vietnam, on Tuesday, representatives from both nations spoke of the benefits of cooperating to further green energy policy and development. The collaboration will include the exchange of knowledge between nations, as well as facilitating potential new trade agreements and connecting businesses from the two countries.
Notably, the Australian Energy Regulator is sharing Australia’s knowledge of creating clean energy regulations with the Energy Regulatory Authority of Vietnam in order to help Vietnam forge a strong policy base in clean energy.
Australia has also committed A$105m ($67.46m) to support development and private investment in sustainable infrastructure planning in Vietnam, with a focus on increased clean energy uptake.
Jenny McAllister, Australia’s Assistant Minister for Climate Change and Energy, said: “Cooperation is the key to unlocking economic opportunities for Australia and Vietnam as our countries and international partners undergo a clean energy transformation.”
Last month, Australia and Vietnam’s official relationship was upgraded to a Comprehensive Strategic Partnership (CSP), with this formal agreement adding a specific focus on “Strengthening Climate, Environment and Energy Cooperation”.
Vietnam has become an attractive destination for sustainability investment as the country looks to expand and diversify its renewable energy capacity to meet net-zero targets. In March 2024, Dutch company Fugro extended a memorandum of understanding with Vietnam by two years in order to continue developing offshore wind farms in Vietnamese waters, with a Fugro representative stating that “Vietnam holds tremendous potential for offshore wind power”.
