Vietnam and Germany Establish Joint Declaration for Energy Partnership

Vietnam and Germany have taken a significant step towards a sustainable future by signing a joint declaration for an energy partnership. The declaration, signed by Vietnamese Deputy Minister of Industry and Trade Nguyen Hoang Long and Parliamentary State Secretary at the German Ministry for Economic Affairs and Energy Stefan Rouenhoff, aims to accelerate Vietnam's energy transition, targeting carbon neutrality, enhanced energy security, and expanded business ties. The partnership will focus on refining energy policies, scaling up renewable energy, digitalising the power sector, and modernising power grids. The two nations have expressed optimism about the growing momentum in bilateral trade, industry, and energy relations, particularly as both nations are pursuing green transition.

Key Takeaways:

• The joint declaration establishes a comprehensive framework to accelerate Vietnam's energy transition, targeting carbon neutrality, enhanced energy security, and expanded business ties.
• Key priorities include refining energy policies, scaling up renewable energy such as offshore wind, solar power, and green hydrogen, digitalising the power sector, improving energy efficiency, modernising power grids, and supporting decarbonisation in industries resistant to emissions cuts.
• Vietnam's energy goals under its National Power Development Plan VIII aim for renewable sources to constitute 47-53% of total energy capacity by 2030.
• The partnership will operate through annual high-level steering committee meetings, technical working groups, and expanded efforts in training, research, and business networking.
• Vietnam wishes for deeper cooperation with Germany in green hydrogen, workforce training, and building a robust energy ecosystem involving small and medium-sized enterprises.
• Germany's commitment to effective implementation of the EU-Vietnam Free Trade Agreement and support for expediting the EU-Vietnam Investment Protection Agreement were reaffirmed.

Statistics:

• Vietnam aims for renewable sources to constitute 47-53% of total energy capacity by 2030.
• The country plans to generate 46-73 gigawatts of solar power and 32-55 gigawatts of wind power, with 6 gigawatts of offshore wind by 2030 and an additional 17 gigawatts by 2035.
• The partnership will focus on scaling up green hydrogen development, workforce training, and building a robust energy ecosystem involving small and medium-sized enterprises.

Sources:

• Vietnam News Agency
• Vietnam Ministry of Industry and Trade
• German Agency for Development Cooperation
• Vietnamese Ministry of Industry and Trade
• Enertrag
• Enercon
• RENAC
• Neuman & Esser
• GEO
• WPD