With Vietnam’s commitment to net-zero emissions by 2050, the clean energy supply chain has become a strategic frontier.

Vietnamese enterprises now face a significant opportunity to deepen their role in the energy ecosystem. Yet challenges remain, particularly in finance and workforce readiness.

Enterprises at the heart of the energy supply chain

Speaking at the recent forum “Enhancing the position of Vietnamese enterprises in the global energy supply chain” in Hanoi, Associate Professor Dr. Ngo Tri Long, former Director of the Price Market Research Institute under the Ministry of Finance, emphasized that businesses are key players across all stages of the energy value chain, from extraction and production to transmission, distribution, and consumption.

In traditional energy, major corporations such as EVN, PVN, and TKV, alongside numerous private companies, dominate power generation and transmission. In renewable energy, private firms like Trung Nam, TTC, BCG, and AMI AC Renewables account for nearly 80% of the nation’s operational solar capacity, according to 2024 data from the Ministry of Industry and Trade.

Positioning enterprises at the center of the energy supply chain not only ensures energy security but also promotes innovation in business models—such as rooftop solar feed-in, distributed storage systems, and future participation in a competitive electricity market.

Despite their pivotal role, most Vietnamese energy businesses face significant difficulties in accessing investment capital, particularly long-term financing for wind, solar, or energy storage projects.

Financing the energy transition

According to the Ministry of Planning and Investment, Vietnam will need approximately USD 134.7 billion for the energy transition between 2021 and 2030, with 70% expected from the private sector. However, only 15-20% of businesses can access preferential credit.

This gap is attributed to the underdeveloped green finance ecosystem. The lack of credit guarantee mechanisms, inadequate risk assessment systems tailored to clean energy projects, and an unstable electricity pricing policy further increase financial costs and investment risks.

To address these challenges, Dr. Long recommends the swift establishment of a national energy transition fund that offers preferential credit, risk guarantees, and technical assistance for clean energy investments. Additionally, a clear green credit framework with detailed guidance from the State Bank should be issued for commercial banks.

Other proposed measures include corporate income tax incentives, import tax exemptions on energy-efficient equipment, accelerated depreciation for renewable energy technologies, land rental reductions for wind and solar projects, and stronger public-private partnerships in power sector investment.

Positioning Vietnamese firms in the global energy supply chain

Experience from leading countries in energy transition shows the need for a flexible blend of financial, technical, and policy tools. Germany operates a EUR 200 billion Climate and Transformation Fund (KTF), South Korea has green development banks, China integrates green credit into banking standards, and Singapore supports SMEs with green equipment, training, and ESG (Environmental-Social-Governance) tracking.

Vietnam could design ESG metrics tied to credit activities, issue green bonds, or establish sector-specific support funds based on these global models.

Dr. Long also highlighted the importance of coordinated policymaking: combining green credit, equipment subsidies, and carbon markets (green certificates) to form a sustainable ecosystem rather than relying on isolated initiatives.

“There must be close coordination among the three pillars: the government, the financial system, and enterprises. The state creates policy, finance provides support, and businesses implement. Only when these pillars operate in unison can real breakthroughs occur,” Dr. Long stressed.

Human capital as the root of digital energy transformation

Beyond finance, human resources are a crucial “puzzle piece” enabling enterprises to meet the demands of energy transition and digitalization. Dr. Nguyen Dat Minh, Dean of the Faculty of Industrial and Energy Management at the Electric Power University, noted a serious shortage of skilled technical personnel in the energy sector. Current training programs lag behind technological advancement and new requirements.

With the shift toward renewable energy, storage, and potentially nuclear, Vietnam faces a shortage of engineers and experts in digital technologies such as AI, big data, IoT, and smart grids.

Dr. Minh emphasized the need for both new training and reskilling/upskilling of workers transitioning from coal and thermal power to clean energy.

Training must integrate emerging technologies like AI, big data, blockchain, and cloud computing. He proposed modernizing education through e-learning, virtual/augmented reality (VR/AR), and AI-enhanced methods, combining theory and practice. He encouraged partnerships between academia and industry for curriculum design, internships, and recruitment based on real-world needs.

“Training is the decisive factor for a successful digital energy transition. It requires a long-term strategy, cross-sector collaboration, and international partnerships to elevate workforce quality,” Dr. Minh affirmed.

Startups shaping the future of clean energy

Pham Anh Cuong, founder and CEO of the startup ecosystem BestB, noted that energy startups not only offer investment opportunities but also serve as innovative solutions to bottlenecks in the supply chain.

Vietnam, with its abundant renewable resources, youthful workforce, and growing market, holds strong potential. However, the energy startup ecosystem remains underdeveloped, lacking experimental environments (sandboxes), early-stage capital, and connections with major enterprises.

Global success stories show that innovation comes not only from technology but also from collaborative models, supportive policies, and robust investment ecosystems.

Drawing from models like ARPA-E (USA) and Horizon Europe (EU), Cuong proposed the establishment of an “Energy Innovation Partnership” involving government, investors, scientists, and startups. This model should prioritize key areas such as solar, storage, and carbon offset.

Nhan Dan