Norwegian companies are keen on participating in project development or providing capital for joint ventures in offshore wind power, rooftop solar for industrial parks, and green hydrogen production projects in Vietnam.

According to the Ministry of Industry and Trade, on the afternoon of February 10 in Hanoi, Acting Minister of Industry and Trade Le Manh Hung held a working session with Mr. Åsmund Aukrust, Norway’s Minister of International Development.

During the meeting, Acting Minister Le Manh Hung emphasized that the trade potential between Vietnam and Norway, as well as the EFTA bloc (including Switzerland, Norway, Iceland, and Liechtenstein), remains vast; however, the current scale has yet to match the needs of both sides.

Regarding energy cooperation, Acting Minister Le Manh Hung stated that Vietnam has a significant demand for capital and technology to implement the National Power Development Plan for the 2021–2030 period, with a vision toward 2050. Electricity demand is projected to grow by 10–12% annually, necessitating an expansion of capacity to over 150 GW by 2030, with an estimated investment requirement of approximately USD 136 billion. Highly valuing the experience and capabilities of Norway—a nation where over 98% of electricity comes from clean energy—the Acting Minister called on Norwegian enterprises and investment funds (such as Norfund) to invest in Vietnam in the following areas:

• Renewable Energy: Particularly offshore wind and solar power. According to Power Development Plan VIII, Vietnam aims to develop 6,000 MW of offshore wind power by 2030 and 17,000 MW by 2035.
• Infrastructure and Energy Solutions: Investment in Battery Energy Storage Systems (BESS), smart grids, and energy efficiency solutions.
• Green Hydrogen: Cooperation in green hydrogen production for heavy industries and export, as well as the development of Carbon Capture, Utilization, and Storage (CCUS) technologies.

Furthermore, Mr. Le Manh Hung proposed that Norway play a larger role within the JETP framework to mobilize financial resources and encourage EU partners to fulfill their commitments in supporting Vietnam’s goal of achieving carbon neutrality by 2050.

Minister Åsmund Aukrust noted that investment opportunities in Vietnam are substantial. On the Norwegian side, through the Norfund and major corporations like Equinor, there is a strong interest in project development or capital injection for joint ventures in offshore wind, rooftop solar for industrial zones, and green hydrogen production projects.

Source: Nang Luong Sach Viet Nam

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