He made the statement during the Vietnam – RoK Electricity and Renewable Energy Forum co-organised by the Korea Trade-Investment Promotion Agency and the Ho Chi Minh City chapter of the Vietnam Chamber of Commerce and Industry (VCCI) on February 2nd.
Paik said Vietnam and the RoK are looking towards sustainable development goals via reducing green house gas emission, adaptation to climate change and environment protection.
Phu Lac wind power plant in Binh Thuan (Source: VNA)
The RoK will actively invest in power production and renewable energy development in Vietnam, he said, adding that the country will also assist Vietnam in personnel training and technological transfer in the field.
A representative from the Korea Electric Power Corporation (KEPCO) said the RoK is strong in smart grid which could integrate with solar and wind power or power generators to ensure stable supply and minimise power wastage.
The Korean side expressed wish to learn about Vietnam’s power and renewable energy development strategy and master plan to form effective partnership in the near future.
VCCI Vice Chairman Vo Tan Thanh said under the power development master plan till 2020 with a vision to 2030, Vietnam will develop power generation from renewable sources and scale down hydropower.
The country will also build and upgrade power transmission and distribution systems to deal with overload as well as use smart transmission system, he said.
To achieve the above targets, the Vietnamese government has offered preferential loans, reduced export-import and corporate income tax, waived land use fees, and funded scientific research on energy. Vietnam will also extend international collaboration to develop domestic electrical equipment manufacturing.
Vice Chairman of the Vietnam Energy Association Nguyen Van Vy said the RoK has invested in a number of power projects in Vietnam such as wind power plants in the southern provinces of Ben Tre and Tra Vinh, and solar power plants in Binh Thuan and Quang Binh.
As home to nearly 59 wind power plants, more than 100 solar power and other biomass energy projects, Vietnam targets raising renewable energy to 32 percent by 2030 and 43 percent by 2050./.