ROK offers US$1.9 million to support energy saving in Vietnam

Friday, 2018-05-25 17:51:38
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Korean experts provide detailed information on the project at the inception workshop for the Korean-sponsored project, Hanoi, May 24.
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NDO – A project on promoting energy efficiency in Vietnam’s industrial sector was launched in Hanoi on May 24, with sponsorship worth US$1.9 million from the Republic of Korea (RoK).

Co-hosted by the Department of Energy Efficiency and Sustainable Development under the Ministry of Industry and Trade (MOIT) and the Korea International Cooperation Agency (KOICA), the project targets the promotion of more efficient energy use in the industrial sector by promoting the development of a thrifty and energy efficient investment market during 2018-2019.

Yesterday’s inception workshop provided details on the project, which is a collaborative effort under the World Bank's Vietnam Energy Efficiency for Industrial Enterprises (VEEIE) project that offers US$100 million to help industrial enterprises access investment capital for energy efficiency.

According to the MOIT’s department, the Korean-sponsored project aims to remove identifiable barriers to promote the development of energy service companies and to create a favourable environment for the implementation of energy efficiency projects, thus contributing to a reduction of greenhouse gas emissions and protecting the environment in Vietnam.

The project consists of three main technical support components, including capacity building for investment projects on energy efficiency in industry; identification of investment projects in energy efficiency in the industrial sector; and assisting the implementation of investment projects in this field. The whole process will last from June 2018 to December 2019.