How would you describe the current global hydrogen market, and what opportunities do you see for Vietnam and China in the context of hydrogen and LNG development?

First of all, let me brief the global hydrogen industrial market situation, it is experiencing significant growth driven by the push for cleaner energy sources and decarbonization efforts. Let us review the whole picture by regional summary: Asia: Leading the market, especially countries like China, Japan, South Korea; Heavy investments in green hydrogen projects, fueled by government policies and the adoption of hydrogen in industrial processes, transportation, and power generation. Rapid technological advancements and cost reductions in renewable energy are bolstering hydrogen production.

Europe: Focused on green hydrogen, with strong policies and funding under the European Green Deal and Hydrogen Strategy. Major projects involving offshore wind, electrolysis, and infrastructure development. Collaborations between industries and governments to attain net-zero emissions by 2050.

Mr. Andy Lei

United States: Growing market with increasing investments from government and private sectors. Focus on blue hydrogen as part of decarbonization in industries like refining, chemicals, and transportation. Significant R&D initiatives and infrastructure development to expand hydrogen utilization. But after Donald Trump came back to the White House, the green hydrogen journey is quite postponed.

China sees hydrogen as a critical tool to achieve its carbon neutrality goals by decarbonizing heavy industries like steel and coal chemicals, enabling grid flexibility, and supporting the transportation sector with fuel cell vehicles. While China leads in overall hydrogen production, its major opportunity lies in shifting to green hydrogen from its vast renewable energy resources. For LNG, opportunities stem from its role in supplying clean energy and diversifying supplies, though China is also increasing domestic production and pipeline imports, particularly from oversea suppliers, which may shift its LNG import strategy.

Vietnam has launched a national hydrogen strategy last year aiming to become a producer of both green hydrogen (from renewables) and blue hydrogen (from natural gas with carbon capture) and clean hydrogen from other sources. With its ample wind and solar resources, Vietnam is positioned to become a significant supplier of green hydrogen to its neighboring markets, including China. China can leverage its market leadership in hydrogen to become a global leader in developing and deploying low-carbon hydrogen technologies with Vietnam as strong partner in ASEAN.

As the world restructures supply chains towards sustainability and emission reduction, how do you assess Vietnam’s strategic role in attracting green FDI from China and East Asia? Can Vietnam become a key “hub” in the regional green supply chain?

The answer is Definitely; There is no boult that Vietnam become a key “hub” in the regional green supply chain; Green FDI focuses on environmental protection and resource efficiency, and Vietnam is doing and attracting investment in renewable energy, sustainable infrastructure, and clean technology sectors, with China being a key partner and investor in these areas, particularly in infrastructure and high-tech fields. The prospects for Vietnam-China cooperation in green FDI are strong, driven by shared interests in Vietnam's green transformation, China's strong position as a major investor, and Vietnam's supportive policies and participation in trade agreements like RCEP. Both countries aim to deepen collaboration in technology transfer and smart governance to foster sustainable economic growth in the region; Vietnam can become a key ‘hub’ in the regional green supply chain. The Government of Vietnam is very innovative and dynamic and making quick decisions that really support investors.

Hydrogen and LNG are considered energy bridges in the transition toward Net Zero. In your view, what new cooperation models (in technology, finance, and markets) could Vietnam and China establish to build a joint Hydrogen & LNG value chain that is competitive regionally and globally?

First of all, Vietnam and China need strong support for both sides, Technology partnerships for green hydrogen and LNG infrastructure, joint financing models for projects and R&D, and market integration strategies for a stable regional energy market. Specific models could include joint R&D centers, shared infrastructure investment, blended finance, and establishing joint venture frameworks for production and export. It is a good timing to leverage China's advanced clean energy technology and Vietnam's strategic “hub” location and renewable potential.

There are three Financing solutions can be considered:

The first one is to create blended finance models combining public and private funds, potentially through a dedicated Vietnam-China green energy fund, to de-risk large-scale infrastructure projects and encourage investment. The second solution is to develop joint green bonds to finance clean energy projects, and leverage Vietnam's nascent carbon market to attract international finance and commercialize credits. The third is to facilitate the creation of joint ventures for hydrogen and LNG projects, where Chinese enterprises provide funding and technology and Vietnamese companies offer strategic insight and access to the Vietnamese market.

Many businesses are concerned about policy, infrastructure, and international standards barriers when implementing green energy projects in Vietnam. Based on China’s experience, what solutions would you suggest for Vietnam to attract green FDI more effectively, while ensuring balanced benefits for both investors and the economy?

Vietnam has a unique opportunity to leverage China's experience with FDI to develop a more effective approach to attracting green investment while ensuring balanced benefits for both investors and the national economy. By implementing these strategic solutions, Vietnam can accelerate its transition to a sustainable, high-value economy that achieves its climate goals while maintaining competitive growth. The key factors will be policy consistency, strategic integration across government departments, continuous capacity building, and adaptive learning from international best practices. Vietnam should particularly stress on: Firstly, establishing a coherent regulatory framework with clear ESG standards and renewable energy policies; secondly to develop targeted incentives that reward sustainable investment and positive developmental impacts; the third is to Invest in workforce skills and technology absorption capacity to maximize spillover effects; Building collaborative partnerships between government, investors, and communities

With these strategic priorities, Vietnam can become a leader in sustainable manufacturing and green technology adoption in ASEAN, attracting quality FDI that drives both economic development and environmental progress. As the global economy continues its green transition, Vietnam's success in positioning itself as an attractive destination for sustainable investment will be crucial for long-term competitiveness and prosperity.

From a long-term perspective, how do you evaluate the potential for Vietnamese enterprises to join global supply chains in renewable energy, Hydrogen & LNG? What steps are needed for Vietnamese and Chinese companies not only to cooperate bilaterally but also to jointly expand into third markets in the region and worldwide?

It is quite sure that Vietnamese enterprises have significant potential to join global renewable energy, hydrogen, and LNG supply chains, but realizing this potential requires strategic focus and coordinated effort between government and private sector. The domestic market scale, driven by PDP8 targets and increasing energy demand (projected 12-13% growth by 2025), provides a foundation for developing capabilities that can later be deployed globally.

The most promising near-term opportunities exist in renewable energy component manufacturing and project development services, where Vietnamese enterprises already have some experience and domestic demand is strong. Medium-term opportunities include LNG infrastructure services and hydrogen production equipment, while longer-term possibilities exist in advanced energy technology development and integrated energy solutions for export markets.

To successfully integrate into global energy supply chains, Vietnamese enterprises should focus on developing specialized niches rather than attempting to compete across entire value chains. Partnerships with China or any international companies—whether through joint ventures, technology licensing, or supplier relationships—will be essential for accelerating learning curves and accessing global markets. Simultaneously, the government must continue policy reforms to create a stable, predictable investment environment and implement targeted support measures to build domestic capacity in these strategic energy sectors.

With the right strategies and policies, Vietnamese enterprises can progressively move from supplying basic components and services to capturing higher value-added segments of global renewable energy, hydrogen, and LNG supply chains, contributing to both economic development and climate goals. And we, Vietnam ASEAN Hydrogen Club could be a good bridge to connect, advise and develop hydrogen, LNG projects at different scales.

Thank you very much!