Hanoi (VNA) – Many Vietnamesebusinesses have benefited from a Republic of Korea (RoK)-funded project onpromoting energy efficiency investment in the industrial sector and supportingthe implementation of the green growth action plan in Vietnam (EE&GG),heard a seminar held in Hanoi on December 12.

The EE&GG project, funded by theRoK Government via the Korea International Cooperation Agency (KOICA), is partof the cooperation between the two governments to help Vietnamachieve sustainable development.

Implemented from 2021 to 2025 at atotal cost of 6.4 million USD, it focuses on promoting the development of anenergy efficient investment market for the industrial sector to seek potentialprojects and financial sources. The project also provides technical guidance on greengrowth for some sectors and areas, according to the Ministry of Industry and Trade(MoIT).

Trinh Quoc Vu, Deputy Director of theMoIT’s Energy Efficiency and Sustainable Development Department, said that in2023, the project chose 10 energy-intensive businesses to conduct audits on andproposed energy saving solutions for them.

Many of them have benefited from thisproject, including Duyen Hai Thermal Power Company, Vietnam - Italy Steel JointStock Company, Viet Tri Paper Joint Stock Company, Huong Sen Yarn Co. Ltd, andTon Dong A Corporation, he added.

Director of KOICA Vietnam Office Lee ByungHwa said if the intensity of electricity and energy use is not reduced, it willbe hard for the country to reach the target of net zero emissions by 2050. Thoughthe national targets and policies on energy efficiency have been issued, energyconsumption in key sectors is still high, so there remains much room for promotingenergy saving practices.

In the coming time, KOICA willcontinue supporting and cooperating with Vietnam in various areas, includingthis project, to assist local firms to cut energy use, he went on.

At the seminar, experts held that onthe path to a green economy, the attraction of resources is of criticalimportance as it will affect implementation methods. Therefore, it is necessaryto secure coordination among central and local agencies, all economic elements,between state agencies and stakeholders in society, and especially assistancefrom the international community and financial institutions.

LeViet Anh, Director of the Department of Science, Education, Natural Resourcesand Environment under the Ministry of Planning and Investment, noted Vietnam hasrecorded progress in the mobilisation of financial resources for green growth. Resourcesfrom state-owned and private businesses are making up an increasing proportionin green investment, particularly in the fields of energy and environment.

However,Anh admitted, despite strong growth and encouraging strides, the green economyof Vietnam is still at the initial stage, and numerous difficulties andchallenges remain. Given this, stronger cooperation and efforts by the politicalsystem, especially localities, are needed to promote the implementation of thegreen growth strategy./.