The Future of Electricity - Vietnam (FE-V) initiative was launched in Hanoi on June 5 to help deepen links between energy and climate institutions of Vietnam and Australia, and focus on enhancing knowledge and efficiency in electricity generation, fuels, grids, markets and consumption.
The initiative, launched by the Australian Government with support from the Vietnamese Party Central Committee's Economic Commission, follows the recent Vietnam visit by Australia's Prime Minister Anthony Albanese, targeting energy transition in both Australia and Vietnam.
FE-V is a bridging step for Australia to build a longer term and trusted collaboration in the energy sector in the coming years. PM Albanese announced in Hanoi on June 4 a AUD105 million package to support Vietnam's sustainable economic growth, in which energy transition is a key area.
Addressing the inaugural FE-V policy dialogue, Australian Ambassador to Vietnam Andrew Goledzinowski, noted that both Australia and Vietnam share challenges and aspirations for sustainable, secure and fair electricity services as a foundation for prosperity and economic growth.
We're both hungry to accelerate energy transition - Australia aims to have more than 80% of its power through renewables by 2030 and we're investing heavily to upgrade our grids and better coordinate market reforms across our jurisdictions, he said.
Meanwhile Vietnam has greenified its Power Development Plan VIII (PDP VIII) in line with COP26 commitments and is making it easier for the international community to support its transition.
Like Australia, Vietnam has ambitious plans to reduce reliance on coal, with PDP VIII aiming to phase out coal-fired electricity generation by 2050 and turn to wind and solar energy.
Goledzinowski said Australia is on the same journey and has much to share with Vietnam which aims to generate 75% renewables and storage by 2050.
In the last quarter of 2022, renewables reached a record high share of Australia's total electricity generation, providing more than 40% of the electricity in the nation's main grid, he said, adding Australia stands ready to help Vietnam rapidly unlock its vast wind and solar potential.
The policy dialogue will be followed by a roundtable slated for June 6 where Australian and Vietnamese government agencies and research institutions will discuss transforming power systems, electricity markets, and how the private sector and state-owned enterprises can better support Vietnam's energy transition.
FE-V is led by the Australian Government and the Vietnamese Party Central Committee's Economic Commission. It is implemented through Australia's Partnerships for Infrastructure program, AMPERES, the Australian National University and the Commonwealth Scientific & Industrial Research Organisation. - VOV