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Friday, July 19, 2024

Largest Norwegian energy firm taps Vietnamese market

The Saigon Times

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HCMC – Equinor, the largest Norwegian energy company, has opened its representative office in Hanoi City, marking an important milestone in the Norway-Vietnam trade cooperation for the development of Vietnam’s offshore wind industry.

The establishment of this representative office is expected to contribute to Vietnam’s green transition process and implementation of commitments in the Paris Agreement and at the 26th UN Climate Change Conference of the Parties (COP26).

Speaking at the opening ceremony on May 5, Ambassador of Norway to Vietnam Grete Lochen said, “Renewable energy and climate are the top priorities for the Norwegian Government. We have to transform the way we produce and consume energy if we want to achieve the goals envisioned in the Paris Agreement and COP26.

“Norway will continue its active engagement in international climate diplomacy and work toward further strengthening global cooperation in this process. The Norwegian Government’s priority is working closely with businesses to succeed in the transition toward a renewable, circular and sustainable future.”

She added, “Therefore, I’m very pleased and proud that Equinor is making its commercial presence in Vietnam and opening its country office in Hanoi.”

“Vietnam is one of the worlds’ fastest-growing economies and power markets. With its long coastline and favorable wind conditions, the country is listed among the best wind resources in Asia. Vietnam has much potential to become an attractive growth market for offshore wind,” said Equinor’s Senior Vice President Jens Olaf Okland.

Equinor expects to take part in maturing the offshore wind industry in Vietnam, utilizing its offshore experience and broad energy competence to support Vietnam’s energy transition, paving the way for renewable growth.

With the establishment of its presence in Vietnam, Equinor will cooperate with its local partner, PetroVietnam, to implement offshore wind projects in Vietnam, improve local competence and capacity, build a local supply chain for the offshore wind industry, generate power at reasonable costs and gradually make renewable energy affordable for all.

Pham Tien Dung, Vice President of PetroVietnam, said, “Equinor is the firm’s main and important partner in the renewable energy portfolio, particularly offshore wind.”

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