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Indian energy firm EESL expressed interest in Vietnam's clean energy market, particularly LED street lights and solar energy projects, during a recent workshop.
Energy Efficiency Services Limited, as the company is officially known, is a joint venture set up by India's Ministry of Power. It has signed a partnership contract with Cambodia's D&D Group, paving the way for future energy efficiency projects in Vietnam and Cambodia.
D&D Chairman Dibyendu Pattnaik said his company was considering investing in new transmission lines, hydroelectric power and renewable energy projects.
Vietnam's economic growth, particularly the expansion of the manufacturing sector, will continue to drive demand for electricity.
According to state utility Vietnam Electricity (EVN), annual energy consumption in the country has reached 162 billion kilowatt-hours and is projected to grow by 10 percent.
Simple energy efficiency measures can provide some of the easiest and cheapest ways to meet the country's energy demand and reduce green house emissions.
Other Indian investors have also eyed Vietnam's energy sector.
Smita Pant, Consul General of India in Ho Chi Minh City, told the Vietnam Investment Review that Tata Power's $2.1 billion investment in the Long Phu 2 Thermal Power Project in the southern province of Soc Trang would make India one of the top foreign investors in the country. The plant is expected to start running in either 2021 or 2022.
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