The Renewable Energy Sector in ASEAN Attracts Italian Businesses

The discussion forum on renewable energy and sustainable development in ASEAN was held on Oct. 20 by the Embassy of Vietnam in Italy and the Italian nonprofit organization Festival Della Diplomazia. At the event, Trade Counselor at the Embassy of Vietnam in Italy Nguyen Duc Thanh stressed that Italian businesses have great potential to realize cooperation opportunities with Vietnam in the renewable energy sector.
October 21, 2021 | 21:57

On Oct. 20, the Embassy of Vietnam in Italy held the discussion forum “Renewable energy and sustainable development in ASEAN,” in cooperation with Festival Della Diplomazia, an Italian nonprofit legal body that gathers academics, journalists and experts in economics and international relations.

The event was attended by Ambassador of Vietnam to Italy Nguyen Thi Bich Hue, Festival Della Diplomazia Honorary President Aurelio Regina and General Secretary Giorgio Bartolomucci, Trade Counselor at the Embassy of Vietnam in Italy Nguyen Duc Thanh, representatives of the embassies of other ASEAN countries and many European businesses.

In her opening speech, Ambassador Bich Hue affirmed that renewable energy was a priority for many countries, as it contributed to realizing sustainable development goals and reducing climate change at the global level.

She added that Italy had been showing its increasingly important role via the initiatives it put forward during its term assuming the Presidency of the intergovernmental group of 20 major developed and emerging economies (G20) and co-host of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26).

The Renewable Energy Sector in ASEAN Attracts Italian Businesses
Vice President of the Italy-ASEAN Association Romeo Orlandi (right) and Trade Counselor at the Embassy of Vietnam in Italy Nguyen Duc Thanh facilitating the forum. Photo: Vietnam News Agency

Renewable energy is receiving significant investment from countries in the Association of Southeast Asian Nations (ASEAN), especially in the recovery period post-Covid 19.

In Vietnam, the government considers responding to climate change a top priority. This is shown in its commitment to realizing the goal of increasing the proportion of energy supply taken from renewable energy to 30% by 2030 and 40% in 2045.

The renewable energy market in Vietnam has been attracting foreign investment as the demand for low-carbon electricity sources has been on the rise. In the first three months of 2021, this sector attracted 160 projects with a registered capital of US$ 33.56 million.

The Renewable Energy Sector in ASEAN Attracts Italian Businesses
Ambassador of Vietnam to Italy Nguyen Thi Bich Hue (left) and Festival Della Diplomazia General Secretary Giorgio Bartolomucci (middle) attending the discussion forum “Renewable energy and sustainable development in ASEAN.” Photo: Vietnam News Agency

This backdrop will present favorable conditions for businesses from Italy and ASEAN to strengthen cooperation in renewable energy development, through which the Italy – ASEAN relationship can be deepened.

Expressing his viewpoints on sustainable development issues, Vice President of Italy – ASEAN Association Romeo Orlandi warned that some countries and regions in the world remained willing to exchange environmental protection for economic development. This would cause serious immediate and long-term consequences, he added.

Orlandi believed that this situation must be remedied as soon as possible and that investment in developing renewable energy was a practical solution that conformed to the aforementioned goal.

At the event, Trade Counselor at the Embassy of Vietnam in Italy Nguyen Duc Thanh presented an overview of Vietnam’s accomplishments and energy policy strategies.

Upon discussing Vietnam’s prioritization of renewable energy development, Thanh underlined that the business community in Italy had great potential and strengths to realize cooperation and investment opportunities in Vietnam in this field.

Representatives of Italian and other European businesses appreciated the information being updated throughout the discussion forum and shared the achievements made in major cooperation projects with Vietnam.

The participating businesses expressed their interest and hope to continue expanding cooperation and investment in renewable energy and sustainable development in Vietnam and other ASEAN countries.

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