VN, Oman step up renewable energy cooperation

Mr. Abdulmalik-Abdullah Zahir Al Hinai – Advisor to the Ministry of Finance by decree of the Sultanate of Oman and Chairman of the Advisory Council of  Viet Nam-Oman Investment Fund addresses the inauguration ceremony of the BCG-CME Long An 1 solar power plant in the Southern province of Long An on June 23, 2019

Speaking at the launching ceremony of the power plan, Mr. Abdulmalik-Abdullah Zahir Al Hinai – Advisor to the Ministry of Finance by decree of the Sultanate of Oman and Chairman of the Advisory Council of  Viet Nam-Oman Investment Fund hailed impressive growth rate of the Vietnamese economy over the last few years.

He said economic growth in Viet Nam and Oman is expected to be strong and sustainable for decades to come.

It is projected that Viet Nam’s economy will continue to grow at a high rate of 6.5-7.5% per year from now until at least 2030 and the Vietnamese Government is taking many initiatives to encourage investments in renewable and clean energy to support the country's development in a sustainable way.

According to the National Electricity Development Plan, approved by the Government of  Viet Nam, the national power installation capacity is expected to reach 130 thousand MW by 2030 relative to the current capacity of 47 thousand MW.

He said in Oman,  investments in renewable energy and clean energy is one of our main objectives and it is heavily incentivized by the Omani government.

The Sultan of Oman has set a goal of diversifying energy supplies and by 2030, 30% of our electricity demand is expected to be supplied by renewable energy sources.

“With our experience and commitment in addressing climate change issues and supporting the transition to a greener economy, reducing carbon footprint, the Sultanate of Oman - through the Viet Nam-Oman Investment Fund (VOI) - a joint venture between our two countries through Vietnam State Capital Investment Corporation (SCIC) and State General Reserve Fund of Oman (SGRF) - will work closely with Viet Nam government in lowering the dependence on fossil fuels and increasing the output share of renewable energy in the coming years”, said Abdulmalik-Abdullah Zahir Al Hinai.

Thanks to the trust and support of the two governments of Viet Nam and Oman, VOI focuses on investments in industries that benefit from Viet Nam's natural landscape and contribute to the long-term and sustainable economic development that address the essential needs of people such as electricity, roads, clean water, infrastructure, education, healthcare, agriculture and clean source of energy.

Over the last few years, VOI has been actively researching and identifying the right investment opportunities in renewable energy in Viet Nam.  In 2018, VOI became a strategic investor and partner in the BCG-CME Long An 1 Solar Power Plant project.

According to Abdulmalik-Abdullah Zahir Al Hinai, following BCG-CME Long An solar energy plant, Oman will continue to invest and build other large-scale renewable energy projects in Viet Nam and specifically, Long An./.

By Hoang Ha