Stuart Livesey, EuroCham Board Member and Co-Chair of the Green Growth Sector Committee, represented EuroCham at the Green and Clean Energy Towards Net Zero Forum in Hanoi. This event, hosted by VnEconomy on Wednesday, 10 July, featured Mr. Livesey as a panellist.

In his session, Mr. Livesey brought forward valuable international insights and strategic recommendations tailored to Vietnam’s context. He contributed to the robust discussion on “Breakthrough Factors for Energy Transition in Vietnam,” which was moderated by Nguyen Hoa Cuong, Vice President of the Central Institute for Economic Management (CIEM).

Mr. Livesey highlighted Vietnam’s impressive progress in renewable energy adoption from 2017 to 2022, particularly in solar, wind, and hydro power installations. He underlined the country’s commitment to transitioning away from fossil fuels, driven by international agreements like the Paris Agreement, COP26 net-zero commitments, and the JETP agreement.

He stressed the need for improved access to offtake solutions for consumers. He praised the newly approved DPPA decree for facilitating direct renewable energy supply to consumers and virtual DPPA pathways through the national grid, enabling businesses to reduce their carbon footprint.

To meet growing energy demands and enhance energy security, Mr. Livesey underscored the importance of continued diversification in energy generation and efficient transmission of renewable energy. He noted that the global demand for green energy, coupled with increased FDI in Vietnam and Southeast Asia, necessitates a reliable and abundant supply of renewable sources, along with robust transmission and storage infrastructure. This, he argued, is crucial for attracting and retaining high-tech and skilled investments.

While acknowledging the positive impact of the DPPA decree, Mr. Livesey pointed out that current policies do not comprehensively support all aspects of the energy transition. He noted a lack of specificity in defining responsibilities and timelines for project implementation, which could hinder progress.

Mr. Livesey concluded by calling for a clear, top-down mandate to drive the renewable energy transition in Vietnam. He warned that without sufficient commitment and backing, the country risks reduced foreign direct investment and missed opportunities to become a regional leader in renewable energy.

To watch the panel discussion, click here and skip to 2:22:21.