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BUSINESS REPORT

Cause for concern

Foreign investors recognize the improvements made to Vietnam’s
infrastructure and investment environment but stable power supply
is a lingering problem.

By KHANH VY

ddressing a meeting between Prime affordable, and sustainable, many of the pen overnight and planning for Vietnam’s
Minister Pham Minh Chinh and goals discussed today will be difficult to sustainable growth needs to take place
A foreign-invested enterprises (FIEs) reach,” he said. “The one thing that ties all now,” he went on. “We need to see regu-
at the annual Vietnam Business Forum businesses and any future investors together latory uncertainties eliminated and a
(VBF), held on March 19 in Hanoi by the is the need for energy reliability and imme- renewed focus on approving projects in
Ministry of Planning and Investment diate access to renewable energy.” the short term that are realistic and bank-
(MPI), the World Bank (WB), the Inter- able to ensure power supply meets the
national Finance Corporation (IFC), and Greater access growing demand.”
the Vietnam Business Forum Alliance, According to Mr. Uddo, AmCham Foreign investors seek more stream-
representatives from foreign business asso- encourages continued dialogue between lined regulations on gaining access to
ciations in Vietnam all expressed concern the Ministry of Industry and Trade (MoIT), renewable energy, as many new investors
about power shortages similar to those Electricity of Vietnam (EVN), and private and expansion projects need assurances
experienced in the summer of 2023. sector stakeholders to explore viable short- about reliable energy supply if they are to
Chairman of the American Chamber term and long-term solutions for Vietnam invest in Vietnam.
of Commerce (AmCham) in Hanoi, Mr. to meet its energy security needs, including Mr. Uddo suggested that the imple-
Joseph Uddo, said electricity supply for the faster approval of large liquefied natural mentation of the National Power Devel-
production is the greatest concern of US gas (LNG) projects supporting energy opment Plan VIII (PDP8), the develop-
investors in the country. security and transition goals. ment of a decree on rooftop solar devel-
“Without electricity that is reliable, “Energy infrastructure does not hap- opment, access to renewable energy in

34 Vietnam Economic Times April 15, 2024 en.vneconomy.vn