South Korea helps Vietnam push energy-saving investments in industrial sector

South Korea helps Vietnam push energy-saving investments in industrial sector

The Ministry of Industry and Trade, in collaboration with the Ministry of Finance, and the Korea International Cooperation Agency (KOICA) are helping businesses to promote the market for energy-saving and efficient investments in key industrial sectors, such as steel, cement, paper, and textiles.

On September 25, the Ministry of Industry and Trade (MoIT), the Ministry of Finance (MoF), and the KOICA organised a workshop to summarise the market for energy-saving and efficient investments in the industrial sector and supporting the implementation of Vietnam's green growth action plan.

The project was implemented nationally from 2021 to 2025, aiming to contribute to national goals of reducing energy intensity by improving energy efficiency in Vietnam's industrial sector, ensuring energy security for economic and social development, and reducing greenhouse gas (GHG) emissions to address climate change.

The MoIT is the lead agency responsible for implementing components related to energy efficiency in industry, while the MoF oversees components related to green growth.

“After more than three years of implementation, the project has achieved many practical results, contributing to promoting the market for energy-saving solutions in the industrial sector, supporting the goals of the National Green Growth Action Plan, and enhancing the capacity of regulatory agencies, businesses, and financial institutions in accessing, appraising, and implementing energy-saving projects,” said Nguyen Thi Lam Giang, director of the Department of Innovation, Green Transformation, and Industrial Promotion under the MoIT.

Lee Byung Hwa, country director of KOICA in Vietnam, stated, “Through the project, Vietnam and South Korea have closely collaborated to enhance energy efficiency in the industrial sector, establish a foundation for green finance, and lay the groundwork for sustainable development.”

"Specifically, the project has developed and revised energy consumption norms and technical guidelines on energy efficiency for key industries such as steel, cement, paper, and textiles. It has also implemented capacity-building programs with the participation of numerous domestic and international experts, sharing valuable knowledge and experiences from South Korea on energy efficiency and green growth with various stakeholders," he said.

In addition, the project has supported studies for energy-saving investments in businesses, creating a foundation for the outcomes to translate into tangible investments beyond research. Through close coordination with local authorities, it developed input reports for green growth plans in 10 localities, providing recommendations, solutions, and specific tasks to help these localities integrate, refine, and issue their own green growth action plans.

Furthermore, through studies on public investment for climate and green investment guidelines, we have contributed to establishing an institutional framework to encourage financial institutions and private enterprises in Vietnam to participate in green growth projects in the future. Through workshops, training courses, and communication activities, we have helped disseminate knowledge, encourage changes in mindset and actions towards green growth and sustainable development.

“These achievements would not have been possible through the efforts of a single organisation but are the result of strong commitment from the Vietnamese government, active collaboration from domestic businesses and experts, and the dedicated contribution of partner agencies and experts from both Vietnam and South Korea,” said Hwa.

VIR