At the "From 'Brown' to 'Green' - Innovating in Transition" session held at the ACCA Asia-Pacific Forum by the Association of Chartered Certified Accountants (ACCA) on May 28 in Hanoi Jonathan Back, CFO of Ayala Energy, expressed an optimistic outlook for the renewable energy sector in Vietnam.

"Since we entered this market six years ago, the Vietnamese government has implemented numerous favourable policies for the development of renewable energy," Back said. "With a strategy to reduce dependence on fossil fuel power plants and promote renewable energy, the Vietnamese government has introduced incentive policies for renewable energy project developers, including the highly regarded feed-in-tariff mechanism."

The presence of seven renewable energy plants in Vietnam serves as clear evidence of Ayala Energy's confidence in Vietnam's clean energy goals.

"The countries where we operate are places where our group believes there are many favourable factors for renewable energy. I am very optimistic about the future of the renewable energy sector in Vietnam," Back added.

Nguyen Hoa Cuong, deputy director of the Central Institute for Economic Management under the Ministry of Planning and Investment, gave an example of Quang Ninh province as an example of the green transition.

"Quang Ninh is a northern province with distinct advantages in coal production and coal-fired power plants. However, in the past five years, it has also been a leader in business environment rankings, competitiveness, and digital economic development indices," he said. "The story of Quang Ninh is a microcosm of the broader changes occurring across Vietnam. This demonstrates that we have undergone a transformation, where economic development no longer relies primarily on natural resources but on high-tech industries, green energy, and a commitment to sustainable development."

Additionally, Cuong highlighted the long-term national strategy for comprehensive green development issued by the government.

"Vietnam made a historic commitment at COP26 with the strong goal of achieving net-zero emissions. Accordingly, Vietnam has initiatives to mobilise the strength of the entire society to build a green economy, supported by the concerted efforts of the government, localities, the domestic business community, and foreign direct investment," he said.