Vietnam, looking north at China’s mistakes on its march to economic supremacy, is trying to balance environmental and business interests by positioning itself as a destination for clean energy investors. So far, US-based First Solar is investing $1 billion and creating 600 jobs, IC Energy has committed $390 million, and German Roth&Rau $14 million in solar factories in Vietnam.
Wind power projects include GE’s $200 million wind power plant in Bac Lieu Province, and Germany’s EAB plant in Tra Vinh Province — both in the Mekong Delta. And Germany is putting one-third of its official development assistance capital into Vietnam’s energy sector and climate change.
The World Bank says Vietnam has great wind power potential — while the country’s electricity consumption is forecast to increase much faster than its projected output.
Foreign investors focused on clean energy include Indochina Capital, which plans to mobilize $200 million for wind, solar, small hydropower plants and energy saving projects.; Dragon Capital, which has a $45 million recycling and clean water fund; and IFC and Norwegian SN Power that are focusing on recycling.
More on Vietnam’s clean energy ambitions