Vietnam has the chance to embrace a strong wave of renewable energy trading. The world needs $4 trillion USD p...
Vietnam has the chance to embrace a strong wave of renewable energy trading. The world needs $4 trillion USD per year to invest in renewable energy. Enhancing the transfer of green energy technology.
On February 22, 2024, the Ministry of Industry and Trade held a conference, both in-person and online, with localities to deploy Vietnam's hydrogen energy development strategy until 2030, with a vision to 2050 (Hydrogen Energy Strategy), which was approved by the Prime Minister in Decision No. 165/QD-TTg dated February 7, 2024.
According to Vietnam's hydrogen energy development strategy approved by the Prime Minister in early February, this energy ecosystem is based on renewable electricity, including production, storage, transportation, distribution, domestic use, and export. Green hydrogen is seen as the "key" to helping Vietnam achieve net-zero emissions by 2050.
At the conference, there was a concentrated expression of the necessity and importance of hydrogen energy in Vietnam's goal of transitioning to green energy, aiming to achieve net-zero carbon emissions by 2050. Conference attendees also highly appreciated the determination and efforts of the Ministry of Industry and Trade in quickly developing and presenting the hydrogen energy strategy to the Prime Minister for approval, as well as drafting and issuing the implementation plan and organizing the conference to announce the strategy and implementation plan just 15 days after the Prime Minister's approval of the hydrogen strategy.
Business representatives believe that with the advantage of a long coastline combined with sun and wind, Vietnam can become a center for green hydrogen production in Asia.
Currently, the cost of producing green hydrogen is about $2.5-6 per kg, compared to $1-2 per kg for traditional hydrogen. This price difference also poses challenges to the electricity industry's conversion process.
"Vietnam Electricity Group (EVN) is developing a roadmap and solutions for energy conversion. In particular, EVN's coal-fired power plants will switch to using hydrogen-blended fuel. However, due to the high cost, EVN representatives propose that the Government support hydrogen power projects to ensure competitiveness with other low-cost electricity sources," said Mr. Ngo Son Hai, Deputy General Director of EVN.
The Prime Minister-approved hydrogen energy strategy has opened up new development opportunities for Vietnam's energy sector towards green, clean, and sustainable development, in line with the global development trend.
The goal set in the hydrogen energy strategy is to develop Vietnam's hydrogen energy ecosystem based on renewable energy, including production, storage, transportation, distribution, domestic use, and export, with modern and synchronized infrastructure to contribute to ensuring energy security, implementing national climate change goals, achieving green growth, and achieving net-zero emissions by 2050 according to Vietnam's commitments and roadmap for sustainable energy transition.
The leaders of the Ministry of Industry and Trade requested relevant units within the Ministry and related sectors to amend and propose appropriate regulations in response to new development situations. To effectively implement the hydrogen energy strategy, at the conference, Minister of Industry and Trade Nguyen Hong Dien proposed that ministries, sectors, and localities focus on organizing and implementing the tasks assigned by the Prime Minister in Decision No. 165/QD-TTg.
Via VTV