The Republic of Korea (RoK)’s Consulate General recently revealed the country’s businesses plan to invest more in Vietnam, especially in the manufacturing of electronic equipment and developing smart grid networks.

Koreans firms are particularly interested in creation of energy-saving products
and generation of solar and wind energy. (Ilustrative image. Source: VNA)

While analysing the potential to develop electronic equipment, smart grids and clean energy, RoK Consul General Lim Jae-Hoon said Vietnam’s annual electricity consumption increases by about 10 percent.

Vietnam needs to increase electricity generation by 2.5 times in 2015-2030 to meet local demand, he said, suggesting the Vietnamese Government be more proactive in attracting investment to ensure sufficient supply of electricity.

According to the official, the RoK has built a smart grid network which is operating effectively.

Korean businesses plan to invest in electricity in Vietnam, he said, adding that more than 150 Korean enterprises arrived in Vietnam’s southern economic hub of Ho Chi Minh City in July this year to explore investment opportunities.

Deputy Director of HCM City Department of Industry and Trade Nguyen Phuong Dong said Korean enterprises are particularly interested in smart grid solutions in combination with 5G, creation of energy-saving products and generation of solar and wind energy.

They also held the Korea Smart Electric and Energy Week (KOSEF) 2019 to create opportunities for businesses to connect and promote investment cooperation in energy production in Vietnam, he added.

Also in July, more than 300 businesses from Germany, France, the US, Sweden, Poland, Japan, China, Taiwan and Hong Kong came to study investment, promote trade and expand markets in Vietnam.

The national programme on using energy in economical and efficient manner in 2019-2030 has been creating an attractive investment environment for the field.

According to the National Load Dispatch Centre (NLDC), as of May 20, the national electricity system reached a maximum capacity of 36,885MW, a year-on-year rise of 12.2 percent.

The country’s electricity output also hit a record of 785.92 million kWh, up 15 percent against the same period last year.

National commercial electricity output is forecast to reach 211.95 billion kWh in 2019.

This means Vietnam is facing major challenges in ensuring enough electricity.

It requires Vietnam to take measures to save energy and develop renewable energy resources, contributing to developing green economy, reducing greenhouse gas emissions, and improving national energy security.