Plethora of advantages for Norway-Vietnam partnership

Plethora of advantages for Norway-Vietnam partnership

Norway has advantages in innovative and sustainable solutions in areas such as renewable energy, shipbuilding, and the circular economy. Norwegian Ambassador to Vietnam Hilde Solbakken outlined to VIR’s Nguyen Thu the opportunities for cooperation between the two countries and suggestions to draw in more investors.

Norway is a long-standing shipping country and leading the greening trend in the global maritime sector. What are the opportunities for cooperation between the two countries in this field?

Norwegian Ambassador to Vietnam Hilde Solbakken

The Norwegian maritime cluster is considered one of the most comprehensive in the world, encompassing relevant stakeholders such as shipping lines, brokerage companies, insurance and financial services, shipyards, marine equipment manufacturers, non-governmental organisations, and lots more.

The country is also internationally renowned for its expertise and sustainable maritime solutions, and the entire maritime cluster system is working hard to reduce the industry’s carbon footprint. Vietnam and Norway are both members of the International Maritime Organization, and green maritime will soon open up opportunities for both countries and companies to work together and thus create jobs for local communities along our coasts.

We’ve seen so far very strong cooperation between Norway in the renewable energy sector, in solar and wind, and hopefully offshore wind in the future. We also see a lot of cooperation in relating to the circular economy. For example, about one-fifth of greenhouse gas emissions come from the cement industry, but recycling tech and equipment are being put in place, with alternatives to coal as a fuel being utilised. We also see a lot of cooperation in sustainable agriculture and, in the past year, we’ve seen increasing interest from drug companies.

There is also strong cooperation in renewable energy, including solar and wind, and in sustainable agriculture. Norway is leading in marine spatial planning to balance environmental and industrial needs.

With all this, a collaborative approach involving government, industry, and research communities is emphasised for effective policymaking and action. Predictable regulatory frameworks are crucial for investment in renewable energy and grid integration, with a focus on domestic and international collaboration.

What can Vietnam learn from Norway about clean energy development models, especially offshore wind power and shipbuilding technology?

There’s a lot to gain from sharing experiences on specific technical solutions, for example, permanent models for how work can be carried out. Norway has been sharing experiences about supporting the development of marine spatial planning frameworks.

The bigger picture is pushing our green development, which takes a whole-of-government approach. So all ministries will be working together on strategies on how to take this forward.

Seeing different sectors work together, and adding to that very close collaboration between government, industry itself, and research communities, means you have a chance to continually upgrade knowledge for government to set the right policies for industries.

How should Vietnam reform its investment environment to engage and retain investors from Norway?

Vietnam’s remarkable success in development began with the economic reforms of the 1980s. Opening up to international trade and foreign investment, and encouraging the movement of capital and expertise from abroad, has brought many positive results.

The country has been very proactive in learning and researching global best practices to effectively apply domestically. Perhaps, the formula for upcoming reforms will be a new version of those iconic reforms, to continue to promote the factors that have created success so far. Investors want a favourable investment environment with a clear legal framework, which can help them make the necessary predictions.

In the energy sector, for example, we see that Vietnam’s legal framework has gradually improved. However, investors are still looking forward to more feasible regulations, such as mechanisms for connecting renewable energy to the national grid, or pricing mechanisms. We hope that these regulations will be issued soon. In addition, measures to ensure investment safety and legal protection for foreign investors are also significant.

Along with that is the need to simplify administrative procedures in establishing and operating businesses. Last but not least, the level and skills of the workforce are important. These are important contents that determine the attractiveness of the investment environment.

VIR